The new asset management regulations issued at the end of April have changed the comfortable soil on which the asset management industry once relied. The most obvious impact is to break the drastic changes in the market environment brought by the exchange. Researcher Puyi Standard pointed out in the latest report that once a large number of new products are withdrawn from the market, customers who choose bank wealth management because of their preference for new products are likely to move to other asset management institutions with more investment and research capabilities, and the overall scale of bank wealth management may shrink by nearly 20%, which also forces banks to transform into an intensive "physical asset management" business model.

In this report entitled "Market Shrinking and Differentiation Inevitable-Puyi Assesses How the New Asset Management Regulations Affect Banking Financial Retail Customers", three researchers of Puyi Standard, and Wei found that the current banking financial customers present three major demand characteristics: from the perspective of liquidity demand, the stronger the liquidity, the lower the customer's demand for income. Under the background of increasingly strong liquidity demand, monetary fund products may become the mainstream of the market. From the perspective of investment scale demand, low-threshold products are still the mainstream of the market. Based on comprehensive strength, large banks are more favored by middle and high net worth customers; From the perspective of risk preference demand, affected by the new asset management regulations, the overall scale of bank wealth management may shrink by nearly 20%, and customers' product choices are obviously differentiated.

Among them, in terms of risk preference demand, the report pointed out that after the release of the new asset management regulations, customer demand has changed significantly, and customers corresponding to tier-one risk products with a market share of nearly 20% (about 5 15 trillion yuan) will gradually withdraw from the wealth management market. After education and guidance, customers corresponding to secondary risk products will continue to stay in the wealth management market, but they will be more inclined to monetary funds or other relatively low-risk products in the future. The risk preference of customers corresponding to the third-level risk products is moderate, which can quickly adapt to the net transformation of low-risk wealth management products. The customers' risk preference corresponding to the products with grade IV and V risks is relatively high. After the new asset management regulations, the investment scope of wealth management funds has been expanded, and wealth management products mainly investing in equity assets have been launched in time, which can further match the needs of these customers.