The bank that Liu Dan bought even lost money in financing. On August 25th, she bought a one-year bank wealth management product with a principal of RMB 65,438+10,000, which was redeemed at maturity, with a loss of 1.63 yuan.
Michelle and Liu Dan's experience is not unique. According to the statistics of Puyi Standard, at the end of the first quarter, the cumulative net value of 30 15 wealth management products was less than 1, which was lower than the net value. Although the phenomenon of "breaking the net" improved later, only 704 bank wealth management products broke the net at the end of the second quarter. Overall, in the first half of 2022, 9.42% of wealth management products still failed to reach the performance benchmark.
In the past, bank financing was synonymous with "capital preservation and interest protection". Michelle and Liu Dan have similar feelings. In previous years, I bought wealth management products in the bank to achieve the expected income. This year, the situation is different. The New Regulations on Asset Management was formally implemented on June 65438+ 10/0/day, 2022. In the context of the break of the exchange, it is required that "the seller is responsible and the buyer is responsible". Coupled with the double adjustment of the stock and debt market this year, the risk has been placed in front of individual investors.
On September 5th, 20021,financial services such as fund investment and personal finance were displayed in China International Fair for Trade in Services Financial Exhibition Zone. Figure/vision china
When the bank manages money, it no longer guarantees the principal and interest.
Over the years, Michelle has been used to buying bank wealth management products with family funds-"flexible, with higher interest than deposits and basically no risk". Last year, as usual, she purchased a "ICBC Wealth Management Xin Exclusive Fixed Income Closed Wealth Management Product" through ICBC App, with a performance benchmark of 4.4%.
In June this year, 5438+ 10, Mi Xue found that the yield of this product was only 1.0%. When she asked the account manager of ICBC, the other party said that "it has not expired yet, and the maturity will not be so low". On June 29th, the principal of 500,000 yuan was purchased for 476 days, and the redemption income at maturity was only 1.75 yuan, only 0.35%. Previously, she also bought two other ICBC wealth management products, which have never been redeemed. The cumulative net value in September was below 1.0.
Respondents spent 500,000 yuan on 476 days of bank wealth management products, and the income was only 1750 yuan.
The wealth management that Liu Dan bought in Industrial Bank also lost its principal. She called her investment experience "Little White Adventure". "I didn't know anything at the time, and I didn't know the risk level." Liu Dan said: "The account manager recommended it, so I chose it." She bought a wealth management product named "Ruiyingyou Balance No.6" at the Industrial Bank App for 654.38+10,000 yuan, and redeemed it on August 25th, resulting in a loss of 1.63 yuan in the past year.
The bank wealth management products of RMB 6.5438+10,000 yuan purchased by the respondents were redeemed one year later, resulting in a loss of RMB 654.38+ 0.630 yuan.
At the lowest point of net worth, Liu Dan's wealth management products lost more than 6000 yuan. On May 65, 438+0, the product amount was only 93,345.76 yuan. "When I wanted to redeem it, the account manager also recommended me to put it for another 3 months." Liu Dan said, "But another account manager told me that this financial management is PR3, and the stock ratio is high. Suggest that I take it out. " Liu Dan was glad to be redeemed in time, and since then this financial management has gradually declined. After financial losses, she now only buys low-risk wealth management and bank time deposits of PR 1 level.
Li Jun, a financial manager working in a joint-stock bank, also felt obvious pressure this year. In the second quarter, she received a phone call in the office, "I was scolded for no reason, I don't know." At the other end of the phone was a customer who bought a bank wealth management product, which fell below the net value at that time.
During the "double killing" of stocks and debts in March and April this year, Li Jun received many calls from customers. "Most of them have done equity financing, and they want to redeem it before it expires." Li Jun said, "At this time, we can only appease our customers and explain to them the changes in the macro market."
Falling below the net value will not only bring pressure to maintain investor relations, but also lead to asset loss. "KPI has requirements for the amount of assets. If the customer takes the money, then we will be deducted. " Li Jun said, "I was recently demoted. We have a standard score line. If the KPI does not reach 30% of the standard line, there is only a basic salary. "
Zhao Hua, a senior account manager who has worked in a local branch of Agricultural Bank of China for many years, told China Newsweek that since this year, she has not handled any wealth management products that have fallen below the net value, but there are indeed some products that have not reached the performance benchmark, and some products are even lower than the income of time deposits. "A customer bought a wealth management product for 300 days, and the performance benchmark was 3.9%. Only 1.7% at the time of redemption. Now the one-year time deposit income after the bank rises is also 2.0%. "
"customers have bought financial management for more than ten years. In their minds, banks will not lose money. For the first time, you will encounter a situation where the income is not up to standard. " Zhao Hua said, "We can only patiently explain that after the implementation of the new asset management regulations, banks will no longer be at the bottom."
In June 2022, the new asset management regulations of 65438+ 10/day were formally implemented. The new regulations require breaking the exchange, converting products into net worth, and liquidating capital-guaranteed wealth management products. Chen Yan, a researcher in the wealth management industry, has many years of working experience in the financial industry. She explained to China Newsweek that in the past, the object of bank financing was non-standard assets, mainly debt instruments. Previously, the bank operated through the fund pool, and after the project was repaid, the target was paid in one lump sum, and investors did not feel fluctuations. Even if there is a risk event, banks can solve it through fund mismatch to ensure rigid payment. "But this model is not sustainable. The wealth management business of commercial banks also avoids supervision, realizes regulatory arbitrage, and lays hidden risks for the financial system and even the real economy. The new asset management regulations also aim to prevent systemic risks in the financial system. "
A person familiar with the banking industry told China Newsweek that after the introduction of the new asset management regulations, banks began to shift from non-standard fixed income to standardized bonds, that is, fixed income investment, and some of them also involved equity investment. "The non-standard scale of bank wealth management subsidiaries is basically shrinking." He said, "Non-standard investment is the main source of excess income of bank wealth management products in the past. After the non-standard contraction, due to the relatively low return on fixed income investment, banks began to consider using stock assets for equity investment to improve product yield. "
However, standardized investment also means that there will be floating losses in income. "Bonds and stocks, as long as there is a transaction, there will be price fluctuations." Chen Yan said. Since the beginning of this year, the capital market has fluctuated, the equity market has continued to pull back, and the bond market has also fluctuated, resulting in floating losses of some wealth management products.
However, at present, fixed-income wealth management still occupies a dominant position in bank wealth management products. According to the Report of China Banking Financial Market in the First Half of 2022 issued by Banking Financial Registration and Custody Center, by the end of June 2022, the balance of fixed-income wealth management products was 27.35 trillion yuan, accounting for 93.83% of all wealth management products.
"Fixed income financial management does not mean that income will not fluctuate. It means that due to the characteristics of the bond itself, as long as the trader holds the maturity bond and the issuer does not breach the contract, it needs to repay the principal and interest on the maturity date, and the investment will not appear. Real loss. " Chen Yan said, "But bonds may also have risk events, which will lead to thunder."
Figure/vision china
Is bank financial management transparent?
Michelle used to work in a bank for many years. She knows that after the formal implementation of the new asset management regulations, wealth management products are all net worth, and the income is floating, "no longer guaranteeing the principal and interest". However, she still has doubts about whether the bank has collected custody fees, sales fees and floating management fees that exceed the income, and whether it is qualified to manage money on behalf of customers.
"We can't see a lot of information about bank wealth management, whether there are mistakes in investment, and whether we have adjusted our positions in time when the market falls. These will not be disclosed. " Michelle said. In the past, bank wealth management products were more like "black boxes". Now, the black cloth is gradually uncovered, but the transformation process still takes time.
Full information disclosure is the core and key to break the rigid payment. Liao Zhiming of China Merchants Securities mentioned in the information disclosure report of the bank's wealth management subsidiary released at the end of last year that there is a big gap between the bank's wealth management business and the fund's regulatory requirements, which needs to be improved. Liao Zhiming's team believes that although the new asset management regulations and new financial management regulations stipulate the information disclosure content, disclosure frequency and disclosure channels of wealth management products, there is no unified information disclosure platform and no specific information disclosure format or template. At present, wealth management companies have different understandings of the regulatory requirements for information disclosure, and the information disclosure situation is not small.
The new asset management regulations stipulate bank information disclosure. "For fixed-income products, financial institutions should fully disclose and prompt the investment risks of products to investors in an eye-catching way, including but not limited to market risks such as interest rate and exchange rate changes faced by product investment bonds, as well as bond price fluctuations, financing customers, project name, remaining financing period, income distribution due, transaction structure, and risk status of non-standardized debt assets." But this is mainly pre-sale publicity materials, and the disclosure that investors care about is the detailed information disclosure to the holders after sale.
"Banking wealth management products under the jurisdiction of the CBRC have no uniform requirements for information disclosure. In theory, the financial management of net worth banks can be compared with Public Offering of Fund's information disclosure methods, such as the detailed resume of fund managers, all positions held in the first ten quarters, semi-annual and annual time points, scale changes, investor structure, products held by managers and employees, and managers' analysis and outlook on the market. " Chen Yan said.
Michelle also bought wealth management products from other banks. She recalled that the wealth management managers of some banks would communicate with customers by telephone from time to time about product income, reasons for changes and future trends. "Although the expected return is not achieved, investors will think that the other party is responsible." .
Chen Yan believes that the bank financing subsidiary has not been established for a long time. At present, the classification, risk disclosure and investor protection of bank wealth management products are still in a rough stage. Taking the three ICBC wealth management products purchased by Mi Xue as an example, the App wealth management product interface has information such as performance benchmark, holding share, reference market value and expiration date. However, there is a lack of specific annualized income and other data. There is a wealth management product that doesn't even have "historical performance", that is, "accumulated net worth".
On the other hand, Michelle also doubts the significance of performance benchmarks. "If the performance benchmark is a reference value, then there is such a big gap between the final income and the performance benchmark. Where is the value of this data? "
Chen Yan believes that in the past, bank wealth management products had the index of "expected rate of return". Because of the existence of fair exchange, the expected rate of return before is almost equal to the rate of return, which is equivalent to the concept of promised income. "After the new regulations, the' expected rate of return' was cancelled and replaced by the' performance comparison benchmark'. This is the same as the name of the public offering fund. This is a target value and does not mean that it can be achieved. "
Li Jun said that after the implementation of the new regulations, banks require all wealth management managers to contact customers through corporate WeChat. Regular contact with customers is also one of her assessment indicators. At the same time, there should be no expressions such as "expected income" and "guaranteed interest" in communication, otherwise it will be misleading.
Before the implementation of the new asset management regulations, there were sales chaos in bank wealth management products. Among them, the financial manager also played a more important role.
Li Jun said, "The essence of a financial manager is sales. He is thick-skinned and full of wolves, and he can generally live well. " She graduated with a master's degree in Turtle, but after formal work, she found that her education was second only to "the right place at the right time".
According to a judgment recently published by Judgment Document Network, Cao purchased the principal of RMB6,543.8+0.3 million from Guangfa Bank in 2065.438+02. The staff of the bank said that "the compound yield of products reaches 60%~70%, and the annual dividend is 90%, and the principal will be returned in three years, and all the income will be returned at the expiration of seven years". By the redemption period of 20 19, Cao claimed that it was a private placement product of Liuhe Fund of Jinshan Sub-branch of Guangfa Bank managed by an innovative company, and the product could not be redeemed after "expiration", so he took the bank to court.
20 19, 1 1, China Banking and Insurance Regulatory Commission, China and informed criticism guangfa bank seriously infringed on consumers' rights and interests. China Banking Regulatory Commission (CBRC) said that Guangfa Bank sold private equity funds on a commission basis, and the fund expired in August, 2065438+2009, resulting in floating losses on the books, and it was unable to recover the investment principal and income at maturity, which triggered consumer complaints. The China Banking Regulatory Commission believes that Guangfa Bank has infringed on consumers' rights and interests in five aspects, including failing to evaluate customers' risk tolerance; There are seductive statements in the related promotion and training materials of internal marketers.
In the judgment of the second instance, the Shanghai Financial Court found that the Jinshan Branch of Guangfa Bank acted as a "consignment agency" for the products involved. Combined with the relevant reply issued by the regulatory authorities and the contents in the reply, the Jinshan Branch of Guangfa Bank failed to assess the risk tolerance of investors, failed to properly keep the business information, and was at fault.
In order to standardize the operation of the industry, Ceng Gang, director of the Shanghai Finance and Development Laboratory, told China Newsweek that from the perspective of external governance, in addition to the regulatory layer, the banking industry can also restrain the market through a third-party rating system to provide services for investors. "Asset management products are more complicated. Investors may not have enough time and professional ability to choose their own wealth management products. Excellent wealth management products and institutions can stand out through the objective and fair rating of third-party professional institutions, thus providing reference for investors. "
However, some insiders believe that if there is a problem with the charging model of third-party organizations, it may lead to interest disputes with industry organizations and lose credibility. In this regard, Ceng Gang believes that the profit model of third-party rating agencies should shift from service sellers to service buyers, focusing on developing investment and wealth consulting services, similar to "buyers" in the e-commerce industry, so as to overcome possible conflicts of interest among service sellers.
How to improve the ability of investment and management
The performance of bank financing is also related to the investment and research ability of bank financing subsidiaries. Especially in the field of equity investment, banks are relatively scarce.
The new situation has brought a test to financial managers. Li Jun is a newcomer in the wealth management industry. "If you enter the bull market, it is simply a win." But now, she is faced with the situation that the leaders check every day and her performance is not up to standard.
Li Jun knows that the wealth management products of major banks are highly homogeneous and interpersonal relationships are very important. Not long after she joined the joint-stock bank, the customer viscosity was not as good as that of the old employees. "Customers don't want to listen to me."
A person in charge of a local branch of a rural commercial bank who did not want to be named told China Newsweek that for a long time, there were no full-time financial managers in district and county outlets, and most of them were part-time loan account managers. Only large outlets in urban areas will set up full-time financial managers.
The above-mentioned people familiar with the banking industry said that in the past, the focus of bank management of the fund pool was to control the liquidity of the fund pool, not the investment ability. After the implementation of the new asset management regulations, bank financing is similar to products such as publicly raised funds, and market competition is enhanced, so banks need to improve their investment and research capabilities.
It is not difficult for banks to change their investment direction in the equity market. "Banks' genes are biased towards fixed-income investments, and investment teams can be quickly established in fixed-income investments, but in the stock market, star fund managers are rare." Chen Yan said, "In the short term, bank wealth management subsidiaries will still focus on the layout of fixed income and mixed products."
Liu Xiaochun, vice president of China Institute of Finance of Shanghai Jiaotong University and former president of Zheshang Bank, analyzed with China Newsweek that the financial market in China has not been fully developed at present, and there are few types of investable and tradable assets, and the market development is still immature, which leads to irregular changes in the financial market and is easily affected by special circumstances, especially policy adjustments, which brings great difficulties to asset investment and makes it difficult to sum up a set of theoretical investment experiences. "No matter banks, public offerings or other institutions, they have not yet formed a mature investment method or model, and the experience of western markets may not be effective in China."
Liu Xiaochun pointed out that after the introduction of the new asset management regulations, banks' asset management business was required to be separated from other businesses, especially credit business, and thus a bank wealth management subsidiary was established. "In the past, banks used credit to fill non-performing assets. After the separation of investment business and credit business, risks are more transparent. From then on, the asset management department also needs to be truly market-oriented, financing, selecting assets, managing assets and evaluating risks, rather than relying on the credit management ability and marketing ability of the parent bank. "
Chen Yan believes that at present, investors have gradually accepted that bank financing will no longer guarantee the principal and interest, and all bank financing subsidiaries need to compete for investment ability.
"In the era of just exchange, financial managers are more like the transmitter of the rate of return. Because the principal and interest are guaranteed, the financial manager only needs to compare which product has high expected income. " Chen Yan said, "Now financial managers need to work hard on customer base maintenance, risk disclosure and product risk-return adaptation."
The financial manager of a local branch of a commercial bank also told China Newsweek that customers used to want to buy financial products, but now they are very cautious in assessing their risk tolerance. "Wind measurement is done by customers themselves. If you can't get through one day, you can only continue to do it the next day. "
Under the new asset management regulations, the regulatory requirements for banks and wealth management subsidiaries are also more clear. On June 2nd this year, the CBRC issued a fine to the wealth management company for the first time, and made public the penalty information table for Bank of China Wealth Management, Bank of China, China Everbright Wealth Management and China Everbright Bank, and were fined 4.6 million yuan, 2 million yuan, 4.3 million yuan and 4 million yuan respectively for their wealth management business violations.
Among them, the main illegal facts of BOC's wealth management business are: the market value of single securities held by public wealth management products exceeds 65,438+00% of the net assets of products, the market value of single securities held by all public wealth management products exceeds 30% of the market value of securities, the leverage level of open public wealth management products exceeds the standard, the transactions involving the same counterparty and similar basic assets under the same contract are unfair, the investment assets of wealth management products are illegally valued by amortized cost method, and the identification of related legal persons by wealth management companies does not meet the regulatory requirements.
The illegal acts of Everbright's wealth management business also include using third-party mobile office platforms, hiding risks, and inconsistent and inaccurate publicity of wealth management products.
China Bank and China Everbright Bank are the custodians of BOC Finance and Everbright Finance respectively. The problem with BOC's wealth management business is that the scale of old products rebounded at some point in time. Everbright Bank was fined because the scale of old products rebounded at some point in time; The custodian institution failed to discover in time that the concentration of wealth management products exceeded the standard; The custody business violates the requirements of asset independence, and the operation management is not in place.
From the perspective of regulatory requirements, banks and wealth management subsidiaries also need to restrain themselves and enhance the professionalism and caring ability of investment. In addition, the above-mentioned people familiar with the banking industry also suggested that banks' falling below the net value caused concern, which was related to the risk preference of bank wealth management customers. "Banks need to judge whether customers want to choose low-yield stable products or high-yield volatile products?"
Bank customers' financial preferences are relatively conservative. According to the Report of China Banking Financial Market in the First Half of 2022, by the end of June, the scale of financial products with the risk level of Grade II (low or medium) was 24.97 trillion yuan, accounting for 85.66%, up 4.38 percentage points year-on-year.
Many financial managers have adjusted their sales strategies according to customers' financial preferences. Li Jun found that many customers are not biased towards wealth management products with stable income, which can best protect the capital. Because of the low deposit interest rate, long-term closed wealth management products are not easy to be accepted by customers, and many customers are willing to put their money on demand or T+0 wealth management. The account managers of the local branches of the above-mentioned commercial banks also said that structured deposits would be recommended for customers with low risk tolerance.
Zhao Hua's online customers are mostly middle-aged and elderly people, and they pursue stability in financial management. Now, unless the customer has a certain risk tolerance and a certain opinion on investment, she will hardly recommend PR3 and above financial products to her customers. "Now high-yield and low-risk financial management basically does not exist." Zhao Hua said, "We will emphasize the risks attached to high-yield products."
Liu Xiaochun suggested that different types of asset management companies should first have their own positioning. "Every customer has different needs, and even radical investors will use part of their own funds for the safest investment." He believes that banks should focus on meeting the basic and conservative asset allocation needs of customers. For high-net-worth customers, targeted high-risk and high-return financial services can be provided, but such products are not suitable for general marketing as products for ordinary customers. "After determining the positioning, we will understand the market rules within this range and exercise our ability to invest and evaluate risks."