Why have the intelligent investment advisory products collectively taken off the shelves of banks become "chicken ribs"?

From 2016 The upsurge of domestic intelligent investment consulting industry in , Ushered in a landmark node .

lately , CMB 、 ICBC 、 CITIC and other banks recently issued a notice saying , It will stop its intelligent investment advisory business at the end of this month or early next month . Compared with the end of last year, the bank will not add new intelligent investment advisers , This time, many banks choose to turn the stock of intelligent investment adviser portfolios into single fund holdings .

The so-called intelligent investment adviser , Refer to the U.S. financial industry authority （FINRA） The official definition of ： Intelligent investment adviser refers to the use of big data analysis 、 Quantitative financial model and intelligent algorithm , According to the investor's risk tolerance 、 Financial situation 、 Expected return target and investment style preference , Using a series of intelligent algorithms , Portfolio optimization and other theoretical models , Provide users with intelligent and automated asset allocation suggestions .

in short , Use a robot to manage your money , Configure and optimize the combination .

2008 year , The first company focusing on intelligent investment consultants Betterment In the United States .2016 year , Domestic start-ups 、 Third party financial management platform 、 Traditional financial institutions have begun to launch related businesses , Intelligent investment advisers have become a new outlet for financial technology . among , CMB “ Capricorn smart investment ” It is the first entrant in the banking industry , Regardless of the degree of institutional investment 、 It is also a business benchmark product with industry attention . Now , With “ Capricorn smart investment ” Of “ Out of Service ”, Once the outlet of intelligent investment advisers is also worth re examining .

however , This may not mean the complete failure of intelligent investment advisers in the banking system . A number of insiders told titanium media APP Express ,“ The market potential of intelligent investment advisers is great , But there are also regulatory risks , At present, it should be in the period of supervision and consolidation , We cannot rule out the possibility of return after rectification .” 

that , Why do banks collectively take off the shelves of intelligent investment advisory products at this time ？

Observation one ： Regulation is not yet clear

last year 12 month , China Merchants Bank Has issued a reminder that , The bank is carrying out standardized transformation of Capricorn intelligent investment , The purchase function will be suspended , The redemption and position adjustment transactions of the original position customers will not be affected , There is a risk that the service cannot be provided continuously in the future .

“ at present , In order to meet regulatory requirements , We will suspend the purchase function of Capricorn intelligent investment . If there is any change in follow-up services , We will inform you in time , So that you can make investment arrangements . We also sincerely hope that , We will continue to provide you with portfolio services in the future .”

More than China Merchants Bank , In the same period last year , At least Industrial and Commercial Bank of China 、 China CITIC Bank 、 Pudong Development Bank 、 Guangdong Development Bank 、 The intelligent investment advisory service of Bank of Jiangsu and other banks has suspended the subscription function , Stock customer service is not affected , And also mentioned many times “ In order to meet regulatory requirements ”.

At present, the latest document on the supervision of intelligent investment advisers comes from last year 11 At the beginning of , Issued by securities regulatory authorities in many places 《 Notice on regulating fund investment proposal activities 》.

This 《 notice 》 Clear requirements ： First, the main body of business development is the fund sales agency ; Second, the underlying fund is the fund product sold by the fund sales agency ; The third is to serve the fund sales business customers of the institution ; Fourth, it is not allowed to sign a separate contract with the client for providing fund investment advice ; Fifth, it is not allowed to charge a separate fee for providing fund investment advice services ; 6. Institutions that do not have the qualification of fund investment consulting business shall not provide strategic investment suggestions for fund portfolio , It is not allowed to provide suggestions on the proportion of specific funds in the fund portfolio , The performance of the fund portfolio shall not be displayed , Do not provide warehouse adjustment suggestions .

It also requires , Relevant rectification shall be carried out on 2022 year 6 month 30 Day ahead .

Insiders told titanium media App, Recently, the financial supervision department once again gave window guidance to the head offices of some banks , Relevant banks are required to further implement the 《 Notice on regulating fund investment proposal activities 》. Many banks choose 6 month 30 The probability of shutting down the business a few days ago is closely related to this notice .

But here's the thing , Both ICBC and China Merchants Bank have obtained the qualification of fund investment consulting business —— Industrial and Commercial Bank of China 、 China Merchants Bank 、 Ping An Bank yes 60 Only among the approved pilot institutions 3 Home bank , Why did they choose to shut down at this time node after obtaining policy support ？

Some practitioners reported to titanium media APP Express , This is related to the regulatory framework for intelligent investment advisers that is not yet clear , How to cooperate between the cbcirc and the CSRC is a key issue .

“ Banks are the main body of intelligent investment advisers （ Silver circ ）、 Business （ The securities and futures commission ） The dual supervision of . From the product level , The bank's intelligent investment adviser positions include the bank's wealth management subsidiary products （ CBRC supervision ）, Various fund products （ Supervision by CSRC ）, The regulatory body is very complex .” The practitioner said ,“ The whole wealth management business needs the coordination and supervision of the CSRC and the CBRC in the future .”

When the regulatory environment is not yet clear , The bank chose to stop temporarily rather than rectify in time .

Observation II ： Gradually become a chicken rib business , It is difficult for banks to invest in the long term

Another big reason for shutdown is , The bank has not really made the intelligent investment advisory business bigger and stronger .

“ For banks today , Intelligent investment adviser is a chicken rib business .” An insider told titanium media App Express .

It is still the first intelligent investment advisory system in China's banking industry “ Capricorn smart investment ” For example ,2016 end of the year ,“ Capricorn smart investment ” go online , In October of the next year, China Merchants Bank announced “ Capricorn smart investment ” Scale breakthrough 80 One hundred million yuan . However, this trend has not been sustained ,  His last report card is —— By 2021 year 10 End of month , Capricorn intelligent investment has served more than... Customers in total 20 ten thousand , The cumulative sales scale exceeds 140 One hundred million yuan .

For the business volume of the bank , This scale is very small , The proportion of revenue is negligible .

An intelligent investment consultant practitioner to titanium media App Express ,“ On the surface , The background of the bank's suspension of intelligent investment advisory business is the regulatory contradiction , The deeper question is , Fund investment advisers are high investment 、 Long time business , Banks often don't have the patience to invest a lot for a long time .”

In his opinion , For most banks , Long term input but insufficient output of a business , Other departments are bound to compete for resources , Difficult to sustain for a long time . On the other hand , Fund business is the main business in the bank's personal financial business , But intelligent investment advisory business should really want to do , You must make money by providing investment advisory services , Instead of making money through trading commissions ,“ Banks are smart investment advisers , Need self revolution .”

Observation III ： The banking system lost its lead

At the early stage of the development of domestic intelligent investment advisers , The author has compared the differences of intelligent investment advisers between China and the United States .

such as , China has no special legal provisions to regulate the intelligent investment advisory business , The United States is relatively perfect ; China ETF Less funds , The risk that can be spread is also limited , Most of the smart investment targets in the United States are ETF, Investors can hedge system risk through decentralized investment ; The proportion of individual investors in the Chinese market is higher than that in the United States , Used to short-term operation or principal and interest guaranteed products , The U.S. financial market is dominated by institutional investors and so on .

After years of exploration , The market environment of China's intelligent investment advisers has been improved . such as , The passive investment concept and acceptance of investors have been significantly strengthened , Digital transformation in the financial sector has been supported by top-level policies .

most important of all , The fund investment adviser market, which is inextricably linked with intelligent investment advisers , The rapid capacity expansion phase is started （ The main difference between them is , The subject matter of the fund investment adviser can only be the fund , The former can include other assets ）.

2019 year 10 month , The pilot of fund investment advisory business was officially launched , Kick off the transformation from a seller's investment adviser to a buyer's investment adviser . In the past two years , Fund investment advisers enter the fast lane of development , The CSRC last year 7 When holding a press conference in June, he said , The total service assets of fund investment advisers have exceeded 500 One hundred million yuan .

From the perspective of user expansion results , The radiation of fund investment advisers can not be underestimated . By 2021 end of the year , Alipay “ Help you cast ” Cumulative service users have exceeded 300 ten thousand people , The number of contracted clients of yingmi fund investment advisory services also exceeded 23 ten thousand people , Huatai securities “ Worry free investment ” The number of participating customers exceeds 70 ten thousand people , wait .

however , There are still some core problems in the fund investment advisory industry , KPMG China released 《 Blue Book of China fund investment adviser 2022》 Pointed out that , China's fund investment advisory market is now facing five pain points ：

heavy “ buy ” light “ sell ”、 Investment behavior without long-term money account , As a result, users can't earn “ Spread ”;“ Seller's advisor ” I'm going to “ Buyer's advisor ” Pattern change ,“ Buyer's advisor ” The model has not been popularized yet ; Lack of foundation “ Customer's life goal in the whole life cycle ” Long term wealth planning services ; Passive underlying assets are insufficient ;“ Take care of ” The phenomenon of , The space for intelligent investment advisers to play needs to be improved .

among , Such as “ Seller's advisor ” towards “ Buyer's advisor ” Transformation challenges , It is an industry in need “ Self revolution ” The fundamental problem of . and From the bank's perspective , Intelligent investment （ Fund advisor ） We have lost our initiative .

since 2019 year 10 Since the month , Domestic institutions that have obtained the pilot qualification of fund investment advisers have reached 60 home , Among them is 25 Fund companies 、29 Securities companies , There are also third-party fund sales companies 、 Each bank 3 home . Industrial and Commercial Bank of China 、 China Merchants Bank 、 Ping An Bank As one of the first approved institutions in 2020 year 2 Get the pilot qualification in June , But this There are only 3 All the approved banks have suspended the development of relevant businesses .

Compared with the competitors , Although the bank and the third-party fund sales company have the advantages of customer group and traffic respectively , However, the investment research team and experience are obviously weak . The fund company's advantages lie in its investment research team and its ability to do FOF Wait for mature experience , But the disadvantage is the channel ; The securities companies provide... Respectively because of the business department and the Research Institute “ Gu ” and “ cast ” Convenience , Many institutions believe that the benefits will be more obvious .

Tianfeng securities previously analyzed , At present, wealth management is in the process of changing from “ Sell products ” To “ Sell configuration ” Of “ Quantitative change ” Stage , The fund investment adviser will become the most important license basis , At present, securities companies have occupied the first mover advantage , Follow up or further reduce the market share of bank consignment .

（ This article first titanium Media APP, author ｜ Cai Pengcheng , edit ｜ Tianpeng ）