Secondly, personal financial management on behalf of customers is illegal, but not all personal financial management on behalf of customers is illegal. Generally speaking, the following two situations are not illegal:
1. Give money to others to invest in personal financial products developed by financial institutions based on their trust in relatives and friends;
2. As for the name of the account or the name of the client, if the client authorizes the trustee to purchase stocks, securities and other information, and informs the trustee of his account, funds, passwords and other information, the relevant operations and commission withdrawal of the trustee do not violate the prohibitive provisions of laws and administrative regulations, and generally will not be considered illegal.
In addition, it should be noted that in the case of illegal personal financial management on behalf of customers, due to the mandatory provisions of illegal laws and administrative regulations, the entrusted financial management contract signed by both parties will generally be deemed invalid, and the resulting interest, dividends and other fruits will also be confiscated. Relevant laws and regulations: Interim Measures for the Management of Personal Financial Services of Commercial Banks, Interim Measures for the Management of Securities and Futures Investment Consulting, and Guidelines for the Risk Management of Personal Financial Services of Commercial Banks.