In the process of investment communication or investment system construction, different securities companies have different concerns. According to some representative problems encountered in the investment and care business communication in the past year, combined with the relevant comments on the investment and care business in the market, this paper sorts them out for the reference of relevant personnel concerned about the investment and care business.
First, why build an investment and care system?
1. Forced by industry competition
With the rapid increase of brokerage outlets in recent years, almost all the new business departments adopt the competitive strategy of low commission, and the old business departments can only follow in order to retain customers, resulting in a sharp decline in the profits of brokerage business in the whole industry.
Securities companies have fully realized the difficulties of channel homogenization, commission price war and increasingly complex investor demand. In the past, the mode of "emphasizing channels but neglecting services" has been difficult to maintain, and securities companies urgently need to seek new ways of sustainable development. The transformation of securities companies to services can better reflect differentiated competition, lock in customers' personalized needs, create profits and finally stand out in the new round of competition.
The transformation of securities companies to services is not only to develop and deepen their service business according to customers' needs, but also to practice their internal strength, and fundamentally promote the service transformation through business model, operation model, organizational change, performance management and even corporate culture change to meet the needs of new business.
For securities companies, the securities investment consulting business has changed the business model of mainly relying on brokerage business in the past and added a profit channel. Similarly, it also puts forward higher requirements for the comprehensive service ability of securities companies. The team service and targeted personalized service of investment consultants will become a favorable weapon for future securities companies to compete in the market. At the same time, it also provides a broad development space for those employees who really have the ability of investment consulting services.
2. Regulatory policy requirements
20 10 the regulatory authorities issued a series of management regulations or opinions on the service management of securities companies:
1)20 10 April/0/day, the CSRC issued the document 11day, which made some provisions on the construction of appropriate service system, emphasized customer classification management and customer risk tolerance assessment, and put forward the management idea of providing appropriate products for appropriate customers. At the same time, the system also puts forward clear requirements for customer service activities, such as customer return visit system and customer complaint system. These management requirements are also applicable to the management of investment consulting business, so there are also these related management regulations in the following Interim Provisions on Investment Consulting Business.
2) On September 30th, 2065438+00, the CSRC issued the Notice on Further Strengthening the Management of Customer Service and Securities Trading Commission of Securities Companies (No.157). The core of this system is to formulate the commission standard of securities trading on the basis of classifying customers and according to the principles of "the same customers charge the same fees" and "the same services charge the same fees". According to this principle, on the basis of pre-customer classification, brokers are promoting the productization of services and realizing different commission pricing, commission standard services and differentiated commission collection and distribution management.
3) On June 2, 2065438+00, the CSRC issued the Interim Provisions on Securities Investment Consulting Business (No.27) and the Interim Provisions on the Issuance of Securities Research Reports (No.28). These two regulations were issued at the same time, which established two basic business forms of securities investment consulting and defined the roles of securities investment consultants and securities analysts.
4) From functional design to system implementation, the investment consulting business support system requires the implementation of relevant laws and regulations, regulatory articles of association and self-discipline rules of securities investment consulting business, effectively controls compliance risks such as qualification management, customer suitability management, commission management and practice compliance management in investment consulting business, and fully guarantees the compliance operation of investment consulting business.
According to these regulations, securities companies need to establish corresponding IT systems to electronically manage key businesses when conducting investment and custody business:
L Management of investment consultant team: According to the Interim Provisions on Securities Investment Consulting Business, securities companies need to manage the professional qualifications of investment consultants and set up a qualification access management module in the system. Only after multi-level examination and approval, probation observation and formal examination, can the applicant obtain the declaration qualification of investment professional qualification, participate in the production of investment products after obtaining the professional qualification, and earnestly implement the requirements of the regulatory authorities on the qualification, management requirements, quantity and training of investment personnel.
L Content and scope of investment advice: According to the Interim Provisions on Securities Investment Consulting Business, investors should have a reasonable basis when providing investment advice to customers, and explain to customers the publisher and release date of the research report on which they are based. Therefore, IT system is needed to manage the production process of investment advice, realize measures such as process, automatic information isolation and system traceability, and implement the regulatory requirements for the rationality of investment advice.
L Service agreement and fees: Article 28 of the Interim Provisions stipulates: "When providing securities investment consulting services, securities companies and securities investment consulting institutions shall sign securities investment consulting service agreements with customers and manage the agreements by numbers. The agreement should be based on the charging standard and payment method, which requires the system to manage the service agreement of the contracted customers, including new signing, change and cancellation. For the service of charging business, it is necessary to systematically manage the charging mode, charging rules and cost statistics.
L service trace: Article 28 of the Interim Provisions stipulates: "Trace management should be implemented in the promotion, agreement signing, service provision, customer return visit and complaint handling of securities investment consulting business. Information such as the time, content, method and basis of providing investment advice to customers shall be recorded in written or electronic documents. The file retention period of securities investment consulting business shall not be less than 5 years from the date of termination of the agreement. " Therefore, it is necessary to establish and improve the management system and risk control mechanism of securities investment consulting business, and require the system to provide these business management processes, risk event monitoring and control processes, so as to control the investment consulting business before, during and after, and record the operation of the business.
L Regulatory requirements for customer suitability management: According to the Interim Provisions on Securities Investment Consulting Business and the Provisions on Strengthening the Management of Securities Brokerage Business, securities companies should provide services or products suitable for customers' risk tolerance on the basis of fully understanding customers and evaluating their risk tolerance. In order to achieve the goal of proper service, it is necessary to provide event-driven service tools for investment consultants, and provide these event-driven services to specific customer groups through appropriate forms or channels through information capture of major customer events, investment consultants' understanding of customers and professional ability. This requires IT systems to provide some standardized event-driven engines to support appropriate services, and at the same time control the follow-up operation of investment, fully reflecting the regulatory requirements of service appropriateness management.
3. Streamlined, standardized and quantitative management of investment business.
The difficulty for securities companies to carry out investment consulting business lies in whether they can carry out unified and quantitative management of investment consultants. It is necessary to establish streamlined, standardized and quantitative management of investment consultant qualification management, investment consulting product development, assessment and incentive, risk control, etc., to promote the development of investment consultants, improve service level, effectively reduce business risks, and steadily increase service commissions.
4. Input-output analysis of investment and nursing business
1) Input cost analysis
The main costs of investment business of securities companies include personnel salaries, IT system construction, promotion expenses and operating expenses.
2) Income forecast
However, investment business will also bring direct or indirect benefits to brokers.
Direct income:
L contribution to the company: value-added commission (in the agreement signed between the investment and the customer, the agreed different charging modes can bring direct value-added income or value-added commission income),
L to customers: the growth of customer assets (the appreciation of customer assets through investment services)
Indirect income:
Brand promotion of L company can attract more new users and prevent the loss of existing customers.
L through services, improve customer satisfaction and strengthen customers' trust in investment consultants and loyalty to the company.
Second, the development of industrial investment.
How to establish your own wealth management department and develop your own investment advisory team, the choice of investment advisory mode has become the top priority of the management of securities companies.
So, what are the ready-made models of investment consultants? Whether a securities company chooses one of the existing models or innovates a new model is something that managers of securities companies need to understand and think about.
What kind of business model to choose needs the cooperation of the corresponding investment institution model.
1. Promotion of operation mode
At present, the development modes of investment consultants of securities companies are similar, and can be divided into the following four modes according to different emphases:
1. 1 product management mode supported by background
The focus is on the product management mode supported by the background. This model realizes service productization in the company headquarters, and the service products are highly standardized. Based on the platform and resources of the company headquarters, the investment consulting service team of the securities business department provides specific service products according to the specific needs of customers.
This model is based on Guo Xin and Guo Jin, which developed early in the industry and focused on signing wealth products. In 2006, Guo Xin began to launch "Golden Channel, Jin Zhihui, Gold Suite" products, and as the most complete replica of Guo Xin model, Guo Jin Securities also launched "Golden Channel, Golden Navigation, Golden Navigation" products in the following year. The characteristic of this model is to classify customers according to their assets, supplemented by transaction volume. Different customers sign different products, provide different services and have different rates. The advantages of this model are simplicity, classification of customers, uniform rates, easy mass production and standardized services. The disadvantage is that the classification of customers is too simple, the collection is not strong and the rate is not flexible enough. The main job of the investment consultant is to provide professional services for the contracted product customers, provide professional investment advice, and provide soothing services such as "telephone therapy" and "psychological massage" for customers.
1.2 consulting service mode of investment consultant team
Service management mode focusing on investment consulting. This model focuses on the independent service ability of the securities business department, and the company headquarters focuses on business management, compliance control, platform construction and resource integration. Under the guidance and supervision of the company headquarters, the securities business department is responsible for the development and provision of service products to meet the differentiated needs of investors in different regions.
This model is more suitable for brokers with strong business ability or big differences in business departments. For example, Guosen Securities Tairan Jiu Road and other business departments set up their own investment consulting team to produce characteristic information of the business department.
1.3 Revitalize the existing customer resources of the sales department.
Third, focus on revitalizing the existing customer resources of the sales department, focusing on improving the turnover frequency of customer transactions and increasing the transaction volume and commission rate of existing customers. At present, the securities companies adopting this model mainly include Galaxy Securities and Haitong Securities. The securities companies that adopt this model are mainly some large securities companies with rich customer resources.
1.4 product development mode of front-back linkage
In terms of product development, the investment consultants of the company's headquarters and business departments clearly define their responsibilities and authorities according to their respective roles in the team, and jointly participate in product development, so as to realize cross-departmental and cross-regional product collaborative development of the headquarters and business departments, reduce duplication of work, reduce development costs, and achieve the purposes of resource sharing and complementary advantages. The representative broker of this model is Qilu Securities.
1.5 operation mode comparison
At present, the first mode has the longest time and is relatively mature. Many small and medium-sized brokers who have just established wealth departments basically rely on this model, because it is relatively simple and practical, and because it takes a long time to form, there are many ready-made things to learn from, and the time cost and investment risk are relatively low, so it is deeply loved by some traditional conservative brokers.
The second model has developed rapidly in the securities industry with strong practicability, especially in many securities companies with heavy brokerage business and high performance pressure. It is said that some securities companies that adopted the first model in the early stage intend to develop in this direction.
The third mode is mainly implemented in some large securities companies with many customers. These business departments have accumulated a large number of customers because of the high-level model in the early stage, but these customers are either trapped by poor service or many people, or because of the low commission rate in the early stage, which leads to the low profit of the business department despite the large customer assets, and it is urgent to improve the transaction frequency or commission rate of customers.
The fourth mode is the selection of brokers in the investment and investment business operation mode led by the research institute, which uses the professional ability of researchers to drive the business departments to participate, train, select and evaluate investment and investment. At present, many brokers also choose this model. The biggest advantage of this model is that it can use the existing manpower to carry out investment and care business.
It should be said that each of the above four common modes is formulated by securities companies according to their own conditions, and there are strong objections, and it doesn't matter which is better or worse.
2. Investment team building model
Securities companies should choose a certain business operation mode according to their own resources, and need to configure the corresponding investment consultant organizational structure system, especially the professional team of investment consultants. At present, there are three mainstream team building modes in the industry:
2. 1 financial center model
The headquarters shall set up a special financial center or investment consulting department to be responsible for the production, packaging and operation of service products, as well as the service to wealth customers or guide business departments to provide services to wealth customers. Investment consultants in business departments can participate in the production of some products, but business departments are more responsible for the promotion of service products. This model is suitable for business departments with weak investment consultants or companies that want to launch brand service products.
The organizational structure of this model is as follows:
2.2 Business unit model
Each business department has an independent team of investment consultants and has its own service products or means. The investment consulting team can be selected from the marketing service team to provide in-depth investment services for some high-end customers or contracted customers of the business department.
There are several people in the headquarters as the makers and managers of the investment advisory system of each business department.
The organizational structure of this model is as follows:
2.3 Research model
Use the research and development resources of the institute to create service products; Some people also use the institute's human resources as candidates for investment consultants to provide professional investment guidance for high-end customers or contracted customers.
Another form of this model is that there are several investment consultants in the headquarters, and each investment consultant is responsible for several sales departments. The product belongs to the investment consultant of the headquarters, and the organizational structure is as follows:
2.4 Difficulties in team building
According to industry insiders, the investment consulting model is both an opportunity and a test for brokers. How to train a group of mature investment consultants in a short time has become a difficult problem for securities firms.
The primary problem that puzzles securities firms to carry out investment consulting business lies in the composition of investment consultants. The sources of investors mainly include:
L analysts who prefer short-term operation and pay attention to technical analysis in the institute;
L the original consulting post staff of the business department;
L Account managers have potential and want to promote their employees.
L Recruit overseas and constantly attract new investment consultants.
However, according to the data of the Securities Industry Association, there are not many people who have obtained the qualification of securities investment consulting business at present, and the largest number is 693 people from Guangfa. However, there are also many joint venture brokers and brokers with pure brokerage licenses, and none of them are qualified for consulting. Even if the share of brokerage business is large, there are only 2-3 brokers in each business department on average. These 2-3 people have to serve tens of thousands of customers. Even if they serve 20% of high-end customers according to the "28 Law", each person should correspond to nearly 1000 customers.
Therefore, in order to substantially promote the investment business, the sudden leap of brokers is the problem of lack of talents.
Therefore, it is necessary to enrich the investment team with internal selection, training and external recruitment.
In the selection and allocation of talents, besides obtaining the qualification of investment consultant, it is more important to evaluate the ability of investment consultant. Through some competitions or daily functional performance, talents with good investment significance and investment ability are selected.
For example:
1) Select talents with good yield and accurate stock selection by simulating stock trading or stock selection competition;
2) Compare the simulated portfolio with the market benchmark, and make monthly statistics on the comparison results and rankings;
3) Account diagnosis, which is submitted to the rater for ranking (anonymous for the sake of relative fairness);
4) Report (industry, company, etc. ) and submit it to raters for grading and ranking (anonymous for relative fairness).
5) 。 . . . . .
3. Division of investment and related positions
Investment consultants may be related to marketing managers (brokers) and analysts in the exhibition industry, and the service division of these three types of personnel is different:
3. 1 Role Orientation of Investment Advisers and Analysts
Securities investment consulting services and securities research reports provide securities value analysis opinions or securities investment suggestions to help investors make investment decisions, both of which are important means for securities companies to serve customers.
There are significant differences between the two, mainly reflected in:
Securities investment consultant
securities analyst
1, different positions
Securities investment consultants provide appropriate securities investment advice to customers based on the position of specific customers and the principle of loyal customer interests.
Based on an independent and objective standpoint, securities analysts study and analyze the value of securities and securities-related products, and write and publish research reports.
2. Different service methods and contents.
On the basis of understanding customers, securities investment consultants provide appropriate and targeted operational investment advice to specific customers according to contracts, paying attention to variety selection, portfolio management advice and trading opportunities.
In operation, the securities research report is released to unspecified customers, providing research results such as securities valuation, paying attention to securities pricing, not paying attention to trading opportunities and other specific operational investment suggestions.
3. Customers are different.
Securities investment consultants generally serve ordinary investors, emphasizing the provision of appropriate services according to customer types and risk preferences.
Securities research reports generally serve professional investors such as funds and QFII who can understand research reports and effectively handle relevant information, emphasizing fair treatment of the recipients of securities research reports.
4. The market influence is different.
Securities investment consulting service is closely related to the securities investment of a specific customer and its interests, but it usually does not significantly affect the securities pricing.
Securities research reports are released to multiple institutional clients at the same time, which may have a great impact on securities prices.
3.2 The role orientation of securities investment consultants and marketing managers
The difference between securities investment consultant and marketing manager (securities broker);
Securities investment consultant
bill broker
1, identity relationship
Investment consultant refers to the formal employees of securities companies and securities investment consulting institutions who have obtained the qualification of securities investment consulting and provided investment consulting services.
A securities broker refers to a natural person other than a securities company entrusted by a securities company to engage in activities such as customer solicitation and customer service, and is not an employee of a securities company. The marketing manager is a company employee.
2. Registration requirements
Investment consultants must pass the special examination of investment analysis, have a bachelor's degree or above, and have more than two years of securities industry experience.
Securities brokers can register after passing the securities qualification examination.
3. Service content
Investment consultants should understand the needs of customers, assess their risk tolerance and provide targeted consulting services.
The customer service of securities brokers is limited to providing customers with research reports and information related to securities investment provided by securities companies.
To expand the scope of services and engage in investment consulting business, a securities broker shall change his identity and become a practitioner of a securities company or a securities investment consulting institution, and obtain the qualification of securities investment consulting through the registration of his institution.
Third, the system design points
1. Overall architecture
Investment consultants need to understand the needs of customers, evaluate their risk tolerance and provide targeted consulting services to customers. Product promotion and communication are the most important contents of investment consultants, so the investment business support system should include the construction of three systems:
1. Investment consulting business management system for business managers: realize investment consulting team management, investment business operation management and risk management, including investment qualification management, product production management, signing and charging management, assessment management and risk control. Business management system provides professional support, management and marketing services for investment, nursing and other service personnel; At the same time, the business management system should meet the regulatory requirements and meet the requirements of investment compliance inspection and trace filing. The business management system is similar to the brokerage management system, and more consideration is given to business support, supervision and business compliance.
2. Working platform of investment consultants: The biggest difference between investment consultants and securities firms is that investment consultants take consulting and service as their main responsibilities, so they need effective tools to support their daily work. These tools include:
1) pay attention to the production of personalized products (guns)
2) Handling operational investment suggestions (with bullets)
3) Investment basic report support (gunpowder)
4) Tools (channels) for communication with customers
3. Customer-oriented financial terminal services: Customer-oriented investor terminals and communities are terminals or tools for customers to accept products and services.
As applications for three types of users, these three platforms can also be integrated with other businesses, such as investment consultant working platform, instant messaging system, information system and training system. Business management platform can integrate customer classification and product operation functions in CRM system; Customer financial terminal is integrated with instant messaging system and market trading system.
2. Business management end
The platform focuses on the management and monitoring of investment and nursing business by managers at all levels of the company.
Nine management elements: Interim Provisions on Securities Investment Consulting Business, which clearly defines the responsibilities of investment consultants and provides institutional guarantee for securities companies to carry out investment consulting business. As can be seen from the terms of the system, the system is actually based on the role orientation of investment consultants, including the requirements of the previous system such as customer service appropriateness management, commission management and service work management, and defines the nine elements of business management and risk control of investment consultants in securities companies: business promotion, service agreement, service mode, remuneration payment, customer return visit, complaint handling, customer management, service trace and compliance inspection records.
These terms are implemented in the system and mainly focus on the following four functional modules:
1) Resource integration: including the integration of information and products, and the integration of customer account information and analysis.
2) The management and evaluation of personnel, focusing on the management of investment and investment dual qualifications, refers to the investment consultant qualification issued by the association and the investment consultant qualification issued by the company. Investment consultants must go through the three-month probation period of the investment consulting platform and pass the examination before they can become full members. Investment consultants who have obtained the investment consulting qualification of the Association shall be awarded the qualification of investment consulting post by the research institute or the wealth management center, and graded according to the assessment results of the investment consulting platform, thus formally enriching the investment consulting business.
3) Business process operation management: including the business process of signing contracts with customers, the product order processing process, the charging/deduction process, and the customer's participation in product production and media activities. Process operation management should be able to flexibly define process nodes and realize circular-flow and process control.
4) Investment performance management: Investment performance may include the assessment of service effect, product production capacity and service behavior;
L service effect: this is similar to marketing assessment. In order to encourage the promotion of investment business, brokers will take some incentive measures. Commonly used service effect indicators, such as: the number of contracted customers, the number of contract cancellation, value-added commission, value-added income, service value rate, asset value-added rate, customer turnover rate, etc.
L product production capacity: workload assessment indicators such as: the number of research reports read, the number of conference opinions submitted, the number of working papers output, etc. ; Work quality evaluation indicators such as: stock recommendation rate of return, simulated portfolio rate of return, product responsiveness, product evaluation, etc.
L service behavior: participation in meetings, service due diligence, response speed, customer complaints, compliance evaluation, etc.
5) Risk management: The risk management of investment business may include the following ways:
L Customer transaction risk: including the supervision of financial management on behalf of customers and the monitoring of customer losses.
L Service behavior monitoring: Pre-control includes intellectual property audit in product production process, keyword filtering in customer service process, information wall control in investment proposal, etc. Time control includes spot checks on service logs, information transmission records, online communication logs and media activity materials.
L appropriateness risk: early warning of recommended product mismatch, early warning of large loss of customers after investment proposal introduction, early warning of customized product mismatch, etc. Mismatch here means that the risk attribute or product characteristics of the product do not match the customer.