1. Trust loan products have become the dominant force in the financial management market. In 2008, the number of financial management products issued by commercial banks maintained rapid growth, the single-handed capital market fell sharply, investors' risk awareness increased, and the China Banking Regulatory Commission increased the rectification of commercial banks' financial management business regulations and other factors.
, the variety structure of financial products has generally undergone significant changes.
Since the second quarter of 2008, trust loan products with relatively low risks and relatively stable returns have increased significantly and have maintained a rapid growth trend, occupying a dominant position among various bank financial products.
2. Public welfare and exclusive innovative products highlight the value of financial management services. In response to the “5.12” Wenchuan earthquake disaster, some banks responded quickly and launched innovative financial management products with a public welfare nature.
Such financial management products with the theme of charity and care have to a large extent broadened the development ideas of bank financial management business, broke the previous convention of homogenization of financial management business, deepened the connotation and value of financial management brands, and enhanced customers' trust.
recognition and loyalty, and effectively enhance the bank's brand value and social image, which is of great benefit to the long-term development of the financial management business.
3. The expected annualized rate of return of products has become more standardized and reasonable. The expected annualized rate of return of various banks' wealth management products generally tends to be standardized and reasonable. In the past, some banks often gave 40% or 50% for new stock subscription and structurally linked products.
The expected rate of return is in stark contrast to the situation of "no ceiling".
The reasons: On the one hand, due to factors such as the downturn in the capital market and the practice of "zero return", the expected return levels given by various banks are more realistic and objective; on the other hand, in accordance with the requirements of the China Banking Regulatory Commission, it is impossible to provide scientific and accurate calculations
For financial products based on and calculation methods, banks are not allowed to give "expected rate of return" or "maximum rate of return" in their promotional and introduction materials.
Although the expected return level has dropped to a certain extent, it will affect customer attractiveness, but fundamentally speaking, the expected return rate that is scientific and consistent with the actual return situation will enhance the reputation and customer trust of commercial banks and their financial products.
have a positive impact.
4. The trend of short-term products is more obvious, and the term structure is becoming more and more perfect. Compared with the same type of products in the past, the short-term trend of various banks' wealth management products is more obvious.
Taking China Merchants Bank as an example, among all the financial products issued by it in 2008, products with a maturity of three months (inclusive) accounted for 36.8%, and products with a maturity of three months to one year accounted for 59.7%.
, while products with a maturity of more than one year account for only 3.5% of all products.
In addition, other banks also focus on the development and promotion of short-term products.
5. The hierarchical service system of wealth management business has been gradually constructed, and the wealth management function has become increasingly prominent. Since 2008, exclusive products for mid-to-high-end customers have continued to increase. Bank wealth management business has paid more attention to customer segmentation, and the wealth management function has become increasingly prominent.
Banks are paying more and more attention to mid- to high-end wealth customers. The enhancement of market segmentation capabilities and the construction of a hierarchical service system will become an important cornerstone for the development of commercial banks' financial management business.
In the initial stage of RMB wealth management products, the investment direction was basically fixed-income instruments such as inter-bank treasury bonds, central bank bills, and money market funds.
In terms of risk management, compared with the initial foreign currency financial products, RMB financial products are more standardized, and customer funds and the bank's own funds are isolated from each other.
It should be said that during this period, financial products were in areas that commercial banks were familiar with, focused on and had traditional advantages. Functions such as product sales, asset allocation, investment decision-making, liquidation and distribution could be completed by relying on the bank's own platform.
Since then, due to the falling interest rates in the inter-bank bond market and the strengthening of the capital market, commercial banks have been exploring new operating models of wealth management products.
The first is to use trust platforms to enter the stock market and industrial investment market.
Banks cooperate with trust companies to entrust financial management funds to trust companies, and trust companies make stock and industrial investments in their own names.
After this investment path was opened up, innovations in the form of financial products emerged one after another, such as new share subscriptions, transfer of trust beneficial rights, and asset allocation products composed of bonds, stocks, trust financing and other products.
The second is to cooperate with foreign financial institutions to launch structured financial products to achieve investment management covering the global market.
Faced with such huge market demand, to this day, domestic banks have never stopped expanding their mid-to-high-end personal financial services.
Personal financial management business has become a new profit growth point for banks. Chinese and foreign banks have launched their own personal financial management brands and launched extremely fierce competition in the personal high-end customer market and financial product innovation.
1. Potential risks may arise from the use of trust financing funds for loans. Since the central bank has no regulations on the lower limit of trust loan interest rates, trust loans can avoid the lower limit of commercial loan benchmark interest rates, which reduces the borrower's financing costs to a certain extent.
In addition, although in essence it is a commercial bank lending to the user unit, since trust loans and trust financial management funds are not calculated in the balance sheet of commercial banks, they can circumvent the "Capital Adequacy Ratio Management Measures" and do not need to accrue capital. This is certain.
To a certain extent, the asset-liability structure of commercial banks has also been optimized.
Based on this, most commercial banks in my country have carried out financial management services linked to trusts, and the funds raised are basically invested in trust loans.