That is, brokers concentrate scattered funds in society and are managed by experts. Like securities investment funds, they all belong to asset management business types, and their business development is highly complementary, which can meet the investment preferences of different investors. According to the regulations of collective financial management, collective financial management can be divided into two categories: restrictive and non-restrictive. The minimum participation amount of limited products is 50,000 yuan; The minimum participation amount of non-restricted products is 654.38+10,000 yuan. 1. Collective financing needs the approval of the CSRC, and entrusted financing is a private contract signed by a brokerage firm and an institution or individual; 2. Collective financing is not allowed to sign safeguard clauses, while both parties to the entrusted financing agreement generally have to sign safeguard clauses; 3. The collective financial management is highly transparent. At present, it is tentatively scheduled to disclose information once every three months, while entrusted financial management is mostly black-box operation and there is no information system; 4. The terms signed by collective financing have legal effect, while the terms signed by entrusted financing are legally invalid and generally not protected by law; 5. The custodian of collective financial management is a commercial bank, and the custodian of entrusted financial management is borne by the brokerage firm itself, which has the problem of misappropriating customer deposits. Collective financial management is more flexible than funds in terms of participation mode, investment scope, investment strategy, liquidity arrangement, income distribution and fee collection. Financial products can be tailored for specific customer groups to better meet the investment and financial needs of customers.