Can you have a stable income by breaking the rigid payment?
After years of "breaking the rigid redemption", this supervision is real. The guidance emphasizes that the asset management business shall not promise to protect the principal and income; Financial institutions shall not advance money in any form; All newly redeemed financial institutions will be severely punished.
What does it mean for investors to break the rigid redemption? Is there a stable income? In fact, rigid redemption has long been broken in securities, funds and other fields, and this new regulation has a great impact on bank financial management that has always had "hidden redemption".
The new regulations require financial institutions not to carry out on-balance-sheet asset management business. Wang Jian, an analyst at Guotai Junan, pointed out that this means that banks will gradually cancel capital preservation wealth management products and issue large deposit certificates and structured deposits instead.
Insiders pointed out that if conservative investors buy bank wealth management for rigid redemption, they may choose relatively low-risk investment directions such as deposits, money funds and national debt in the future.
However, ordinary investors need not be too nervous about breaking the rigid redemption. "The purpose of supervision is to establish an institutional arrangement that breaks the rigid payment. This does not mean that the risk or default rate of bank wealth management products has increased. For ordinary investors, bank financing is still a product with low risk and moderate yield. " Ceng Gang, director of the Banking Research Office of the Institute of Finance of China Academy of Social Sciences, said.
Pan Dong, deputy general manager of the asset management department of China Everbright Bank, said that the new regulations promote the transformation of wealth management products from expected income to net worth. Investors who are used to stabilizing expected returns should also change their way of thinking and pay attention to changes in net worth and fluctuations in returns, which puts higher demands on investors' professionalism.
With the increase of investment restrictions, will wealth management income decline?
In addition to whether you can "make a steady profit without losing money", many investors are also concerned about "how much you can earn". Under the background of stricter supervision, will investors' financial income decline?
Experts said that the new regulations have strictly regulated the investment side of asset management products, including the operation of fund pools, maturity mismatch, and investable scope. And the decline in investment income may be transmitted to investors.
In view of the widely criticized problem of "investing long-term with short-term funds", this guidance has also been strictly regulated. In the future, each asset management product should manage funds separately, establish accounts and make separate accounting, and must not carry out or participate in the fund pool business with the characteristics of rolling issuance, collective operation and separate pricing.
"Some wealth management products have high yields due to maturity mismatch, and they have invested in long-term non-standardized debt assets with short-term wealth management. However, according to the new regulations, non-standard investments cannot be mismatched for a period of time. For example, three months of financial management can only invest in assets with a term of three months, and the rate of return does not rule out a decline. " Wang Jian pointed out.
Ceng Gang predicted that in the short term, the growth and yield of the wealth management market may decline.
"The improvement of non-standard requirements for investment in asset management products will reduce the non-standard investment in asset management products, but through the prudent management of asset managers, investors can be provided with investment products with less risk fluctuations and higher returns." Pan Dong said.
The threshold for investors is clear. Can you still buy wealth management for 30 thousand or 50 thousand?
The new asset management regulations stipulate the appropriateness of investors. The entry threshold for individual qualified investors is set as: family financial assets are not less than 5 million yuan, or my average annual income in the past three years is not less than 400,000 yuan. In this regard, ordinary investors have doubts: Does this mean raising the investment threshold? Can I still spend 30,000 to 50,000 yuan on wealth management products in the future?
"The guidance only stipulates the threshold for private investors, and the investment threshold for ordinary investors has not improved." Pan Dong said that investors in China's asset management products will be divided into two categories: unspecified public and qualified investors, corresponding to public offering and private offering respectively. This time, it only clarified the entry threshold for individual qualified investors, and there is no hard and fast rule for the threshold for ordinary investors.
According to industry insiders, in fact, for investors of private equity products, various institutions have already had their own thresholds, but now the standards are unified by supervision.
"I used to feel that I would make a steady profit, but I heard that I would be responsible for my own investment projects and measure investment risks in the future. It is really a bit uncomfortable." The concern of Mr. Wu, a resident of Shanghai, represents the thoughts of many ordinary investors.
In this regard, the regulatory authorities put special emphasis on penetrating information disclosure, which not only needs to penetrate and identify qualified investors, but also requires financial institutions to disclose the information of raised funds, capital investment, leverage level and investment risks in a timely, accurate and comprehensive manner.
"The penetrating information disclosure of wealth management products allows investors to fully grasp the risks and benefits of products, which helps to truly realize' the seller is responsible and the buyer is responsible'." Yang Delong, managing director of Qianhai Open Source Fund, said.