One of the main reasons is that there is no risk isolation within the licensed institutions, which means that the wealth consultants of banks can't have sales funds and provide investment services now.
The so-called "smart investment", commonly known as robot financial management, is a niche investment category that has emerged in the past two years. It uses the method of machine learning, and sometimes artificially adjusts positions to optimize the fund products in the portfolio. Since the pilot of this business, about 60 institutions and 3 banks have obtained licenses.