Brokers have certain requirements on the capital threshold for customers to participate in collective financial management. Generally, the initial capital must reach more than 50,000 yuan, while the subscription starting point of open-end funds is generally 1 10,000 yuan. If you subscribe regularly, the starting point can be reduced to around 200 yuan. Because closed-end funds are traded in the secondary market, there is no threshold.

2) Different financing methods

Brokers' collection of wealth management products cannot be publicized publicly, and the scope of collection is relatively narrow; The public offering of funds can be made public, and the scope of raising is relatively wide.

3) Different incomes

① Different investment returns: Although the investment categories of the two companies are basically the same, the investment returns will be higher than the average return of open-end funds because securities companies can invest in open-end funds and choose excellent funds.

The income of managers is different: the income of fund managers comes from management fees, while the income of brokers comes not only from management fees, but also from performance sharing. The income model of performance sharing has an incentive effect on managers, and it also corresponds to the risks they bear fairly.

4) Different security

The security advantages and funds of securities firms' collection of wealth management products. Collective financial management can be "hidden capital preservation". It is understood that the collective asset management plan of securities firms generally stipulates the income distribution ratio and loss liability in the contract, and different products have different contracts. Under normal circumstances, all losses are borne by investors. A securities company can use its own assets to purchase a certain proportion of aggregate products developed by the company, and it can be stipulated in relevant agreements that when investment losses occur, the funds invested by the securities company will be given priority to make up for the losses of other buyers of the company.

The basic information of securities firms' collective financial management can be found in the website of "China Home of Big Investors".