There were several links before and after the conference, and many people from CICC Research Institute, Wealth Service Center, Global Family Office and Tencent were invited to share them.
In fact, the whole meeting only discussed two things: the research ability of CICC and the ability to provide solutions.
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The first part of the meeting focused on the role of CIO, which reflected the research position of the buyer.
The full name of CIO is Chief Investment Officer, and this role belongs to CICC Wealth Service Center. In other words, the wealth management business department of CICC has raised the research to a very high level.
This is related to the concept of "buyer research" advertised by CICC. Generally speaking, the concept of buyers and sellers is mainly in the field of asset management or investment research. For example, the fund company is the buyer and the brokerage research institute is the seller. The so-called buyer's research means that CICC regards the customer's assets as a whole and a piece of funds that need to be invested, obtains reasonable investable assets through research and investment from the buyer's perspective, and then provides dynamic post-investment services, thus completing the whole link of wealth management.
So the role of CIO is equivalent to the starting point of the whole business chain. As long as it can be accurate in the general direction, it can guarantee the long-term interests of customers and deepen the service relationship.
Compared with traditional financial institutions, business departments may not have this function, or they may be connected through mechanisms outside the system. However, after all, the institute has its own realization mode, and it is impossible to be responsible for the investment results of retail investors.
In this way, the positioning of the first two parts of the CICC conference (institute +CIO office) may be slightly biased. More emphasis on the value and purpose of CIO function, rather than judging the market, may leave a deeper impression on the audience.
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The second part of the meeting focused on three solutions provided by CICC Wealth.
Although these three solutions are oriented to different customers and scenarios, together, we can see the biggest boundary of combining CICC, or the ability of the chief broker.
In this part of wealth planning, the highlight is to consider the design of solutions from the customer's point of view. So in the next page, the three classic scenarios are children's education, real estate and retirement planning.
Friends who have passed the investment qualification test know that these things are required in the classic asset allocation textbooks, but they seem a bit empty as soon as they enter the business. China people don't seem to rely much on financial institutions to do these things-basically only you know what's going on at home, and this abacus is actually made by yourself.
Of course, different people have different abacus, which is too short-sighted or unclear, and it is difficult to have a good result in the end. So this part of the content spent a lot of time talking about ideas. This is also the purpose of CICC's "planning service": to clarify the vague things.
So, what does CICC ultimately rely on to turn these needs into business? The answer is separate accounts (the right half of the picture below). The main distinguishing standard of these sub-accounts is the investment period.
Wealth planning may be the most difficult of the three solutions, especially after CIC's customer is the CIC system. As far as China people's investment habits are concerned, this is a new battlefield and needs long-term market cultivation.
This thing called "Golden Admiralty Fortune China Top 50" is actually a product-side and server-side solution. Its "50" here refers to the product pool with public offering and private offering, which is positioned in the customized configuration target pool of high-end customers. According to the person in charge of the business, these 50 products are not static, but 10% products are replaced every year.
CICC is not the first institution to put forward this idea. Shen Wanhongyuan once released a similar solution called "Private 50 Plan". The All-Star FOF launched by CITIC Securities on 20 18 is also a similar idea, but the final product form is different, and CITIC is more inclined to do it in one step.
It is not difficult to achieve 50 institutions or 50 products. As long as there is sales, asset management institutions will compete for cooperation. Even in China, the evaluation of public and private products is nothing new. Model and system are on the one hand, but it is more important to get firm data from managers and qualitative grasp based on research.
This pool can be understood as the basic pool, which will eventually match the CIO's judgment on the market direction and get different specific configuration schemes. Therefore, it attaches importance to the stability of the product (basic assets) itself, rather than the excess income created in a specific period.
Of course, "China 50" is also an important means for CICC to make up for the shortage of its own product line, and it needs such a set of solutions to attract high-quality managers. Speaking of which, some friends may think of a business strategy of CICC Fortune reported by the media before:
To tell the truth, this speech can be written into a textbook. As a predecessor of top financial institutions, Man Liu's speech level is impressive. After the whole paragraph, I only remember one sentence: "We don't just serve them, we are part of them" (referring to walking with customers).
The main services of GFO include investment banking, investment management, consulting and family affairs, and the main target group is entrepreneurs, especially private entrepreneurs. Many grand narratives were used in the middle of the speech, echoing the "thinking about the country" in the middle of Admiralty culture. Obviously, this is not easy to imitate.
It was mentioned in the speech that GFO is not only a new department, but also an inter-departmental organization. It also confirms the idea that wealth management is a comprehensive business that needs to mobilize multi-resources-the opposite of this sentence is that it is increasingly difficult for a single business form to meet the needs of customers and complete a closed loop within the self-system.
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Finally, Tencent talked about Tencent's exploration in financial business, with few highlights. Generally speaking, Tencent's exploration of customer relationship network and its in-depth portrayal of customer image are worthy of attention.
Being able to "know people without knowing their faces" through data must have great economic value. Wechat recently accessed ICBC's bank savings service, which is also improving Tencent's customer portrait dimension. Perhaps a long time ago, bank leaders thought that only they could do this.
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The above are some thoughts after watching the CICC wealth strategy upgrade conference, only for chatting after dinner. Times are changing. The sooner you understand, the sooner you can start.
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