The collective financial management business of securities firms is also called collective asset management business. As the name suggests, it is a collection of customers' assets that are managed by professional investors (brokerages). It is an innovative financial service product developed by securities companies for high-end customers. Another unique selling point of brokerage collective financial products is that brokers can participate with their own funds. This part of the funds can make up for the losses of investors and mobilize the enthusiasm of securities companies. If the product loses money, investors can also receive compensation from the securities firm with its own funds, which has a certain "protective cushion" effect. Moreover, the investment operation results of the products are also related to the security and income of the securities companies' own funds.

After the brokerage's personal directional financial management, which was suspended for nearly three years, has been reopened, the fund special account financial management has also been officially launched a few days ago. It was released, and 9 fund management companies have successfully boarded the "first train". In the financial feast of 2008, "Yan Bao Chi" level directional financial management gradually entered the horizons of investors. So how will major securities companies and fund companies demonstrate this "financial management product" to the "gourmets"? ?

The threshold standards are controversial

According to the "Guiding Opinions on the Fair Trading System of Securities Investment Fund Management Companies" that has been distributed to all fund companies, the threshold for fund special account financial management is 5,000 Ten thousand yuan, through special account financial management, fund companies can provide "one-to-one" tailor-made financial management services for large institutions, enterprises and individual investors to meet the different financial management needs of various investors. However, the "Implementation Rules for the Targeted Asset Management Business of Securities Companies (Interim)" (draft for comments) issued by the Securities Commission on the evening of January 28 did not clearly stipulate the threshold for personal targeted financial management by securities companies, which has also made this threshold a widely debated issue in the industry. focus.

The reporter learned during the interview that currently various securities companies still have different debates on the threshold for individual targeted financial management by securities companies. Some small and medium-sized securities companies believe that since the target customer group is individuals, the business threshold should be relatively lower than that of institutional customers, and 1 million yuan may be a more reasonable starting point. However, some large brokerages hope that the threshold can be higher than 8 million yuan. Wang Jian, managing director of Guotai Junan Asset Management Headquarters, who has been in charge of institutional directional financial management business, told reporters, "We hope that the threshold will be raised, and we also hope that customers participating in this business will have higher affordability. At the same time, because directional financial management is a one-to-one directional Service, in the case of a limited number of investment managers in securities companies, in order to better deal with each customer, it is reasonable to raise the business threshold.”

It is also reasonable to use the “personalized service” card

<. p>Whether it is personal directional financial management by securities companies or financial management by fund accounts, financial management services focus on "personalization". Guo Tehua, general manager of ICBC Credit Suisse Fund Management Co., Ltd., said, “The introduction of fund segregated account financial management business is conducive to providing customers with personalized services, meeting their diversified needs, optimizing the customer structure and asset structure, and promoting the fund management industry. "Sustainable and healthy development." And how will the personal financial management of securities companies that have previously promoted "personalized" services deal with this new competitor?

Brokerage financial management is more extensive and flexible

Wang Jian told reporters that fund companies do have more mature experience in the business of special account financial management. Since it is profit-oriented, the special account financial management with a threshold of 50 million yuan is bound to be managed by the best investment manager of a fund company. However, for securities companies, engaging in directional financial management business still has its unique advantages.

First of all, from the perspective of customer groups, the threshold for fund special account financial management is significantly higher than that of individual targeted financial management by securities companies. Fund special account financial management can only accept customers with an asset investment of more than 50 million yuan, while the threshold for individual targeted financial management by securities companies may be 8 million yuan, or even as low as 1 million yuan, and its customer base is wider.

Secondly, in terms of marketing model, fund companies have fewer direct sales teams, and most of them go through bank counter channels. Most of these marketing targets are retail investors, and there are fewer opportunities to directly contact large institutional customers. But the difference between securities companies is that every employee in each of its major business departments can become its marketing staff, and large securities firms can make use of a wide range of business department resources.

Thirdly, since the previous centralized financial management customers were basically institutional customers with more than 100,000 yuan, securities companies also have a greater advantage in controlling the resources of large customers.

Fourthly, in terms of product design, individual directional financial management products of securities companies can involve financial derivatives such as index futures, but this range is not yet specified in fund segregated account financial management. Therefore, the personal directional financial management of securities companies can be more extensive and more flexibly configured than the financial management of fund accounts.

I also looked for the above, and I hope it can be of use to you. I personally think that the current investment market is not ideal, and it is better to avoid it for now.