Various possibilities:

1. The salaries (wages) of the executives and staff of banks and fund management companies are very high and the total amount is very large. Of course, this part of the salary is allocated from the funds paid by users who purchase wealth management products. Moreover, no matter whether wealth management products are profitable or losing money, people should get a penny of salary. Even if they lose money, they can still get a high salary and bonus, and they will not be deducted or compensated for customers because of losses.

2. The money collected from wealth management products is used by fund companies to buy bonds, stocks and other products. It is good to say that bonds will not lose much but earn more and earn less, but stocks are hard to say. Poor management and malicious manipulation of listed companies will lead to operating losses and falling stock prices. Then, fund companies that buy stocks will naturally lose money, and customers' money will hit Shui Piao. So, where is this money? The answer is simple, either it was harvested by the banker who manipulated the stock market, or it was lost by the listed company in business or squandered and misappropriated. Anyway, it can't come back.