It has been nearly two months since the new regulations on asset management came into effect. Is bank wealth management still “sweet”?
Structural deposits, which are popular with large-denomination certificates of deposit, are "cooling down"
"One night after 12 o'clock, an aunt (customer) called me and said that she saw an expert in a short online video saying that wealth management products could not be bought, and 'may make you lose all your money'." Since January 1 It has been almost two months since the new Japanese asset management regulations were officially implemented, but there are still misunderstandings of investors' understanding of the new regulations. A bank wealth management manager expressed helplessness.
In April 2018, the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" (referred to as the "New Regulations for Asset Management") was issued, which clearly required that bank wealth management should break the rigid payment, break the multi-layer nesting and prohibit the fund pool model, To realize the transformation of net worth, illegal financial products such as capital-guaranteed products must be withdrawn.
After the transition period ended smoothly, the new regulations on asset management were officially implemented on January 1 this year.
After the implementation of the new regulations, how should investors adapt to the new financial management market?
Which investment products do investors in Chengdu prefer?
In this regard, the West China Metropolis Daily and the cover news reporters visited a number of bank outlets in the urban area of Chengdu to learn more.
Bank wealth management products are no longer guaranteed
The reporter visited 8 bank outlets in the urban area of Chengdu successively. When consulting on wealth management products, the bank wealth management manager will clearly inform that the wealth management products are basically converted to net worth at present, and they do not promise to guarantee the capital. This is also the biggest after the implementation of the new asset management regulations. The change.
"In the past, there was no capital guarantee, but the bank had a pool of funds. No matter whether the actual investment was a loss or a profit, the bank would cash out the promised yield after the product expired." said the wealth management manager of a branch of China Everbright Bank in Chengdu. Now it is different. , the investment team will give a performance comparison benchmark for each product based on past historical performance and current market research, but this does not mean the maturity return.
Another wealth management manager of a state-owned bank also emphasized that the performance comparison benchmark is only for reference, and the final performance may not be achieved, and there may even be losses, and customers need to be responsible for their own profits and losses.
"How likely is the loss?" The wealth management manager did not answer directly, but suggested choosing a wealth management product with a lower risk level.
She introduced a 2R robust product to reporters, with an annualized rate of return of 3.76% since its establishment.
"Actual returns may be higher or lower, and there is no guarantee," she said.
In addition, another major change brought about by the new asset management regulations is that banks cannot voluntarily issue wealth management products, but can only be issued by wealth management subsidiaries established by banks and sold by banks on an agency basis.
"That's why all the wealth management products displayed on the mobile banking APP display the word 'consignment'," explained a bank wealth management manager.
More people are starting to prefer long-term investments
"Now, the yield of wealth management products fluctuates greatly, and many people still can't accept it." A bank wealth management manager said, especially for some older customers, the investment style is conservative, and principal preservation is generally recommended for such customers type product.
During the reporter's visit, the bank's wealth management manager mentioned the large-denomination certificate of deposit the most, which has the advantage of being able to lock in income in advance.
At present, Bank of China personal large-denomination certificates of deposit start at 200,000 yuan, and the 3-year annual interest rate is up to 3.35%.
The account manager of a branch of ICBC in Chengdu said that if the large-denomination certificate of deposit is more than 500,000 yuan, the interest rate can still go up.
"I heard that some banks can't get large-denomination certificates of deposit?" Regarding this question, the wealth management manager said: "Large-denomination certificates of deposit are indeed more popular."
In contrast, the large-denomination certificates of deposit introduced by individual local commercial banks have higher interest rates.
The reporter saw at a branch of Chengdu Bank that the 200,000 yuan large-denomination certificate of deposit launched by the bank has a maximum annualized rate of return of 3.55% for a 3-year period.
"In the past, customers preferred short-term wealth management products, but with the rate of return all the way down, more people now prefer long-term investment." said a bank wealth management manager.
It is understood that for customers with higher requirements for capital liquidity, at present, bank wealth management managers will recommend cash management products, which can be redeemed at any time. Young people buy these products more; if the investment time is about one year, it is recommended. Net worth wealth management or fund products.
"After a sharp decline in the early stage, some equity products are already at a low level, and now they can gradually increase their positions." A bank wealth management manager said that if the investment time is more than 5 years, bancassurance products will be recommended.
"Which wealth management product is more popular at present?" For this question, most bank wealth management managers said that it mainly depends on personal circumstances, including risk tolerance, investment amount, investment time, etc. At the same time, it is recommended that if you want to obtain higher returns, Part of equity investment can be allocated, and part of capital guaranteed products can be allocated.
Structured deposit yields may fall
Previously, with the gradual reduction of capital-guaranteed wealth management products, structured deposits were once used by banks as a "weapon for saving savings" and were favored by many investors.
Today, structured deposits don't seem to be gaining popularity anymore.
Among the 8 bank outlets visited by the reporter, only 2 bank wealth management managers took the initiative to introduce this product.
It is understood that there are many structured deposits linked to gold and exchange rates, and the investment time is mostly 3 months or 6 months. Compared with net worth products, the biggest advantage is capital preservation.
"Look at this product's instruction manual, it is clearly written that the bank provides the depositor with full guarantee of the principal." A bank wealth management manager opened the mobile banking APP to show reporters.
However, some bank wealth management managers said that the yield rate of structured deposit products has indeed declined. In the past, the annualized rate of return could reach more than 4%. Now the highest annualized rate of return is only 3.25%, and the lowest is 1.68%.
Judging from the data released by the central bank, the scale of structured deposits has also declined in recent years.
In January 2019, the total scale of structured deposits of commercial banks in my country was 10.98 trillion yuan, an increase of 14.19% month-on-month and a year-on-year increase of 37.67%, reaching a record high.
After the scale exceeded 10 trillion yuan in August and September 2018, it exceeded 10 trillion yuan for the third time and reached a record high.
As of the end of December 2021, the balance of structured deposits in Chinese national banks was 5.08 trillion yuan, down 6.94% month-on-month and 21.09% year-on-year.
The report released by the Rong360 Digital Technology Research Institute pointed out that compared with the general time deposits of banks, the cost of structured deposits is relatively high, and the future rate of return may decline.
West China Metropolis Daily - Cover reporter Xiong Yingying