Our reporter Wang Ning
Since the beginning of this year, the scale of new funds has shrunk significantly to the lowest level in the past 8 years, and third-party agency sales platforms have not been spared.
Recently, the reporter of "Securities Daily" learned from various sources that under the implementation of the investment advisory license and the continuous correction of the A-share market, the fund third-party agency sales platform has fallen into an unprecedented survival dilemma this year, and has to regain the means of homogeneous competition. The consignment platform is ready to open the "red envelope + low rate" mode.
A number of respondents told the Securities Daily reporter that the stock market continued to pull back, the scale of newly issued funds continued to shrink, and the fund agency sales platform was also affected to varying degrees.
In view of the current predicament that needs to be solved urgently, the fund distribution platform, on the one hand, has taken various measures to serve the existing customers; on the other hand, it seeks to cooperate with institutions with investment advisory licenses to break through.
The scale of agency sales dropped by more than 90% year-on-year
Wind information statistics show that as of March 8, the total number of newly issued funds during the year was 161.296 billion, a decrease of 79.81% compared with 798.911 billion in the same period last year.
Constrained by the overall decline in the scale of new funds, third-party agency sales platforms are also facing unprecedented difficulties.
A relevant person from a third-party fund agency sales platform in Beijing told reporters: "The scale of agency sales on the platform has dropped significantly this year, mainly due to the decline in the net value of products and the panic redemption of customers. 100 million yuan, down more than 90% from the same period last year. From the perspective of fund sales, stable products seem to be more favored by customers, and the sales of 'fixed income +', FOF and lower-risk pure debt funds far exceed equity funds."
A relevant person from Dingxin Huijin's public offering sales department also told reporters that due to the sharp fluctuations in the stock market during the year, the agency sales of public offering funds were unsatisfactory.
The value investment and track investment strategy products that were more popular in the market before have also experienced sales bottlenecks.
Due to the lack of profit-making effect in the stock market as a whole, public funds have ushered in a cold wave of sales.
"In stark contrast to the hot sale of funds in the previous two years, there were few 'popular funds' in the market during the year, and there was no longer a situation where a lottery was needed to subscribe. influence."
"Securities Daily" reporter learned that due to the continued decline in the sales of funds on behalf of third-party platforms during the year, existing platforms plan to reopen the homogeneous competition model of "red envelopes + low rates".
A relevant person from another third-party platform in Beijing told reporters, "The company is preparing to launch a 'subscription draw red envelope' activity to increase investors' enthusiasm for subscription. At the same time, the company is also considering lowering the subscription rate. The rate war is These are the only measures that can be taken at this stage, which are the common means of competition in the consignment market.”
Yuan Yulai, founder and CEO of Money Cube, told reporters that at this stage, the main customers of public funds are still individual investors, and services for individual investors will also bring about a large-scale growth in platform sales.
However, in the past two years, the volatility of the A-share market has intensified. New Foundation gradually realized that financial management requires professional knowledge and a stable mentality. The gradual maturity of the mentality has driven a part of Foundation to enter the investment advisory service market.
Consignment platforms are showing their talents and seeking to break through
Now, two must-answer questions have been placed in front of each fund agency platform.
First, the third-party agency sales market is in a difficult situation, how to break through?
Second, in the context of the continuous increase in the size of the fund agency sales market, how to do a good job in serving the existing customers and further form its own core competitive advantage?
Zhang Min, a public fund analyst at Zhongzhi Fund, told reporters that the public fund agency sales market has developed rapidly in the past two years, and the competition has become increasingly fierce. The fund sales scale of third-party agency sales platforms has gradually overtaken banks, securities companies and other institutions. .
"As can be seen from the latest top 100 agency sales list, the agency sales agencies that were previously ranked low have now formed a three-point pattern with the direct sales of fund companies, banks and securities companies. At the same time, the service targets of the fund agency sales platform are also Begin the transition from individual investors to institutional clients.”
"From the current market environment, although non-bank and brokerage third-party agency sales platforms are in a difficult position, as long as they can find a way to break through, there is still room for development in the future." Zhang Min told reporters that the company is customer-centric. , to create a core competitive advantage.
Since the beginning of this year, the company has conducted online and offline "one-to-one" communication with existing customers to help customers understand the reasons for product fluctuations and market corrections.
At the same time, the company has also increased the layout of institutional customers and launched the investment and advisory business, so as to get rid of the existing operating difficulties.
Yuan Yulai also told reporters that the company insisted not to recommend new funds, so the impact of the cold issuance of new funds after the year was relatively limited.
However, in the current market environment, the company is also actively optimizing services around improving the profitability of customers.
On the one hand, it responds to regulatory requirements and actively completes the compliance of fund investment advisory products; on the other hand, it provides customers with professional macro analysis and interpretation based on global macro trends, and helps customers establish long-term value investment concepts.
Dingxin Huijin told reporters that the company has actively adjusted its sales strategy according to the current market situation.
"Since the second half of last year, the company has guided customers to adopt a 'scattered investment' strategy through investor education, diversifying positions and time, and guiding investors to establish risk awareness. The company also shared with investors the "inverted triangle" in the process of fund sales The theory is that when the fund is selling well, it often indicates the arrival of a periodical top, and when the fund is slow to sell, it is often the best investment opportunity.
Want to use the investment advisory license to solve the current predicament
The reporter learned that after the implementation of the investment advisory license in the fund consignment market, there has been a certain differentiation pattern in the market.
On the one hand, the industry has affirmed the positive significance of the investment advisory license; on the other hand, some consignment platforms want to use the advantages of the investment advisory license to resolve the current operating difficulties.
Zhang Min believes that the investment advisory license has a very positive effect on the fund distribution platform.
First of all, the investment advisory license represents service qualifications. With the investment advisory license, you can make full entrusted investment in the fund account for the client, and can directly perform the fund investment service of "selection, follow-up, adjustment" and other operations on the client account. Solve a series of problems in the process of fund investment for customers, and improve customers' financial management experience.
Second, investment advisors have distinct scenario divisions. There are many types of consignment platform customers. The division of customer investment needs according to different scenarios can make investment choices easier, which is a good thing for both customers and platforms.
Zhang Min also said that for customers, the investment advisory business can help them do a good job in the whole process of investment services, provide rich companion services, and also guide customers to hold for a long time and avoid chasing up and down.
Yuan Yulai also believes that the investment advisory business will guide the fund distribution platform to two types of differentiation: fund supermarkets dominated by transactions, and investment advisory models dominated by customer retention scale.
"The company is cooperating with investment advisory pilot institutions to further improve the compliance, risk control and service capabilities of investment advisory services, and empower artificial intelligence to fund investment advisory pilot institutions to help them develop rapidly." Yuan Yulai said.
Dingxin Huijin also said that the fund investment advisory business has high financial service capabilities, and the licensed operation of fund investment advisory is very beneficial to the standardized development of the entire industry.
Licensed operation is conducive to gradually clarifying the rights and obligations between fund sales platforms, recommenders, and investors; the interests of investors can also be more effectively protected.
Therefore, the licensed operation of fund investment advisors is a good thing for the fund sales industry and investors.
(Securities Daily)