"Why are the bank's wealth management products the same as the funds? A net worth is reported every day, and the expected annualized rate of return has disappeared?"

Two years ago, he helped his mother buy wealth management products on mobile banking.

In his memory, each product has an "expected annualized rate of return", and the mother selects products based on this value.

Now it's his turn to work to make money and buy wealth management, but he finds that the bank's products have changed.

  In the past two years, the banking wealth management market has indeed undergone great changes.

With the end of the transition period for the new asset management regulations at the end of 2021, the first year of the new asset management regulations in 2022 will officially begin, and the bank wealth management market has entered an era of comprehensive net worth.

  "Expected annualized rate of return" is hard to find

  Heading into 2022, only a handful of banks are still offering non-net worth products.

When opening the "wealth management products" of mobile banking of various banks, the words "expected annualized rate of return" cannot be found in the public information of most products, but replaced by "performance comparison benchmark", "unit net worth" and "historical rate of return".

Some banks also use conspicuous text below the "performance comparison benchmark" to remind investors that "the performance comparison benchmark does not represent the future performance and actual returns of the product".

  Xiao Li said that in the past, mothers bought financial products based on the level of "expected annualized rate of return".

Although there is the word "expected", in his impression, he has never heard that the wealth management products bought by his mother did not meet the standard after expiration.

Now that the "expected annualized rate of return" has become a "performance comparison benchmark", he feels a little confused and doesn't know what it means.

  Financial products are no longer "guaranteed"

  For traditional expected return wealth management products, the bank will not disclose the operation information during the period before the product expires. After the expiration, the principal and income are automatically credited to the account, and the expected return rate can basically be achieved.

  With current net worth products, banks must regularly disclose the net worth of wealth management products, and the way investors calculate returns has also undergone major changes.

Financial products, like funds, have an initial net value of 1 yuan.

At the time of purchase and redemption, it is calculated by the number of shares and the corresponding net value.

When calculating the yield, take a 1-year product as an example, if the net value becomes 1.05 yuan when redeemed after one year, the yield is (1.05-1)/1=5%.








  文/本报记者 程婕



  Tang Yanfei suggested that, first of all, investors can look at the performance comparison benchmark of wealth management products, which is the center of measuring the performance of the product in a certain period. The usual indicators are the annualized rate of return since its establishment, the annualized rate of return this year, and nearly three Monthly annualized rate of return, 7-day annualized rate of return, and previous day’s annualized rate of return, etc.

  Secondly, investors can also check the net value trend of wealth management products.

The net worth trend chart can best reflect the operating ability of net worth products. Usually, the abscissa is the date of the net worth of the product, and the ordinate is the cumulative net worth of the product.

The investment goal of a good net worth wealth management product is more inclined to "stable", that is, to control the fluctuation range of net worth, control the degree of net worth drawdown, and try to minimize the net worth disturbance caused by short-term market fluctuations. Its net worth curve generally presents a smooth upward trend. trend.

  Finally, there is no historical performance comparison when new products are released, and investors can also refer to performance comparison benchmarks to determine revenue targets.

  Expert advice

  1. Look at the historical volatility of the yield curve

  Compared with the original expected rate of return products, the most obvious thing about net worth products is to use net worth to reflect the performance of this product every day. The first thing to pay attention to when choosing net worth products is the yield curve.

The greater the fluctuation of the curve, the higher the risk of the product.

The smaller the volatility of the product yield, the more robust the product is and more suitable for conservative investors.

  2. Look at the maximum drawdown

  The maximum drawdown refers to the extent that the net value of this product has dropped from the highest point since its inception to the lowest point since its establishment.

The drawdown reflects the maximum possible loss of the product.

The lower the product drawdown value, the more robust the product.