【观点】上海信托总经理陈兵：信托业如何拥抱财富管理市场新趋势？

近日，上海信托总经理陈兵出席了全球财富管理论坛•2023上海苏河湾大会并在“经济社会发展新趋势下的资产管理与财富管理”主题论坛发表演讲。

陈兵表示，财富管理市场出现“需求普惠化、目标多元化、委托资产类型多样化”的新趋势，但也存在产品和服务供给结构性矛盾，需要准确认识和把握。具体体现为三个方面，一是财富管理需求普惠化，潜在客户群体快速上升；二是投资市场收益和风险的再调整，使得客户财富管理目标越来越多元化；三是当前的居民财富结构待优化，使得客户委托资产类型将越来越丰富，资产配置需求增加。他认为，未来要坚持投资者利益优先理念，回归信托本源，协同发展，为财富管理市场繁荣和生机提供信托式解决方案。具体而言，需要做好以下三个方面工作，一是牢牢坚持客户利益优先的理念；二是顺应时代需求，直面问题矛盾，回归本源发挥信托制度优势，创设财富管理功能性和工具性产品；三是协同合作，搭建财富管理服务生态圈。

当前，财富管理市场蓬勃发展，但与此同时，随着经济发展模式转变，居民对财富管理的需求出现新追求，亟需金融供给创新，来为财富管理市场注入新的动力和生机。下面，我从上海信托的角度来谈谈我们的观察和思考。

一、财富管理市场出现“需求普惠化、目标多元化、委托资产类型多样化”的新趋势，但也存在产品和服务供给结构性矛盾，需要准确认识和把握。

一是财富管理需求普惠化，潜在客户群体快速上升。经过近20年理财市场的投资者服务和教育，居民财富管理意识已经充分觉醒，财富管理服务也由过去为少数富裕、高净值人群服务转变为具有普惠性、全民性的金融服务，体量和规模巨大的市场吸引众多金融机构深度布局财富管理业务。 CXO UNION-CXO联盟（cxounion.cn）

二是在新经济发展模式下，投资市场收益和风险的再调整，使得客户财富管理目标越来越多元化。在过去10多年，房地产市场和一些金融产品为投资者提供了“高收益、低风险”的回报机会，在投资惯性思维和预期下，客户财富管理目标比较单一即追求如何快速增值，关注焦点集中在产品收益，对投资风险及其背后的财富风险隔离问题考虑不多，也很少去考虑长期的财富规划问题。随着房价由单边上涨转入震荡，以及资管产品净值化的推行，投资市场发生变化，收益获取难度加大，风险增加，投资者的风格和策略趋于保守，转而开始关注财富的风险隔离、财富未来的规划和分配例如子女教育和养老安排等。从上海信托的家族信托业务发展可以验证这种趋势，今年1—8月我们成立了2500单，延续了这项业务每年的高增速。而在财富管理普惠化的背景下，越来越多客户会有多元化财富管理需求，值得重视。

但是，财富管理市场对客户需求反应还有所滞后，目前还主要是依靠理财产品来服务客户，以产品收益率为导向造成目前金融产品同质化、供给过剩。同时，产品收益率的稳定是所有资管产品都不得不面对的问题，即使是能力顶尖的投资经理，也无法保证在每一阶段都能领先市场。这种短期的收益率竞争容易让机构陷入“收益率”内卷，也容易让客户产生“收益率焦虑”。单独依靠“收益率营销”无法为客户提供差异化服务，也无法满足客户多元化需求。

在这种情况下，探索产品除了收益率以外的财富管理功能迫在眉睫，包括满足客户对稳健理财产品需求，对财产保护、风险隔离、财富规划以及财富传承分配的需求。如果能有效满足客户多元化财富管理需求，不仅能给财富管理机构提供差异化竞争工具，也能将客户从机构的短期收益率评比的注意力中分散出来，转向长期的财富规划，长期资金将使得投资收益目标更加容易达到，从而能更好地提升客户财富管理体验。

三是当前的居民财富结构待优化，使得客户委托资产类型将越来越丰富，资产配置需求增加。过去居民将资产集中在房产和存款上，家庭财富管理长期缺乏资产配置所致。根据北京大学2022年中国家庭资产配置调查，中国家庭资产中房产占比超过70%，部分家庭超过90%，美国仅为30%左右，中国个人资产中金融资产占比仅占20%。在财富管理目标多元化情况下，居民会重新扫描自身资产结构，调整和优化资产配比，使得委托给财富管理机构的资产类型会越来越丰富。除了传统的现金以外，包括房产、股权、保单、金融资产、实物资产等，将成为未来财富管理需求的重要组成部分。以上海信托为例，为顺应客户需求，当前正在推进“股权家族信托”、“以房养老信托”、探索“基金份额非交易过户委托”等创新。财富管理目标多元化和委托资产类型多样化让越多越多客户希望财富管理机构提供全生命周期产品的一站式服务，涵盖金融服务和非金融服务。希望财富管理机构据他们的现金流安排、家庭资产负债表优化、子女教育、养老规划等提供个性化、综合化方案，考验的是财富管理机构的客户服务能力、产品创设能力和资源整合能力，财富管理机构必须学会与外部机构协同联合，优势互补，相互助力迎接挑战。 CXO UNION-CXO联盟（cxounion.cn）

二、坚持投资者利益优先理念，回归信托本源，协同发展，为财富管理市场繁荣和生机提供信托式解决方案。

对于转型中的信托业来说，财富管理市场这些新变化带来了新机遇。我们要做的是要及时洞察客户需求，顺应客户需求，通过产品和服务创新来把握市场机遇，主要是要做好以下几方面工作：

首要还是在于要牢牢坚持客户利益优先的理念。客户利益优先是获取信任的前提，正所谓“受人之托，忠人之事”，如果没有客户的信任，财富管理的基础就不存在，要做到“有损客户利益的事情坚持不为，有利客户利益的事情尽责而为”。这不是一句空话或者一句口号，而应该将行动贯穿于全业务链条，从产品设计到销售发行，从投资管理到客户陪伴，贯彻于全公司上下，从前台到中后台。与客户建立良好的信任关系是每家财富管理机构展业的头等大事，客户会因为你的品牌相信第一次，但是第二次相信肯定是你维护他的利益。“上海信托”品牌形象之所以得以深入人心，是因为我们坚决贯彻了这一理念，我们自己也做过一个统计，公司2008年至2022年间，累计安全兑付超过3.1万亿，为投资者实现收益近2600亿，所有产品100%安全兑付。在今年市场遇冷、资管产品收益率承压的时期，公司的现金丰利、红宝石等产品依然每周供不应求。 CXO UNION-CXO联盟（cxounion.cn）

二是顺应时代需求，直面问题矛盾，回归本源发挥信托制度优势，创设财富管理功能性和工具性产品。今年3月份，国家金融监管总局正式下发信托业务三分类通知，其中资产服务信托项下财富管理服务信托业务为客户实现多样化需求提供了信托解决方案。财富管理服务信托包括家族信托、家庭信托、保险金信托、个人/企业财富管理信托，财富管理服务信托可以为每位委托人设立属于自己的“财富管理信托账户”，场景使用非常广阔，信托制度能够惠及大众群体，可以一站式解决家庭财富保值增值、规划、传承、风险隔离等需求，其运用的信托法律架构天然兼顾了财富管理和资产管理功能。一方面通过信托账户可以充分了解每位委托人的财富管理需求，为其量身定制财富规划以及代际传承、分配、管理等专业的信托服务，达到围绕特定目标事件和场景提供温暖服务的目的。另一面，信托可能直接为委托人进行资产管理，可以运用信托资产配置功能，依据客户的风险偏好，跨市场、跨资产进行大类资产配置，平滑风险收益曲线，达到稳健投资目的，为受益人带来更好的投资体验。最重要的是，实现了以上两个目的，客户自然会接受长期投资，既可让信托公司布局长周期资产，又可为经济发展和资产市场带来长期稳定资金。以100万起步的家庭服务信托为例，我们已经与很多银行和券商展开合作，为其客户提供差异化营销，更温暖、更专业的财富管理服务。前不久我们与基金公司、商业银行合作的家庭信托产品上线，引起了市场的广泛关注，也为财富管理市场吹了一股新风。

三是协同合作，搭建财富管理服务生态圈。为了解决财富管理市场结构性矛盾，仅靠一家机构单打独斗是不可能实现的，金融机构的合作非常重要。我们认为打造一个完整的财富管理生态系统的基础设施已经齐备，基金和券商有投顾牌照，信托公司有财富管理服务信托，再加上已有的银行的基础账户与客群、保险公司的保障类产品，以及公、私募基金和银行理财等投资类产品，可以构建“创新、融合、共享、共赢”的财富管理生态圈。在这个生态系统中，每一类金融机构都能够找到自己在业务链条上的功能和定位，机构之间立足自身的资源禀赋，发挥各自差异化竞争优势，共同协作提供全生命周期产品一站式服务，在促进高质量发展中互利共赢，我认为这才是未来资产管理和财富管理的发展方向。

最后，上海信托将积极拥抱财富管理市场新趋势，服务人民美好生活新追求，持续推广信托制度在财富管理市场的作用和价值，相信在各位同业伙伴和投资人的大力支持下，我们一定可以融合协作打造财富管理新模式，让信托制度更好地服务合作伙伴和社会大众！ CXO UNION-CXO联盟（cxounion.cn）

翻译：

Chen Bing, General Manager of Shanghai Trust: How does the trust industry embrace the new trend of the wealth management market?

Recently, Chen Bing, General manager of Shanghai Trust, attended the Global Wealth Management Forum 2023 Shanghai Suhewan Conference and delivered a speech at the theme forum of “Asset Management and Wealth Management under the New Trend of economic and Social Development”.

Chen Bing said that the wealth management market has a new trend of “demand inclusion, target diversification, and entrusted asset types diversification”, but there are also structural contradictions in the supply of products and services, which need to be accurately understood and grasped. It is embodied in three aspects: First, the demand for wealth management is becoming more inclusive, and the potential customer group is rising rapidly; Second, the readjust of returns and risks in the investment market makes the clients’ wealth management goals more and more diversified; Third, the current wealth structure of residents needs to be optimized, so that the types of assets entrusted by customers will become more and more abundant, and the demand for asset allocation will increase. He believes that in the future, we should adhere to the concept of prioritizing the interests of investors, return to the source of trust, coordinate development, and provide fiduciary solutions for the prosperity and vitality of the wealth management market. Specifically, we need to do the following three aspects of work, first, firmly adhere to the concept of customer interests first; The second is to conform to the needs of The Times, face the problems and contradictions, return to the source to play the advantages of the trust system, and create functional and instrumental products of wealth management; Third, cooperate to build a wealth management service ecosystem.

At present, the wealth management market is booming, but at the same time, with the change of economic development mode, residents’ demand for wealth management has emerged new pursuit, and it is urgent to innovate financial supply to inject new impetus and vitality into the wealth management market. Below, I will talk about our observation and thinking from the perspective of Shanghai Trust.

First, the wealth management market has a new trend of “demand inclusion, target diversification, and entrusted asset types diversification”, but there are also structural contradictions in the supply of products and services, which need to be accurately understood and grasped.

First, the demand for wealth management has become inclusive, and the potential customer base has risen rapidly. CXO UNION-CXO联盟（cxounion.cn）

After nearly 20 years of investor services and education in the financial market, residents’ awareness of wealth management has been fully awakened, and wealth management services have been transformed from services for a small number of wealthy and high net worth people into inclusive and universal financial services. The huge size and scale of the market has attracted many financial institutions to in-depth layout of wealth management business.

Second, under the new economic development model, the readjust of returns and risks in the investment market makes the wealth management objectives of clients more and more diversified.

In the past 10 years, the real estate market and some financial products have provided investors with “high yield, low risk” return opportunities. Under the inertia thinking and expectation of investment, the client wealth management goal is relatively simple, that is, the pursuit of rapid value addition, the focus is on product returns, and the investment risk and the isolation of wealth risk behind it are not considered much. And little thought is given to long-term wealth planning. With the transformation of housing price from unilateral rise to shock, and the implementation of net worth of asset management products, the investment market has changed, the difficulty of obtaining income has increased, the risk has increased, and the style and strategy of investors have become conservative, and they have begun to pay attention to the risk isolation of wealth, the future planning and distribution of wealth, such as children’s education and pension arrangements. This trend can be verified from the development of Shanghai Trust’s family trust business. From January to August this year, we established 2,500 orders, continuing the high growth rate of this business every year. In the context of inclusive wealth management, more and more customers will have diversified wealth management needs, which is worthy of attention. CXO UNION-CXO联盟（cxounion.cn）

However, the wealth management market still lags behind in responding to customer demand. At present, it mainly relies on wealth management products to serve customers, and the product yield oriented has led to the homogenization and oversupply of financial products. At the same time, the stability of the product yield is a problem that all asset management products have to face, even the ability of top investment managers, can not guarantee that they can lead the market at every stage. This short-term yield competition is easy for institutions to fall into the “yield” volume, but also easy for customers to produce “yield anxiety”. Relying on “yield marketing” alone cannot provide differentiated services for customers, nor can it meet the diversified needs of customers.

In this case, it is urgent to explore the wealth management functions of products other than the return rate, including meeting customers’ needs for robust financial products, property protection, risk isolation, wealth planning and wealth inheritance and distribution. If the diversified wealth management needs of customers can be effectively met, it will not only provide wealth management institutions with differentiated competitive tools, but also distract customers from the short-term rate of return assessment of institutions and turn to long-term wealth planning. Long-term funds will make it easier to achieve the investment return target, thus better improving the wealth management experience of customers. CXO UNION-CXO联盟（cxounion.cn）

Third, the current wealth structure of residents needs to be optimized, so that the types of assets entrusted by customers will become more and more abundant, and the demand for asset allocation will increase.

In the past, residents concentrated their assets in real estate and deposits, which resulted from a long-term lack of asset allocation in household wealth management. According to the 2022 China Household Asset Allocation Survey by Peking University, real estate accounts for more than 70% of Chinese household assets, some families more than 90%, only about 30% in the United States, and financial assets account for only 20% of Chinese personal assets. In the case of diversified wealth management objectives, residents will re-scan their asset structure, adjust and optimize the asset ratio, so that the types of assets entrusted to wealth management institutions will become more and more abundant. In addition to traditional cash, including real estate, equity, insurance policies, financial assets, physical assets, etc., will become an important part of the future wealth management demand. Taking Shanghai Trust as an example, in order to meet customer needs, it is currently promoting innovation such as “equity family trust”, “housing pension trust”, and exploring “fund share non-transaction transfer entrustment”. The diversification of wealth management objectives and the diversification of entrusted asset types has led more and more clients to expect wealth managers to provide one-stop services for the full life cycle of products, covering both financial and non-financial services. It is hoped that wealth management institutions can provide personalized and comprehensive plans based on their cash flow arrangements, family balance sheet optimization, children’s education, pension planning, etc. What tests are wealth management institutions’ customer service capabilities, product creation capabilities and resource integration capabilities. Wealth management institutions must learn to collaborate with external institutions, complement each other’s advantages, and help each other meet challenges.

Second, adhere to the concept of investors’ interests first, return to the source of trust, coordinated development, and provide trust solutions for the prosperity and vitality of the wealth management market.

For the trust industry in transition, these new changes in the wealth management market bring new opportunities. What we have to do is to timely insight into customer needs, comply with customer needs, and seize market opportunities through product and service innovation, mainly to do the following aspects of work: CXO UNION-CXO联盟（cxounion.cn）

The first thing is to firmly adhere to the concept of customer interests first.

Customer interests first is the premise of obtaining trust, is the so-called “trust, loyal people”, if there is no customer trust, the foundation of wealth management does not exist, to do “harmful to the interests of customers insist on not doing, beneficial to the interests of customers and do.” This is not an empty phrase or a slogan, but the action should run through the whole business chain, from product design to sales and distribution, from investment management to customer company, throughout the whole company, from the front to the middle and back offices. Building a good relationship of trust with customers is the top priority of every wealth management organization. Customers will trust your brand the first time, but the second time they will trust you to protect their interests. The reason why the brand image of “Shanghai Trust” is deeply rooted in the hearts of the people is that we resolutely implement this concept, we have also done a statistic, the company from 2008 to 2022, the cumulative safe payment of more than 3.1 trillion, for investors to achieve nearly 260 billion income, all products 100% safe payment. In this year’s market cold, asset management product yield pressure period, the company’s cash Fengli, ruby and other products are still in short supply every week.

The second is to conform to the needs of The Times, face the problems and contradictions, return to the source to play the advantages of the trust system, and create functional and instrumental products of wealth management.

In March this year, the State Financial Supervision Administration officially issued a notice of three categories of trust business, of which the wealth management service trust business under the asset service trust provides a trust solution for customers to achieve diversified needs. Wealth management service trust includes family trust, family trust, insurance trust and individual/enterprise wealth management trust. Wealth management service trust can set up its own “wealth management trust account” for each client, which is widely used. The trust system can benefit the public. It can solve the needs of family wealth preservation and appreciation, planning, inheritance, risk isolation and other needs in a one-stop way, and the trust legal framework it uses naturally takes into account the functions of wealth management and asset management. On the one hand, through the trust account, we can fully understand the wealth management needs of each client, and customize professional trust services such as wealth planning, intergenerational inheritance, distribution and management for them, so as to provide warm services around specific target events and scenarios. On the other hand, the trust may directly manage the assets for the client. The asset allocation function of the trust can be used to allocate major types of assets across markets and assets according to the risk preference of the client, smooth the risk-return curve, achieve the purpose of stable investment, and bring better investment experience to the beneficiary. Most importantly, if the above two purposes are achieved, clients will naturally accept long-term investments, which can not only allow the trust company to deploy long-cycle assets, but also bring long-term stable funds to economic development and asset markets. In the case of the family Service Trust, which started with 1 million yuan, we have worked with many banks and brokerages to provide their clients with differentiated marketing, warmer and more professional wealth management services. Not long ago, we cooperated with fund companies and commercial banks to launch family trust products, which attracted wide attention in the market and also blew a new wind for the wealth management market.

Third, cooperate to build a wealth management service ecosystem.

In order to solve the structural contradictions in the wealth management market, it is impossible to rely on one institution alone, and the cooperation of financial institutions is very important. We believe that the infrastructure to build a complete wealth management ecosystem is already in place. Funds and brokerages have investment licenses, trust companies have wealth management service trusts, and the existing basic accounts and customer groups of banks, insurance products of insurance companies, and investment products such as public and private funds and bank wealth management. It can build a wealth management ecosystem of “innovation, integration, sharing and win-win”. In this ecosystem, each type of financial institution can find its own function and positioning in the business chain. Based on their own resource endowment, institutions can give full play to their differentiated competitive advantages, and work together to provide one-stop services for products of the whole life cycle, so as to promote mutual benefit and win-win results in high-quality development. I think this is the development direction of asset management and wealth management in the future. CXO UNION-CXO联盟（cxounion.cn）

Finally, Shanghai Trust will actively embrace the new trend of the wealth management market, serve the people’s new pursuit of a better life, and continue to promote the role and value of the trust system in the wealth management market. I believe that with the strong support of our industry partners and investors, we will be able to integrate and collaborate to create a new model of wealth management, so that the trust system can better serve partners and the public!

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于中国财富管理50人论坛；编辑/翻译：CXO UNIONCXO联盟小U。

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