【观点】金李：财富管理市场如何向“买方投顾”顺利转型？

近日，第十四届全国政协委员、经济委员会委员、南方科技大学副校长金李在香蜜湖财富管理论坛发表主题演讲。

金李表示，过去几十年，中国财富管理市场处于“卖方代销”模式，面临挑战：一是如何向“买方投顾”顺利转型，二是如何将金融科技应用到财富管理行业，三是如何助力财富管理的普惠发展，四是如何兼顾国家和社会的其他发展目标。他指出，未来财富管理将关注“一高一低”，高净值客群仍然是核心客群，普惠性财富管理是未来发展最大的增量。战略端要进行买方投顾和综合性服务转型；机构端要打造以财富管理为中心的协同组织架构；产品端要提供多元化的金融产品；科技端助力财富管理数字化转型。

一、前言

2023年中央金融工作会议首次提出建设金融强国的总基调，强调做好科技金融、绿色金融、普惠金融、养老金融和数字金融五篇大文章。 CXO UNION-CXO联盟（cxounion.cn）

今年我们集合了行业头部机构专家，共同创作《共富时代的财富管理》报告，深刻把握金融工作的政治性和人民性，探讨新时代财富管理的转型方向。报告分为综合报告和7个分报告，分报告包括银行业、证券业、保险业、信托业、基金业、金融控股和行为金融。

综合报告中，讨论了财富管理在资产端，如何做大做优和分好蛋糕。一方面，财富管理通过盘活长期耐心资本，助力科技金融发展，从而做大财富蛋糕。另一方面，财富管理能够引导资金承担社会责任，通过发展绿色金融，助力做优财富蛋糕，通过发展普惠金融和养老金融，助力分好蛋糕。

同时，综合报告也讨论了财富管理在资金端，如何做大和分好蛋糕。一方面，高净值客户仍然是财富管理核心客群，通过买方投顾转型，助力财富管理将回归本源，提供更加专业的综合性业务，助力做大蛋糕。另一方面，普惠性财富管理是未来最大增量，通过数字化转型，降低财富管理服务的门槛，从而助力分好蛋糕。

二、财富管理面临的挑战和机遇

（一）财富管理“卖方代销”模式的发展

过去几十年，中国财富管理市场处于“卖方代销”模式。 CXO UNION-CXO联盟（cxounion.cn）

首先，是传统大型机构的下属财富管理机构。作为下属机构，销售产品，特别是自家产品成为主要任务，缺少独立性，导致财富管理服务与客户利益不一致。

接着，独立第三方财富管理公司应运而生，但是大多数家庭不愿意为服务财富管理买单，第三方财富管理公司为了生存也只通过销售产品赚取佣金，破坏了第三方独立性，随后加剧了客户的不信任，形成了佣金模式下的恶性循环。

后续财富管理机构探索了多种转型模式，仍然没有解决“卖方代销”模式的问题。

（二）财富管理面临的挑战

财富管理面临时代性的挑战。一是财富管理如何从“卖方销售”向“买方投顾”顺利转型？二是如何将金融科技特别是ChatGPT人工智能技术，应用到财富管理行业，通过数字化转型从而提升财富管理服务客户的综合能力？三是如何在为高净值人群提供综合性服务的同时，助力财富管理的普惠发展？四是如何兼顾国家和社会的其他发展目标，比如助力科技创新高质量发展、助力长期绿色可持续发展等。 CXO UNION-CXO联盟（cxounion.cn）

（三）财富管理面临的新机遇

首先，我国居民财富快速增长。2021年中国居民财富总量达687万亿人民币，2005—2021年年均复合增速高达14.7%，年均增速远超日美等发达国家。

其次，我国财富管理行业前景广阔。2022年我国财富管理市场规模达到118.49万亿元，同比增长8.7%。当前我国已经成为全球第二大财富管理市场。

第三，未来我国居民家庭资产配置将持续从房地产等实物资产转向金融资产，为财富管理提供海量增量资金。

第四，老龄化加速也为养老财富管理带来了机遇和挑战。国家卫健委预测，2035年我国60岁以上的老人将突破4亿，占比超过30%，进入重度老龄化阶段，接近每三个人就有一位老人。 CXO UNION-CXO联盟（cxounion.cn）

三、未来财富管理发展新模式

未来财富管理将关注“一高一低”。高净值客群仍然是核心客群，普惠性财富管理是未来发展最大的增量。未来中产阶级群体数量从4亿扩大到8亿，普惠性财富管理市场空间广阔，这也是行业转型升级的方向和机遇。

（一）战略端：买方投顾和综合性服务转型

首先，财富管理需要调整战略布局。一是买方投顾转型，需要摆脱机构对销售佣金的依赖，更多向客户收取资产管理费，将机构和客户的利益联系在一起，拥有更强的独立性。二是财富管理机构将进入全权委托模式，客户不参与投资决策，财富管理机构有权直接对客户财富进行配置。这种模式在美国成为主流，得到大量高净值人群的认可。三是财富管理机构将融合公司业务，将私人银行业务与公司银行、投资银行业务等有机结合。

未来的财富，将不仅仅是对钱的打理，更将是对一个家庭生活的跟踪和全面管理，比如教育、医疗、养老、住房、健康、社交等。财富管理机构不仅需要懂投资、懂科技，也需要懂生活、懂教育、懂价值取向。

其次，财富管理通过基金投顾和智能投顾战略布局，助力财富管理普惠化转型。公募基金是普惠性范围最广的金融行业之一，服务投资者超过7.2亿人。基金投顾转型，本质也是从“卖方代销”向“买方投顾”转型。同时，智能投顾能够利用数字化手段，大大降低服务的边际成本，是财富管理普惠化的重要方式之一。

（二）机构端：打造以财富管理为中心的协同组织架构

首先，集团的组织架构，将以财富管理为核心、多部门协作的模式的方向进行转型。比如海外经验中，瑞银集团将四大板块业务进行整合，构建起一个以财富管理业务为核心、四个部门协同作战的“生态系统”。

第二，集团的核心业务，将以客户需求为导向，提供综合性解决方案。比如海外经验中，摩根大通建立了六对一的团队覆盖模式，以更好满足超高净值的多元化、定制化需求。 CXO UNION-CXO联盟（cxounion.cn）

第三、集团将打造开放式平台，建立高效的内部联动机制。通过明确的客户分层和清晰的分润机制，充分调动各部门的积极性，形成有效联动，提升客户体验和服务效率。

（三）产品端：金融产品多元化

当前我们缺乏优质的底层资产，如果没有优质和丰富的产品，财富管理难以健康发展。

首先，科创金融的发展，将会为财富管理提供优质的股权资产，也将助力科技创新高质量发展。

其次，跨境金融的进一步开放，能够丰富财富管理品种的多样性，助力财富管理行业实现客户保值增值。当前在机构能力、投资渠道、政策空间等方面都存在一些问题。

第三，未来ESG类理财产品需求将会逐渐增加，财富管理机构也将积极拓展新型业务，推广“环境友好型”金融理念，助力经济可持续高质量发展。 CXO UNION-CXO联盟（cxounion.cn）

第四，养老金融是老龄化背景下的重点。近年来，各地区养老金融方面进行了许多宝贵的探索，取得了丰富成效，但存在一些问题。一是金融产品局限多、同质化严重、收益差强人意，二是养老金融产品以储蓄产品为主，无法满足居民的陪护、康健、医疗等养老服务，没有延伸到养老服务领域。

第五，个人养老金市场潜力巨大。据中金公司和招商证券测算，未来5到10年，乐观预期下个人养老金累计金额可能达到万亿元以上的水平。但现在开户人群中只有31%缴存，人均存款仅2022元。一部分原因是产品多样性不足，另一部分的原因是用户并不擅长投资，有强烈外部机构帮忙管理养老金的需求。

（四）科技端：财富管理数字化转型

首先，财富管理机构通过线上化和自动化转型，提升管理效率。当前多数财富管理机构业务流程仍存在不少手工环节。机构可以利用线上化和自动化手段，搭建一站式财富管理平台，提高管理效率和提升用户体验。

第二，财富管理的数字化转型，也能够让家庭财富管理的普惠性成为可能。一是智能家庭财富规划。财富管理机构通过用户画像，更好地理解用户的需求和行为模式，提供更准确和个性化的财富管理方案，满足千人千面的需求。二是智能投顾平台。平台可以根据用户的风险承受能力和投资目标，提出资产配置和调整的建议，降低了投资的门槛和成本，让更多人能够参与财富增长。三是智能超级管家。智能管家不仅懂投资，也懂生活、懂教育等，为客户提供超越财富管理服务。 CXO UNION-CXO联盟（cxounion.cn）

第三，财富管理行业的生态化转型，能够促进金融各部门共同建设大财富管理生态圈。一方面，生态化转型需要数据互通。法律上，需要推动数据确权，确定数据的权利主体和内容。技术上，需要推进隐私计算等技术，让数据可用不可见，解决数据流通和应用等数据服务问题。另一方面，需要搭建统一规范的数据架构。传统“烟囱式”架构是数据孤岛，存在内部割裂、协同性差等问题。通过建立新型规范统一的架构，不仅能打通集团内部、行业内部横向数据，也能打通跨行业的纵向数据，助力财富管理真正实现 “以客户为中心”的生态化转型。

四、结束语

财富管理的健康发展具有重要意义。一方面能够优化金融结构，能够通过盘活长期耐心的资本，助力资本市场的稳健发展，从而支持科技创新和可持续发展等战略性目标；另一方面促进居民财产性收入稳定增长，增加居民消费信心和能力，从而激发经济高质量发展的内生动力。

未来金融市场将以大财富管理为枢纽，打造健康发展的生态圈。财富管理的健康发展，不仅需要政府支持，更需要全行业的相关金融机构、从业者和投资者共同的积极参与。 CXO UNION-CXO联盟（cxounion.cn）

翻译：

Jin Li: How does the wealth management market transition to “buyer investment” smoothly?

Recently, Jin Li, member of the 14th National Committee of the Chinese People’s Political Consultative Conference, member of the Economic Committee and vice president of Southern University of Science and Technology, delivered a keynote speech at the Xiangmihu Wealth Management Forum.

Jin Li said that in the past few decades, China’s wealth management market has been in the mode of “seller consignment” and faces challenges: first, how to smoothly transition to “buyer investment”, second, how to apply financial technology to the wealth management industry, third, how to help the inclusive development of wealth management, and fourth, how to take into account other development goals of the country and society. He pointed out that in the future, wealth management will focus on “one high and one low”, high net worth customers are still the core customer group, and inclusive wealth management is the largest incremental development in the future. The strategic side should carry on the transformation of buyer investment and comprehensive service; At the institutional end, we should build a collaborative organizational structure centered on wealth management. The product side should provide diversified financial products; The technology side helps the digital transformation of wealth management.

I. Introduction

In 2023, the Central Financial Work Conference proposed for the first time the general tone of building a financial power, emphasizing five major articles on science and technology finance, green finance, inclusive finance, pension finance and digital finance. CXO UNION-CXO联盟（cxounion.cn）

This year, we gathered experts from leading institutions in the industry to jointly create the report Wealth Management in the Era of Common Wealth, deeply grasp the political and popular nature of financial work, and explore the transformation direction of wealth management in the new era. The report is divided into a comprehensive report and 7 sub-reports, including the banking industry, securities industry, insurance industry, trust industry, fund industry, financial holding and behavioral finance.

In the comprehensive report, it discusses how to make wealth management bigger and better and share the cake in the asset side. On the one hand, wealth management helps the development of science and technology finance by revitalizing long-term patient capital, thus making the wealth cake bigger. On the other hand, wealth management can guide funds to assume social responsibilities, help make the wealth cake better through the development of green finance, and help distribute the cake through the development of inclusive finance and pension finance.

At the same time, the comprehensive report also discusses the wealth management in the capital side, how to make big and share the cake. On the one hand, high net worth customers are still the core customer group of wealth management, through the transformation of buyer investment, help wealth management will return to the source, provide more professional comprehensive business, help make the cake bigger. On the other hand, inclusive wealth management is the largest increment in the future, and through digital transformation, the threshold of wealth management services is lowered, so as to help distribute the cake. CXO UNION-CXO联盟（cxounion.cn）

2. Challenges and opportunities for wealth management

(I) The development of the wealth management “seller consignment” model

In the past few decades, China’s wealth management market has been in a “seller’s consignment” mode.

First, there are the wealth managers of traditional large institutions. As a subordinate institution, the main task is to sell products, especially its own products, and the lack of independence leads to the inconsistency between wealth management services and customers’ interests.

Then, independent third-party wealth management companies came into being, but most families are unwilling to pay for wealth management services. In order to survive, third-party wealth management companies only earn commissions by selling products, which undermines the independence of the third party, and then intensifies the distrust of customers, forming a vicious circle under the commission model. CXO UNION-CXO联盟（cxounion.cn）

Subsequent wealth management institutions have explored a variety of transformation models, but still have not solved the problem of the “seller consignment” model.

(2) Challenges faced by wealth management

Wealth management faces the challenge of The Times. First, how does wealth management transition from “seller sales” to “buyer investment”? Second, how to apply financial technology, especially ChatGPT artificial intelligence technology, to the wealth management industry to enhance the comprehensive ability of wealth management to serve customers through digital transformation? Third, how to provide comprehensive services for high net worth individuals while helping the inclusive development of wealth management? Fourth, how to take into account other development goals of the country and society, such as promoting high-quality development in scientific and technological innovation, and promoting long-term green and sustainable development. CXO UNION-CXO联盟（cxounion.cn）

(3) New opportunities for wealth management

First, the wealth of Chinese residents has increased rapidly. In 2021, China’s total household wealth will reach 687 trillion yuan, with a compound annual growth rate of 14.7% from 2005 to 2021, far exceeding that of developed countries such as Japan and the United States.

Secondly, China’s wealth management industry has broad prospects. In 2022, China’s wealth management market will reach 118.49 trillion yuan, an increase of 8.7%. At present, China has become the world’s second largest wealth management market.

Third, in the future, China’s household asset allocation will continue to shift from real assets such as real estate to financial assets, providing massive incremental funds for wealth management.

Fourth, the acceleration of aging has also brought opportunities and challenges to wealth management for the elderly. The National Health Commission predicts that in 2035, the elderly over the age of 60 in China will exceed 400 million, accounting for more than 30%, entering the stage of severe aging, close to every three people have one elderly. CXO UNION-CXO联盟（cxounion.cn）

Third, the new model of wealth management development in the future

Future wealth management will focus on “one high and one low”. The high net worth customer group is still the core customer group, and inclusive wealth management is the largest incremental development in the future. In the future, the number of middle class groups will expand from 400 million to 800 million, and the inclusive wealth management market will have a broad space, which is also the direction and opportunity for the transformation and upgrading of the industry.

(1) Strategic side: buyer investment and comprehensive service transformation

First, wealth management needs to adjust its strategic layout. The first is the transformation of buyer advisory, which needs to get rid of the dependence of institutions on sales commissions, charge more asset management fees to customers, link the interests of institutions and customers together, and have stronger independence. Second, wealth management institutions will enter the carte Blanche mode, where clients do not participate in investment decisions, and wealth management institutions have the right to directly allocate clients’ wealth. This model has become mainstream in the United States and has been recognized by a large number of high net worth people. Third, wealth management institutions will integrate corporate business and organically combine private banking with corporate banking and investment banking. CXO UNION-CXO联盟（cxounion.cn）

The wealth of the future will not only be the care of money, but also the tracking and comprehensive management of a family’s life, such as education, medical care, pension, housing, health, social and so on. Wealth management institutions not only need to understand investment and technology, but also need to understand life, education and value orientation.

Secondly, wealth management helps the inclusive transformation of wealth management through the strategic layout of fund investment advisory and intelligent investment advisory. Public funds are one of the most inclusive financial sectors, serving more than 720 million investors. The essence of fund advisory transformation is also from “seller agent” to “buyer advisory” transformation. At the same time, intelligent investment advisers can use digital means to greatly reduce the marginal cost of services, which is one of the important ways of wealth management inclusive.

(2) Institutional end: Build a collaborative organizational structure centered on wealth management

First of all, the organizational structure of the group will be transformed to the direction of a multi-department collaboration model with wealth management as the core. For example, in overseas experience, UBS has integrated its four business sectors to build an “ecosystem” with wealth management business as the core and four departments working together. CXO UNION-CXO联盟（cxounion.cn）

Second, the Group’s core business will be customer-oriented and provide comprehensive solutions. For example, in overseas experience, jpmorgan Chase has established a six-to-one team coverage model to better meet the diversified and customized needs of ultra-high net worth.

Third, the Group will build an open platform and establish an efficient internal linkage mechanism. Through clear customer stratification and clear distribution mechanism, fully mobilize the enthusiasm of all departments, form an effective linkage, and improve customer experience and service efficiency.

(3) Product side: diversification of financial products

At present, we lack high-quality underlying assets. Without high-quality and abundant products, it is difficult for wealth management to develop healthily.

First of all, the development of science and technology finance will provide high-quality equity assets for wealth management, and will also help the high-quality development of scientific and technological innovation. CXO UNION-CXO联盟（cxounion.cn）

Secondly, the further opening of cross-border finance can enrich the diversity of wealth management varieties and help the wealth management industry to achieve customer preservation and appreciation. At present, there are some problems in institutional capacity, investment channels, policy space and so on.

Third, the demand for ESG financial products will gradually increase in the future, and wealth management institutions will actively expand new businesses, promote the “environmentally friendly” financial concept, and help sustainable and high-quality economic development.

Fourth, pension finance is the focus in the context of aging. In recent years, various regions have carried out a lot of valuable exploration of pension finance, and achieved rich results, but there are some problems. First, the financial products have many limitations, serious homogenization, and unsatisfactory returns; second, the financial products for the elderly are mainly savings products, which cannot meet the elderly care services such as accompanying, health, and medical care of residents, and have not been extended to the field of elderly care services. CXO UNION-CXO联盟（cxounion.cn）

Fifth, the market for personal pensions has huge potential. According to the calculation of China International Capital Corporation and China Merchants Securities, in the next 5 to 10 years, the cumulative amount of personal pension may reach more than one trillion yuan under the optimistic expectation. But now only 31% of those who have opened accounts have paid in, and the average deposit is only 2,022 yuan. This is partly because of a lack of product diversity and partly because users are not very good at investing and there is a strong need for outside institutions to help manage pensions.

(4) Technology: digital transformation of wealth management

First, wealth management institutions improve management efficiency through online and automated transformation. At present, there are still many manual links in the business process of most wealth management institutions. Institutions can use online and automated means to build a one-stop wealth management platform, improve management efficiency and enhance user experience.

Second, the digital transformation of wealth management can also make the universality of household wealth management possible. One is smart family wealth planning. Through user portraits, wealth management institutions can better understand the needs and behavior patterns of users, and provide more accurate and personalized wealth management solutions to meet the needs of thousands of people. The second is the intelligent investment advisory platform. The platform can put forward suggestions on asset allocation and adjustment based on users’ risk tolerance and investment goals, lowering the threshold and cost of investment and enabling more people to participate in wealth growth. The third is the intelligent super butler. Intelligent butler not only understand investment, but also understand life, education, etc., to provide customers with beyond wealth management services.

Third, the ecological transformation of the wealth management industry can promote all financial departments to jointly build a large wealth management ecosystem. On the one hand, ecological transformation requires data interoperability. Legally, it is necessary to promote data rights confirmation and determine the subject and content of data rights. Technically, it is necessary to advance technologies such as private computing, make data available invisible, and solve data services such as data flow and application. On the other hand, a unified and standardized data architecture needs to be built. The traditional “chimney” architecture is a data island, which has some problems such as internal fragmentation and poor coordination. Through the establishment of a new standardized and unified structure, it can not only open up the horizontal data within the group and the industry, but also open up the vertical data across the industry, and help wealth management truly realize the ecological transformation of “customer-centric”. CXO UNION-CXO联盟（cxounion.cn）

4. Concluding remarks

The healthy development of wealth management is of great significance. On the one hand, it can optimize the financial structure and help the steady development of the capital market by activating long-term patient capital, so as to support strategic goals such as scientific and technological innovation and sustainable development. On the other hand, we will promote the steady growth of residents’ property income and increase their consumer confidence and ability, thus stimulating the internal driving force for high-quality economic development. CXO UNION-CXO联盟（cxounion.cn）

In the future, the financial market will take great wealth management as the hub to create a healthy development ecosystem. The healthy development of wealth management requires not only the support of the government, but also the active participation of relevant financial institutions, practitioners and investors in the whole industry.

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于深圳金融；编辑/翻译：CXO UNIONCXO联盟小U。

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