On September 26th, 20 18, China Banking and Insurance Regulatory Commission, China officially promulgated the Measures for the Supervision and Administration of Financial Services of Commercial Banks, which made it clear that "financial services refer to financial services in which commercial banks accept the entrustment of investors and invest and manage the entrusted investors' property according to the investment strategy, risk bearing and income distribution methods agreed with investors in advance".
First, it is not clients' financial management, but professionals who provide asset management services.
Second, not product promotion, but providing personalized comprehensive financial services and non-financial services.
Third, it is not only aimed at a certain life stage of customers, but at the financial management process of customers throughout their lives.
(2) Definitions of asset management business, wealth management business and private banks.
1, Asset management business: refers to the financial services that banks, trusts, securities, funds, futures, insurance asset management institutions, financial asset investment companies and other financial institutions accept the entrustment of investors to invest and manage the entrusted investors' property.
2. Wealth management business: it is a process of scientifically managing different forms of wealth of individuals or legal persons through a series of financial planning procedures.
3. Private banking: it is a financial behavior that private banks provide professional, personalized and comprehensive financial services and all-round non-financial services to high-net-worth customers.
1, individual customers refer to the demand side of personal finance business, and also the service object of financial institutions entering the personal finance business of commercial banks.
2. Commercial banks are the providers of personal financial services and one of the providers of personal financial services.
3. Financial institutions such as companies, fund companies, trust companies, insurance companies, leasing companies and some asset management companies also provide financial services.
4. Internet financial institutions
5. Third-party financial institutions
6. Lawyers and accounting firms
7. Regulators
(1) Financial advisory services and comprehensive financial services
Financial services can be divided into financial advisory services and comprehensive financial services according to whether to accept the entrustment and authorization of customers to invest and manage their funds.
Comprehensive financial services can be further divided into financial planning and private banking. Among them, financial planning is a personal financial service provided by commercial banks for specific target customer groups. Private banking services mainly serve high-net-worth customers, involving a wider range of business; Compared with financial planning, the personalized service of private banking is relatively strong.
(2) Financial management business, wealth management business and private banking business.
Banks often classify wealth management business according to customer type (mainly asset size). The wealth management business can be divided into three levels: wealth management business (service), wealth management business (service) and private banking business (service). Banks provide different levels of wealth management services for different customers. Among them, the private banking business (service) not only provides financial products, but also provides comprehensive services.
Private banking refers to the operation of banks to provide professional, personalized and comprehensive financial services and all-round non-financial services to high-net-worth customers. Generally speaking, private banking has several characteristics:
1, high entry threshold 2, personalized service 3, integrated service
(1) Work flow
1, contact customers, establish trust relationship 2, collect, sort out and analyze customers' family financial situation 3, define customers' financial objectives 4, specify financial planning scheme 5, implement financial planning scheme 6, and follow-up service.
(II) Main contents
The core content of personal finance includes eight parts: household income and expenditure and debt management, wealth preservation and planning, education investment planning, retirement and pension planning, investment planning, tax planning, wealth inheritance planning and SME owners' financial planning.
(A) the development of foreign personal finance business
1, the embryonic period of personal finance business (1930s-1960s)
2. The formation and development period of personal finance business (1960s to 1980s)
3. Mature period of personal finance business (mid-late 1990s)
(B) the development and status of domestic personal finance business
1, the embryonic stage of personal finance business (late 1980s to 1990s)
2. The formative period of personal finance business (from the early 20th century to 2005)
(1) Economic development and the accumulation of residents' wealth
(B) Rising demand for financial management
(C) lack of financial skills
(D) Investment and financial management tools are increasingly abundant.
(E) the objective needs of the transformation of financial institutions
1, financial planners and financial practitioners
The professional service activities of wealth management business are characterized by two properties:
One is that commercial banks act as financial advisers, providing advice to customers, which belongs to the nature of consultants. Another loyal dog is the business activities of commercial banks to invest and manage assets according to the investment plan and method agreed with customers in advance, which belongs to the entrusted nature.
Advisory, professional, comprehensive, normative, long-term and dynamic.
(1) 4E qualification:
Education (the first link), examination (basic), work experience and professional ethics (the most important)
The professional ethics requirements of financial institutions' financial planners in China, especially bank financial planners, are summarized as follows: abiding by discipline and law, keeping secrets, being honest and trustworthy, being objective and fair, being diligent and competent.
(2) Standards for qualified financial planners: moral character, service and specialty.
? 5C (comprehensive quality requirements and standards for qualified financial planners): customer-oriented, communication and coordination skills, professional level and noble professional ethics.
(C) the social responsibility of financial planners:
1, financial planners are important transmitters of national financial policies and regulations.
2. The financial planner is an important propagator of the correct investment concept.
3. The financial planner is the revealer of financial risks.
4. The financial planner is the feedback of the customer's voice.