“财富管理是中国未来金融业非常重要的一个领域。它是银、证、保三业的交集。它的基本法律关系都应视为信托关系。但现在，对这类相同法律关系的产品却不能用同样规则来管理。”在中国财富管理50人论坛成立大会上，出任该论坛学术委员会总顾问的全国人大财经委副主任委员、原人民银行副行长吴晓灵表示，法律规制上的滞后，已经对财富管理行业的发展造成制约。

"Wealth management is China's future financial industry is very important in a field.It is silver/card/The SanYe intersection.Its basic legal relationship should be regarded as the trust relationship.But now,For this kind of the same legal relationship products but not with the same rules to management."In China's wealth management 50 people on BBS founding conference,As this BBS academic committee of the general counsel of the National People's Congress vice director of CaiJingWei/The people's bank of wu xiaoling, deputy said,Laws and regulations lag in,Have wealth management industry caused by the development of restriction.

　　在同一场合，应邀担任论坛名誉主席的中国银监会前任主席刘明康在阐述其对中国财富管理行业发展路径的看法时，也明确提出：“财富管理行业的发展，不仅要靠需求方面的创造，也有赖于财富管理相关行业的融合和各方面监管、激励政策的统合。”

In the same situation,He was invited to be BBS honorary chairman of the China banking regulatory commission, the former chairman of China on a discussion on its mingkang wealth management industry development path ideas,Also pointed out:"The development of the industry of wealth management,Not only must depend on the creation of the demand side,Also depends on the integration of wealth management related industries and the supervision/Incentive policy identity."

　　在这场银行、保险、信托、证券、基金等五大行业数十名财富管理业务高管齐聚一堂的高级别闭门会议上，打破行业藩篱，加强财富管理行业跨业融合，进而共同把握中国财富管理行业难得的发展契机，几乎成为五大行业精英的共识。“目前各种形势来看，中国统一的财富管理市场正在形成。”出任论坛学术委员会副主席的中国工商银行(601398,股吧)资产管理部副总经理马续田表示。

In the bank/insurance/trust/securities/Fund of five industry dozens of wealth management business executives gathered in a high level in the closed door meetings,Broke industry barriers,Strengthen the wealth management industry cross-combination fusion,Then common master Chinese wealth management industry rare development opportunities,Almost become the consensus of the five industry elite."At present various situation to see,China's unity of wealth management market are forming."As BBS academic committee vice chairman of the industrial and commercial bank of China(601398,guba)Asset management of vise general manager MaXuTian said.

　　他进一步指出，这一趋势具体体现在两个方面。“其一，从05年以来，银行和信托机构深度地、全面的参与到财富管理市场以后，已经使过去财富管理仅仅局限在证券、保险、基金等领域的狭窄局面得到很大改善。由于银行和信托的加入，财富管理的观念深入人心了。其二，银行和信托各自的管理资产余额，到今年上半年可能都突破了6万亿。若再加上基金、券商和保险，整个规模或达十多万亿。应该说财富管理市场的规模和广度，确实大大超越了以前。”

He further points out,This trend is concrete embodiment in two aspects."one,From 05 years,Banks and trust mechanism in depth/Comprehensive involved in wealth management market later,Has made the past wealth management is only limited in securities/insurance/Fund and other areas of narrow situation are improved greatly.Due to the bank and trust to join,Wealth management concept of the thorough popular feeling.The second,Banks and trust their management assets balance,To the first half of this year may be broke through 6 trillion.If plus fund/Brokers and insurance,The whole scale or ten more than one trillion.Should say wealth management market scale and span,Do greatly surpass the previous."

　　论坛学术委员会副主席、中国人保资产管理有限公司总裁周立群则从市场需求角度提出：“目前市场更需要功能协同的财富管理产品。所谓功能协同，是指银行、保险、信托、证券从事财富管理的机构，按分业监管要求，通过各自的产品和服务发挥着独特的财富管理功能，但由于服务对象的同一性，实际上形成有限竞争下的共生关系，并不应视作相互排斥。居民所要求的财富管理比如面向养老风险保障的金融产品和服务，就需要不同领域金融机构协同创新、共同开发，才能够实现对潜在需求的有效覆盖和产品服务供给，财富管理市场才有百花齐放的繁荣前景。”

BBS academic the vice chairman of the committee/Chinese people can keep asset management co., LTD., President ZhouLiQun is put forward from the market demand:"The present market need more functional collaborative wealth management products.The so-called function coordination,It is to point to a bank/insurance/trust/Securities engaged in wealth management institutions,According to the dividing of the regulatory requirements,Through their products and services plays a unique wealth management function,But due to the identity of the object of service,In fact formation limited competition symbiotic relationship,Not should be regarded as mutually exclusive.Residents required for wealth management such as pension risk guarantee financial products and services,Will need to different fields financial institutions collaborative innovation/Common development,To realize the effective cover potential demand and supply products and services,Wealth management market have flowers prosperous prospect."

　　事实上，作为国内财富管理领域首个汇聚财富管理全部相关行业及监管层、学者的专业性非政府组织，中国财富管理50人论坛的成立本身亦是中国财富管理走向跨业融合、大财富管理市场日渐成型的标志性事件之一。

In fact,As the domestic wealth management areas first gathering wealth management all the relevant industry and regulatory layer/Scholars specialized non-governmental organizations,China's wealth management 50 people BBS establishment itself is also China's wealth management to cross-combination fusion/Big wealth management market gradually forming one of landmark.

　　论坛组委会联席总干事、北京金融资产交易所董事长熊焰表示，环球企业家和北京金融资产交易所两家机构发起财富管理50人论坛的初衷，就是希望建立一个“内容专业、氛围宽松的跨行业交流平台”，为财富管理行业“凝聚共识，争取更好的发展环境”。

The organizing committee of the BBS joint director-general/Beijing financial assets exchange chairman yan xiong said,Global entrepreneurs and Beijing financial assets exchange two agencies launched wealth management 50 people BBS's original intention,Is to establish a"Content professional/The atmosphere relaxed cross-industry communication platform",For wealth management industry"Build consensus,For better development environment".

　　论坛组委会联席总干事、环球企业家发行人刘洲伟进一步指出：“一个真正意义上的大财富管理格局，可以说还没有从分业监管的襁褓中走向成熟。这使得财富管理领域展开真正意义上的跨行业的高端交流，从而促进共识、推动整个领域的融合创新就显得格外迫切。”

The organizing committee of the BBS joint director-general/Global entrepreneurs LiuZhouWei further points out the issuer:"A day of a real sense of great wealth management pattern,Can say is not from separate supervision swaddling clothes the maturity.This makes the wealth management field expansion in the true sense cross-industry high-end exchanges,So as to promote common/To promote the integration of the whole field innovation is especially urgent."

　　前路何方

Way before where

　　尽管在此次中国财富管理50人论坛的成立大会上，加入论坛的各行业财富管理业务精英均对一个走向统一、潜力惊人的大财富管理市场寄予厚望。但在大财富管理市场的发展驱动因素和具体发展路径的选择上，多位论坛成员却存在不同的看法。

Although in the China's wealth management 50 people BBS establishment meeting,Join BBS of individual wealth management business elite were in a unification/Potential and great wealth management market expectations.But in the big wealth management market development drive factors and specific development on the choice of path,Many members of the BBS has different views.

　　民生银行(600016,股吧)公司业务部投资银行部总经理张立洲认为，目前,中国宏观经济增长速度的逐步放缓，以及未来GDP维持在7%左右的稳定增长区间，将是驱动中国财富管理全盛时代到来的主要因素。 。

Minsheng bank(600016,guba)The company business investment, k, general manager ZhangLiZhou think,At present,China's macro economic growth rate slowed gradually,And future GDP maintained at 7% of stable growth interval,Will be driving China's wealth management era of main factors. .

　　“在过去几年GDP增速维持在10%以上的高增长时代，民众尤其是具备财富实力的企业家，其实大都会认为自己在理财方面比银行等金融机构要强。”张立洲表示，“而只有当经济增速降下来，泡沫大量挤出，钱不再那么好赚的时候，大家才会更加认可和重视金融机构在财富管理上的专业能力。”华夏基金副总经理张后奇则提出：“从二元利率架构走向利率市场化的过程，是中国国内金融机构所面临的一个系统性的机会，也创造了中国财富管理最大的市场空间和最好的发展时机。”

"In the past few years to maintain GDP growth in more than 10% of the growth time,People especially have wealth strength entrepreneurs,In fact the mets think himself in the finance than Banks and other financial institutions stronger."ZhangLiZhou said,"And only when economic growth down,Foam a large number of extrusion,Money is no longer so good when earn,People will more recognition and pay attention to financial institutions in the wealth management professional ability."Huaxia fund deputy general manager ZhangHouJi is put forward:"From binary interest rate structure to interest rate marketization process,Is China's domestic financial institutions facing a systematic opportunity,Also created China's wealth management's largest market space and the best development opportunity."

　　作为一位长期深耕基金产品销售的基金业高管，张后奇以近年来扩张最劲的信托行业为例，指“现在大的信托产品，为什么受老百姓欢迎？因为它利率是在15%上下。它是介于法定存贷款利率上限、回购利率和银行理财其他的这些市场化利率之间产品。因此利率市场化本身是国内进行财富管理的一个最大的空间。”

As a long-term subsoil fund product sales of funds industry executives,In recent years ZhangHouJi to expand the most strength of trust industry as an example,Refers to"Now big trust products,Why is people welcome?Because it is at 15% interest rate fluctuation.It is something in between a legal interest rate upper limit/Repurchase rate and bank financing other these marketization between interest rate products.So the interest rate marketization itself is domestic wealth management one of the biggest space."

　　在财富管理市场未来发展的重点方向上，参会人士亦从不同维度给出了多样化的见解。

Wealth management market in future development of key direction,The participation of the people from different dimensions are given the diversity of opinion.

　　论坛副主席、中国建设银行(601939,股吧)投资理财总监王贵亚在发言中提出， “财富管理的基本要求是管理者要提供增值服务为投资者创造价值,但更重要的是财富管理可以将社会闲散资金集中起来，支持实体经济发展，从而促进经济发展方式转变。”。

BBS vice chairman/China construction bank(601939,guba)Investment finance director WangGuiYa in his speech put forward, "Wealth management is the basic requirement of managers to provide value-added services to create value for investors,But more important is wealth management can the social idle funds centralized,To support the real economy development,So as to promote economic development mode change.".

　　他同时认为，财富管理者运用投资者资金的方式总体上是一种直接融资的方式，这改变了过去以银行业信贷为主的间接融资方式，从根本上可以分散银行体系金融风险。同时通过银行等财富管理机构的引导和运作,也可以避免非法集资,高利贷等行为蔓延,从而维护健康的金融秩序。

He also think,Wealth managers use investors fund way in general is a way of direct financing,This changed the past to banking credit is given priority to the indirect financing way,Fundamentally to spread the bank system financial risks.At the same time, through the bank wealth management mechanism of guide and operation,It can avoid the illegal funds,Usury, etc spread,So as to maintain the health of the financial order.

　　建设银行金融市场部副总经理张铮也表示：“理财产品发展支持了非金融企业债券融资市场的发展。因为目前看，银行理财是债券市场增量投资的重要资金来源，它和商业银行的自营投资正形成并驾齐驱的趋势。 ”

Construction bank financial market of vise general manager ZhangZheng also said:"Financial product development support the non-financial corporate bond financing the development of the market.Because the current see,Bank financing is the bond market investment increment of the important source of fund,It and commercial bank operating investment is the trend of the formation of neck and neck. "

　　同为银行投行业务负责人的张立洲则提出，财富管理市场本身可以分为两个层面，即个人财富管理和机构财富管理。而他认为，国内财富管理机构做的更多的是个人财富管理，机构的财富管理“没有真正能够做起来”，大多数金融机构不够重视。

As bank investment banking of the person in charge of the ZhangLiZhou is put forward,Wealth management market itself can be divided into two levels,Is a personal wealth management and mechanism of wealth management.And he thought,Domestic wealth management institutions do more was a man of wealth management,Mechanism of wealth management"Not really be able to do it",Most of the financial institutions not enough attention.

　　“未来一段时间，财富管理领域如果说能够有望实现爆发式增长的，我认为机构财富管理会有更大的成长空间。”张立洲说，“投资银行应该更多着眼于机构的财富管理，而不是跟私银、零售部门拼抢个人财富管理业务。从个人财富管理来看，产品供应和风险控制能力特别重要，应该更多地重视同业合作或者是机构内部部门之间的配合。 ”

"The next period of time,Wealth management areas if can is expected to explosive growth,I think wealth management institutions will have more space to grow up."ZhangLiZhou said,"Investment Banks should be more focus on mechanism of wealth management,And not with private silver/Retail department congested personal wealth management business.From personal wealth management to see,Product supply and risk control ability is especially important,Should do more to pay attention to trade cooperation between departments or institutions internal cooperation. "

　　同样对此议题，新华资产管理股份有限公司总裁李全则从财富管理效果评价角度，提出了“绝对收益”的概念，并认为绝对收益类型的财富管理服务将是未来行业发展的主要方向。“从财富管理趋势来看，绝对收益概念越来越重要。做投资是要给客户创造价值，而不是贴一个标签，因为我坚持什么理念，所以赔了也是正确的。赔了，说明不是市场有问题，而是投资管理人有问题，应该去反思。”

This issue also,Xinhua asset management co., LTD. LiQuanZe President from wealth management performance evaluation Angle,Puts forward the"Absolute income"concept,And think absolute income type of wealth management services will be the main direction of the development of the industry in the future."From wealth management trend,Absolute income concept is more and more important.Do investment is for the customer creation value,Rather than stick a label,Because I adhere to the concept of what,So the loss is correct.Compensate the,That is not the market has a problem,But the investment manager has a problem,Should go to reflect on."

　　“我们觉得私募产品的发展应该是下一步财富管理的一个重点。”作为来自券商行业的论坛成员，中信建投证券股份有限公司董事总经理邹迎光从产品设计的角度指，“无论从股票市场、债券市场，还有目前的公募基金、信托等等，当然信托是一种私募的方式，但是传统来说，公募的产品目前从占比上还是偏多的，能够真正满足投资人需求的私募产品比例偏少，而且创新还不足”。

"We think private product development is the next step should be a focus of the wealth management."As from brokers industry BBS members,Citic securities to build a director of a joint stock limited company general manager ZouYingGuang products from the Angle of the design means,"No matter from the stock market/Bond market,And the public offering fund/Trust, etc.,Of course the trust is a private way,But traditionally,Public offering products from at present than or partial more,To truly satisfy investors demand private products less proportion,And innovation is insufficient still".

　　监管革新

Supervision innovation

　　在成立大会上，有关大财富管理监管制度建设的议题，也成为各方激烈争论的焦点。相比于在战略层面对行业愿景的把握，对于监管议题，各方发言则更多集中于具体操作层面。这其中，又以分业监管机制导致的监管标准不统一以及对大财富管理市场的割裂，最为论坛成员所关注。

During the inauguration,The big wealth management supervision system construction issues,All parties have become the focus of the controversy.Compared to the strategic level to the industry to grasp the vision,For the regulatory issues,The parties to speak is more focused on specific operation level.the,And with a minute industry supervising and managing mechanism to do not have a unified regulatory standards and the big wealth management market lacerate,The most BBS members concern.

　　论坛副主席、中信证券(600030,股吧)股份有限公司董事长王东明直言：“在财富管理发展相对成熟的西方国家，尤其是美国，由于财富管理机构数量众多，所以随之形成了一个多层次的灵活的监管体系。但我们现在根本没有形成，大部分的监管形式都还是审批。”

BBS vice chairman/Citic securities(600030,guba)Co., LTD., chairman of the board WangDongMing the truth:"In the wealth management development is relatively mature western countries,Especially the United States,Because of wealth management institutions numerous,So then formed a multi-level flexible regulatory system.But we are now no form,Most of the supervision form or examination and approval."

　　论坛学术委员会副主席、北京国际信托有限公司董事长王晓龙进一步补充：“在财富管理行业，各家有各家的监管尺度，需要尽快统一监管尺度。鉴于大家都在运用信托关系进行财富管理，应该做到功能监管，而不是现在的机构监管。”

BBS academic the vice chairman of the committee/Beijing international trust co., LTD., chairman of the board of directors wangxiaolong further supplement:"In the wealth management industry,Their families have the supervision of the scale,Need as soon as unified supervision scale.In view of everyone in the use of the trust relationship between wealth management,Should do function supervision,But not now institutions supervision."

　　马续田尤其指出了产品准入上的监管标准差异问题。“从银行理财产品发展至今，我们固定收益类的理财产品全部都实现了预期收益。工商银行一家，去年给客户收益分红300亿。银行理财的门槛跟基金比，甚至跟一些其他的理财产品比，都非常高。这对于理财产品市场的统一是一个很大的制约。”

MaXuTian especially points out that the product access on the supervision standard difference."From the bank financing products developed so far,We fixed income kind of financial products all achieve the expected earnings.A commercial bank,Last year to the customer share out bonus income 30 billion.Bank financing threshold than with fund,Even with some other than financial products,Is very high.The financial product market unity is a very big restriction."

　　现行监管机制对理财产品的风险控制和处理手法，以及由此牵涉的投资者教育问题，同样成为当天会议中的热点话题。

The current supervision mechanism of financial product risk control and processing technique,And the involved investors education problems,The same day become the hot topic meeting.

　　王贵亚的观点颇具代表性，他表示：“现在财富管理行业的问题还是创新不够，全社会需要形成一种支持创新、尊重创新、鼓励创新的氛围，要允许创新有可能失败。但现在我感觉这种容忍度还有待加强。”

WangGuiYa rather representative point of view,He said:"Now, wealth management industry's problems or innovation is not enough,The whole society need to form a kind of support innovation/Respect innovation/Encourage innovation atmosphere,To allow innovation may fail.But now I feel this kind of tolerance remains to be strengthen."

　　他同时认为，需要加强对财富管理市场投资者的教育，帮助投资者真正形成"买者自负""风险和收益平衡"等的意识。“当然,财富管理者也要履行"卖者有责"的义务,销售产品和服务时要及时全面地向投资者揭示风险。”。

He also think,Need to strengthen the wealth management market investor education,Help investors truly form"Buyers conceit""Risks and benefits of balance"The consciousness of such as."Of course,Wealth managers also want to perform"Sellers duty"obligations,Sales of products and services in time to fully reveal to the investors the risk.".

　　“我们的基金市场，投资出现了一定的风险、损失以后，投资人能够接受。但在大财富管理市场上，这个还没有形成共识。”

"Our fund market,Investment in a certain risk/Loss after,Investors can accept.But in the big wealth management market,This has not formed consensus."

　　宁波银行(002142,股吧)金融市场部总经理马宇(博客,微博)晖则直言：“ 一年几万亿的理财，没有一笔出事情，我觉得未必是好事。很多时候非市场的因素跟监管成本比较高，同时理财背后的标的信用风险没有分散。要解决这个问题，第一，是要靠投资者教育，让投资者知道财富管理的风险与收益成正比，财富管理不是只赚不赔；第二，利用资产证券化渠道，把堆积在银行体系中的信用风险分散出去，让不同的投资者根据不一样的风险偏好来选择。同时利用市场化的机制来对于风险进行定价。”

Ningbo bank(002142,guba)Financial marketing general manager MaYu(blog,Micro bo)Across is the truth:" A year trillions of financial management,Not a thing out,I think that is not necessarily a good thing.A lot of times non-market factors and supervision cost is higher,At the same time financial behind the underlying credit risk not disperse.To solve this problem,The first,Is to rely on investor education,Let investors know the benefits and risks of wealth management is proportional,Wealth management not only earn not to compensate;The second,Use of asset securitization channel,The deposit in the bank system in credit risk spread out,Let different investors according to the different risk preference to choose.At the same time use of market mechanisms to for risk pricing."