日前，“2012中国（青岛）财富管理论坛”拉开帷幕，数十位全球金融专家、知名学者共话全球财富管理大趋势和中国财富管理发展路径。招商银行(600036,股吧)行长马蔚华在接受天府早报记者采访时表示，全球财富管理市场发生深刻调整，出现六个方面的新趋势，包括全球财富分布和投资逐渐向新兴市场倾斜；客户财富管理需求偏好日趋复杂；在国内的投资者中，房地产投资占比趋于下降，而且构成发生变化，另类投资受到关注。

a，“2012 China（Qingdao）Wealth management BBS”curtain，Dozens of global financial experts、Famous scholars GongHua global wealth management big trend and China's wealth management development path。Merchants bank(600036,guba)President MaWeiHua in accepting tianfu morning paper reporter to interview said，Global wealth management market undergoing profound adjustment，In six aspects of the new trend，Including global wealth distribution and investment to emerging market gradually tilted；Customer wealth management demand preference is getting more and more complicated；In the domestic investors，Real estate investment accounts for of ratio tends to decline，And constitute a change，Alternative investment attention。

　　财富

wealth

　　全球财富分布正向新兴市场倾斜

Global wealth distribution forward emerging market tilt

　　论坛的主题是“财富管理”，马蔚华一开口就直奔主题。“对市民而言，财富管理是一个财富的保障方式，可以通过资产的优化配置，实现财富保值增值；对机构组织而言，财富管理是一个资产管理的方式，通过对财富的有效利用，来提高自身的运营效率。”

BBS's theme is“Wealth management”，MaWeiHua talks a straight to the point。“As to the citizen，Wealth management is a wealth of the safeguard way，Through the optimal allocation of assets，To realize the value of wealth；As for organization，Wealth management is a way of asset management，Based on the effective use of wealth，To improve their operation efficiency。”

　　马蔚华说，从2008年国际金融危机以来，国际金融市场震动不已，这场危机对全球财富管理市场产生了强烈的震动。“这场国际金融危机是从欧美发达国家兴起的，欧美发达国家的经济就将先陷入困境，因而财富市场受到的影响将会非常漫长。”马蔚华说，新兴市场的财富份额占全球财富份额的比重从2008年的23.6%，已经上升到26%。他认为，目前，全球的财富管理中心出现东移的迹象，普华永道的研究报告说，新加坡将在2013年能够赶上瑞士，成为全球最大的私人银行中心。东移，这是最显著的一个趋向。

MaWeiHua said，From 2008 years since the international financial crisis，The international financial market shock unceasingly，The crisis on the global wealth management market to have a strong shock。“The international financial crisis from the European and American developed country arise，The European and American developed country's economy will be to get into trouble，Thus wealth market the impact will be very long。”MaWeiHua said，The wealth of emerging market share accounted for the proportion of fortune global share from 23.6% in 2008，Has risen to 26%。He thinks，At present，Global wealth management center appeared signs of towards the east，Pricewaterhousecoopers report said，Singapore is in 2013 to catch up with the Swiss，As the world's largest private banking center。Towards the east，This is the most significant a trend。

　　投资

investment

　　房地产投资比例降至15%

Real estate investment proportion fell to 15%

　　据贝恩咨询调查显示，2011年全球约70%的投资者倾向于在控制风险的前提下获得中等收益，比2009年大约提高了10个百分点。产品和服务偏好方面，多元化的配置，特别是横跨货币、资本、房地产、贵金属、衍生品、私募股权、艺术品市场的综合性理财方案，受到市场的欢迎。

According to bain consulting survey，In 2011, approximately 70% of global investors tend to control risk in the premise of gain medium income，More than 2009 years about increased by 10%。Products and services in preferences，Diversified configuration，Especially across the currency、capital、Real estate、Precious metals、derivatives、Private equity、The art market comprehensive financial management program，Has hit the market。

　　“风险偏好经历了金融危机之后，

“Risk preference experienced after the financial crisis，

　　投资者对风险的认识更深刻了，风险偏

Investors for more deep understanding of the risk，Risk partial

　　好趋于中性和稳健。”马蔚华分析，在国内的投资者中，房地产投资占比趋于下降，而且构成发生变化。2006年，房地产在富裕人群投资组合中的占比高达24%，但到今年，将降到15%，但投资房地产信托、基金的比例迅速上升。“虽然2009年另类投资比重降低到5%，但无论是降速还是降幅，都小于股票和房地产的下降。而且今年已经迅速回升到8%的水平。其中，私募股权、对冲基金、结构性产品的增速、回升的数量尤其迅猛。结构性产品在过去2年的增长率高达160%。”马蔚华说。

Good tend to be neutral and robust。”MaWeiHua analysis，In the domestic investors，Real estate investment accounts for of ratio tends to decline，And constitute a change。In 2006,，Real estate in rich people in the portfolio of ratio as high as 24%，But to this year，Will drop to 15%，But the investment real estate trust、The proportion of funds rising rapidly。“Although 2009 alternative investment proportion reduced to 5%，But whether speed down or a drop，Less than the stock and real estate decline。And this year has rebounded to 8% level。the，Private equity、Hedge funds、The rate of growth of structured products、The number of rebound is especially rapid。Structured products in the past two years of growth rate as high as 160%。”MaWeiHua said。

　　盈利

profit

　　逐渐改变过多依赖佣金模式

Gradually change relied on commission mode

　　马蔚华透露，长期以来，过去的财富管理盈利来源主要在于带给客户交易所收取的佣金，这个比重高达90%。“大家知道，这种方式，容易 让财富管理机构和客户之间发生利益冲突。因为你要想多赚钱、多收佣金，就得鼓励客户多交易，有的时候就会忽视客户本身利益的保护，这是一个矛盾的事。”马蔚华说，正是看到了这个短板，招行现在逐渐把它改成按照客户的资产规模和理财方案的知识含量收费。“这样可以有效地避免这种利益冲突，减少客户承担的风险。美国有个统计，目前已经有50%的机构开始了这种收费制度，而10年前这个比例不到3%，这是一种变化。”

MaWeiHua revealed，For a long time，The past wealth management profit source mainly lies in bringing the customer exchange collection commission，The proportion is as high as 90%。“As we all know，This way，Easy to let wealth management mechanism and customer happened between conflict of interest。Because you want to make more money、Collect more commission，Have to encourage customers to deal more，Sometimes will ignore the protection of the interests of customers itself，This is a contradictory things。”MaWeiHua said，It is to see the short plate，China merchants bank now gradually to change it to according to the customer asset scale and finance scheme knowledge content charge。“This can effectively avoid the conflict of interest，To reduce the risks to be borne by the customer。The United States has a statistical，At present there are 50% of the agencies began the system of tuition fees，But ten years ago the proportion less than 3%，This is a kind of change。”

　　变化

change

　　大量存款正从银行流出

A large number of deposit is out from the bank

　　中国财富市场的广阔，首先是居民财富迅猛增长。同样是波士顿咨询公司的报告，去年中国

China's wealth broad market，The first is residents wealth growth。Is also the Boston consulting company report，Last year, Chinese

　　境内可投资的资产总额达到62万亿元，比

Domestic can investment assets reached 62 trillion yuan，than

　　上年增长将近20%，这几年都是以将

An increase of nearly 20%，Over the past few years are will

　　近20%的速度增长。

Nearly 20% of growth。

　　“去年，全国的银行存款只增长了

“Last year，The national bank deposit up only

　　11.9%，这个数比前10年的年均数低

11.9%，This number than the previous 10 years with an annual number low

　　8.5%，这说明大量存款正在从银行体系流到金融市场。而对这些存款有吸引力的，就是这个财富管理的市场。而产生这种动机的，就是消费者，特别是年轻一代消费者财富观的转变。”马蔚华说：“现在发生的变化，现在的年轻人不像父

8.5%，It shows that a large number of deposit is from bank system flow to the financial market。The deposit attractive，Is this wealth management market。And produce this kind of motivation，Consumers is，Especially young generation consumers the change of view of wealth。”MaWeiHua said：“Now change，Young people today don't like father

　　母那样，有俩钱存起来，现在的年轻人叫"有

Mother that，Have both save money，Now the young man called"have

　　钱就投资，没钱就透支"，这是巨大的变

Money, investment，No money, overdraw"，This is a huge change

　　化。没有这个变化，信用卡不会

change。Without this change，Credit card will not

　　挣钱，财富管理也不会

Earn money，Wealth management will not

　　挣钱。”

Earn money。”

　　对话

dialogue

　　记者：你是如何进行财富管理的？

reporter：You are how to wealth management？

　　马蔚华：我基本没有什么财富管理，我对财富管理的认识也是随着我对这件事的认识不断提高的。我给你讲一个比较笑话的事，刚买房子的时候，我这边是从招行贷款买房子，那边把我的工资存在招行活期存款。有人说，你对招行特别有贡献。后来我一想，也不能干这亏本的事，就把我的活期存款给买房子了，就不用存款了。这就说最初财富管理只给别人讲，自己也不明白。现在专业化理财，我把我的工资交给客户经理，完全听他的，就是这样理财的，专业化理财。

MaWeiHua：I basic no wealth management，My understanding of the wealth management is also as this matter to my understanding of improving。I tell you a joke compare things，Just when we bought our house，My side from China merchants bank loan to buy a house，There exist the my salary travel demand deposits。Some say，You have a special contribution to travel。Then I think，Also can't do this thing at a loss，Put my checking account to buy the house，Don't have the deposit。This he said initial wealth management only to others speak，Oneself also don't understand。Now professional financial management，I put my pay to customer manager，Fully listen to him，Is this the finance，Professional financial。

　　记者：招行是最佳的中国零售银行，我们在发展私人银行服务的同时，是不是反过来能够更好促进零售业务的发展？

reporter：China merchants bank is the best China's retail bank，We in the development of private banking services at the same time，Whether, in turn, can better promote the development of retail business？

　　马蔚华：私人银行本身也是零售业务的重要组成部分，而且从我们的历史看，私人银行也是通过零售逐渐发展起来的，有一个不断提升的过程。逐渐的客户细分，到财富发展到今天的程度，不断提供给高净值客户的财富管理，就是私人银行这种最高的形式。所以统统需要全社会的财富管理。

MaWeiHua：Private banking is also an important part of the retail business，And from our history to see，Private banking is through the retail gradually developed，There is a constant process of ascension。Gradually the customer segmentation，To wealth to today's level，Constantly provide high net worth customer wealth management，Private banking is the highest form。So all need the whole social wealth management。

　　记者：现在很多人抱怨本土私人银行提供的服务，更多像传统银行贵宾服务的一种升级。中国私人财富管理市场，还是仍然以产品驱动为主，你怎么回应这种抱怨声？

reporter：Now many people complain that the local private Banks offer services，More like traditional bank VIP service one of the upgrades。China's private wealth management market，Is it still mainly product drive，How do you respond to such complaints？

　　马蔚华：我觉得这是一个开始的过程，由简单到复杂，由初级到高级。过去是卖产品收佣金，这件事可能是所有财富管理最初的形式，现在从理财、保险、基金、信托，到已经推出的贵金属、红酒、艺术欣赏，再到子女教育、遗产合理避税，已经接近西方的需求。这种需求的产生，必然逼着银行去调整。我们应该理解中国市场这么快的变化，如果中国银行(601988,股吧)零售业务只有10年的话，中国私人银行就只有5年。5年内出现这样的变化，我想无论是管理者还是投资者，无论是客户还是银行，大家每天都会有新东西。但是我想，后来者居上的道理就是这样。瑞士银行用了100年的时间成就了它的私人财富管理市场，我们完全不用100年，他们的经验就是我们可以借鉴的，他们没有见到的事，我们可能今天都见到了。

MaWeiHua：I think this is the beginning of the process，From the simple to the complex，From primary level to advanced level。The past is selling products accept commission，It may be all the wealth management the original form，Now from the financial、insurance、fund、trust，To have launched the precious metal、Red wine、Art appreciation，To children education、Heritage reasonable tax avoidance，Is close to the western demand。The generation of this demand，Inevitable force Banks to adjust。We should understand the Chinese market so fast change，If the bank of China(601988,guba)Retail business only 10 years words，China's private bank is only five years。Five years of any such changes，I think whether managers or investors，Whether the customer or bank，Everyone has something new every day。But I want to，Later on in the truth is such。Swiss bank with the 100 time achievement it's private wealth management market，We did not need 100 years，Their experience is we can use for reference，They don't see things，We may see today。

　　记者手记>>>

Reporter notes>>>

　　马蔚华是西南财经大学经济学博士和美国南加州大学荣誉博士。从这点来看，他是“洋为中用，中西合璧”，和他带领的招行一样。

MaWeiHua is southwestern university of finance and economics at the university of southern California and the United States, dr honorary doctorate。From this point of view，He is“foreign，Chinese and western”，And he led as travel。

　　作为招商银行的行长，他给中国的银行业带来的冲击，在于推出了“一卡通”、“一网通”等知名金融品牌，树立了技术领先型银行的社会形象。现在，他将目光放到了“财富管理”上。中国经济的增长，财富的增长，需求的增长，有那么多财富的增长，那么多人的财富需要打理，马蔚华看到了这一点，他所需要做的，则是抓住这个机会，一手打开银行的财富大门，一手帮助投资者打开财富的大门。二者，相辅相成，缺一不可。

As China merchants bank's President，He gives China the impact of the banking industry，Is introduced“card”、“YiWangTong”, and other well-known financial brand，Set up the technical leading type bank social image。now，He will be in the eyes“Wealth management”on。The growth of China's economy，Wealth growth，Demand growth，There are so many growth in wealth，So many people wealth need to do，MaWeiHua saw it，What he needs to do，It is take the chance，A open bank wealth gate，A help investors to open the door of wealth。both，Supplement each other，integral。

　　天府早报记者孟梅

Tianfu morning paper reporter MengMei