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    Wealth management products are often sold out of stock, but banks are mainly pushing deposit products.

    2019-02-11 07:13:28

    Shanghai Securities News

    At present, the expected yield of bank wealth management products is generally around 4.5%, the expected yield of insurance products sold on a consignment is generally above 5.0%, and the yield of deposit products is around 4.0%.

    “The expected rate of return of 4.88% is sold out! 4.6% of the sales are not available!” Two weeks before the Spring Festival, bank wealth management products with high expected yields were repeatedly snapped up, and some wealth management products were sold off as soon as they were sold. goods.

    Although individual investors are enthusiastic about wealth management products, banks seem to be less active. During the visits in Jiangsu, Sichuan, Hunan, Heilongjiang and Shanghai, the Shanghai Securities and Exchange Commission found that most bank outlets did not hang out promotional posters for wealth management products.

    However, there are quite a few special promotions for deposit products. The slogan “Huimin deposits 20,000 high interest rates”, “large deposits and large returns” and “deposit interest rates are all floating up” can be seen everywhere in bank outlets. Many banks have set up special deposit windows during the Spring Festival.

    Banks focus on deposit products

    This year's hit "Pec" has become a new spring mascot for many banking outlets. The bank's financial manager explained that Page has a meaning of “fit” – deposits, insurance, and financial management are all in place.

    When the Shanghai Securities and Exchange Commission visited the bank outlets, it was learned that at present, the expected yield of bank wealth management products is generally around 4.5%, the expected yield of insurance products sold on a consignment is generally above 5.0%, and the yield of deposit products is around 4.0%.

    A customer manager of a bank branch in the suburbs of Shanghai said: “The three-year large deposit certificate can reach up to 4.18%, but almost no customers will choose. Because the customer knows that we have a wealth management product that pushes the annualized expected rate of return of 4.3%. Therefore, large deposit certificates and structured deposits are relatively less attractive."

    But banks have their own "small abacus." Due to the consideration of completing the deposit indicator assessment, many bank outlets have vigorously promoted deposit-type products during the Spring Festival through attractive means such as multiple points and monthly interest payments.

    “The products recommended by bank outlets are generally related to the comprehensive factors such as product competitiveness, assessment orientation and peer status.”Bank of CommunicationsXu Wenbing, chief bank analyst at the Financial Research Center, said.

    The network gradually returns to the main business of storage

    During the visit of many bank outlets, several wealth management managers said that after the new regulations were introduced, the deposits were subject to stricter regulatory restrictions, and bank outlets were gradually returning to the main business. Some insiders said that the current growth rate of deposits has slowed down, banks will have a bias towards deposits during the assessment, and the proportion of wealth management products will only account for a small portion.

    “At present, all banks are stepping up their deposits, especially to absorb longer-term deposit funds.” A financial manager at a large branch in northern Jiangsu revealed that his outlets can absorb deposits of 80 million yuan to 90 million yuan per quarter. The quarterly deposit task allocated to him is between 5 million and 6 million yuan.

    "Unlike wealth management products, large deposit certificates can be included in deposits, and the term is relatively long, which is also conducive to the overall liquidity management; and the special node of the Spring Festival intensively returning home, can absorb large deposit certificates. Good time. These factors may become the main consideration for each bank to use large deposit certificates as a marketing focus." Xu Wenbing said.

    On the other hand, large deposit certificates do cater to the needs of some groups. A bank lobby manager in a city in Sichuan said that local customers are mainly elderly and small and medium-sized enterprises. The financial knowledge of these two types of customers is generally scarce, and they do not trust wealth management products, and they believe in deposit products. “Some SME owners usually come to the bank to choose a large deposit certificate after receiving the accounts at the end of the year.”

    The concept of investor financial management is changing

    “When buying Chinese deposits in the Spring Festival, I will also configure some financial products such as banks that offer higher expected returns after the holiday.” When visiting a bank outlet in Changsha, local resident Ms. Li said.

    In fact, after the new regulations, the bank's wealth management products have not promised to “guarantee the benefits”. Ms. Li said that as early as seven or eight years ago, she began to try to buy non-guaranteed wealth management products under the advice of the bank account manager. "From the current point of view, the income is still relatively stable, in line with my expectations."

    During the visit, it was found that in some cities with relatively developed economies, the bank's long-term knowledge of financial management has become popular, and the acceptance of non-principal-guaranteed wealth management and net worth products by individual investors has gradually increased.

    "Now the asset allocation structure of middle-aged and elderly people is also beginning to adjust. Compared with the single investment form that only invests in deposit certificates in the past, this group of people is now also equipped with some low-risk wealth management products, and gradually accepts net worth products, more diversified. Asset allocation in a geographically dispersed manner," said a client manager at a Shanghai bank.

    In order to let more customers understand non-guaranteed wealth management products, many banks in Jiangsu and other places have also recruited new customers by setting up new customers' exclusive wealth management products (expected yields are about 0.5 percentage points higher than the equivalent products).

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    Editor in charge: Li Limeng RF13188

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