The wealth management industry is coming to life…
Editor’s note: This article is from WeChat public account “A Finance” (ID: yibencaijing), author Riemann< Span>.
The wealth management industry is experiencing two days of ice and fire.
Baolei side is continued, A large number of financial planners were arrested and hundreds of thousands of people left.
On the other side, it is a large-scale financing of the industry, and nearly 3 billion financing has poured into this track.
The financing of these financial technology companies, business volume began to skyrocket, the model began to run through, they said that they finally “wife and wife.”
Wealth Management This 150 trillion track, after a big reshuffle, actually “born to die”, broke out with amazing potential.
This is also known as the biggest outlet for financial technology.
The key factor in whether this track can become a golden guise is whether the player can resist the temptation of money and desire…
01 Turtle in the cold winter
Some say, 2019It is the real capital winter.
The “2019 China Venture Capital Report” released at the end of June mentioned that as of June 17, 2019, a total of 2,787 investment and financing transactions occurred in the domestic primary market, and the investment and financing fever has dropped to the lowest point in five years.
And a year ago, the number of financing transactions for the year was 12,163.
In the field of financial technology, financing is even more bleak.
“Everyone is busy divesting, or clearing shareholder relations, ‘financial technology’ has become a crematorium.” A VC investor is outspoken.
It’s just such a deep water, a financial technology track is very lively.
According to IT Orange Statistics, there were nearly 43 financing incidents in the track in 2019, with a financing amount of nearly 3 billion yuan.
In March, NewBanker received 10 million C rounds of financing, and Van Chuang Capital led the investment, Jingwei China and others.
The same month, the US-New York Federation, which is similar to the NewBanker model, received tens of millions of C rounds of financing.
In June, an Internet financial planner consulting service platform called “Slow Money” received a D-round financing of 70 million yuan.
In July, the overseas asset allocation service platform “Looks at the home” and invested 45 million yuan in the D round of financing.
In August, the “Little Gang Plan” received 200 million B rounds of financing from Tencent, Sequoia Capital, and Lanchi Venture Capital.
……
What is the track for the influx of nearly $3 billion?
The core products of finance are nothing but “borrowing” and “financial management”.
In the past three years, the entire industry has focused on “borrowing” and consumer finance has risen strongly.
On the financial side, in addition to the less successful P2P, there are not too many modes.
Before, wealth management was firmly controlled by traditional financial institutions and third-party wealth management companies.
In 2016, financial technology began to focus on the wealth management circuit.
There are a lot of players in the game, there are smart investment, and some people have established a platform dedicated to the financial planner “flying single”, and so on.
But these two modes have been basically falsified. In the three years of market panning, they may be hindered by development.Or disappeared.
However, there are some models that have emerged from them and started large-scale financing.
Public data shows that as of the end of 2017, China’s wealth management market has exceeded 150 trillion yuan.
The opportunities in this market have just begun to be tapped.
What is the pattern of the last break? What other imagination space?
02 Two major modes
Overall, the current financing is mainly two major models.
One type is a platform for financial planners, which can be called “To B”.
In the past, financial planners worked for third-party wealth management companies. They believed in the company, what products the company recommended, and what products to sell.
However, the recent violent thunderstorms have destroyed their trust in the company.
The financial planners found that companies that brag about their strength in the early days have all closed down.
At this point they realized that wealth management companies are not the core, and wealth management customers are their core competitiveness and resources.
Therefore, the industry has formed a new trend, that is, the “small three parties” began to appear in large numbers.
The financial planner left the company, and three or five people partnered to set up their own wealth management studio.
According to incomplete statistics, there are more than 30,000 financial planners in the market.
Someone said that this is the industry’s “born to die.”
A series of business models are starting to emerge for this new group.
For example, the NewBanker and Maxim’s federation model.
“At the front end, we mainly provide financial products with two products, training and tools,” said NewBanker founder Li Qingyi.
The current “small three parties” have not been alone in the industry.Experience, teach them some management skills, do some training to improve the quality of their services, there is indeed a certain market.
In addition, in the process of exhibition industry, financial planners need some tools, such as software planning for customer planning and customer management.
In foreign countries, this model has matured and has a professional term called TAMP (Turnkey Asset Management Platform).
What is the level of foreign technology? As long as the customer’s needs are entered, an investment planning proposal can be automatically issued.
However, the core purpose of these platforms is not just to bring in financial planners, their goal is: trading.
At present, NewBanker and Maxim’s Federation will put some wealth management and insurance products on their own platforms, and financial planners can purchase according to their own customers’ needs.
At this point, these platforms can “pump” and earn service fees.
We can call this the “drop” mode of financial management.
In fact, it is not difficult to see that the core way for these platforms to make money is actually trading.
While instead of using the financial planner to reach the user to trade, why not directly search for C-side users?
So there is a direct To C model in the industry.
For example, the mode of small help planning, snail insurance.
“The small help plan is at the front end, and it is the entry point of financial business education.” Xu Bin, founder of the small help plan, believes that there are more and more rich people, but they have not formed a sense of wealth management, so they are financial Education is becoming more and more important.
Through financial education, the small help plan brought together a traffic pool, and then used their financial planners and consultants to convert traffic.
“We have 400 people now, most of whom are financial consultants.” Xu Bin said.
Snail Insurance also uses some insurance professional articles to import traffic into the community and then convert it through the “insurance consultant” in the community.
Whether it’s a financial consultant or an insurance consultant, they are trying to replace the original “financial planner” and “insurer” with the new status of “consultant”.
“The two groups of financial planners and insurance teachers are deformed in China.presence. They are barbarically developing, without professional training and examinations, and for the commissions. The founder of a platform revealed that they decided to abandon this deformed intermediary group to create a new ecology.
03 Who is fighting?
For the moment, which of the above two modes is better is not yet conclusive.
To this mode of small B, the core competitiveness is “sticky” – who can stick to the financial planner, whoever is likely to come to the end.
“The group of financial planners, in fact, has no stickiness, who may give higher commissions, and which platform they are rushing to,” said He Qi, a senior practitioner of traditional finance.
Although the news of financing is flying all over the world, He Qi is very calm about this market.
“I feel that if these platforms are a little bit unstoppable and can’t resist the temptation, the pattern may collapse across the board.” He Qi said.
For example, now the platform of To B is a financial planner tool, but if one day, they can’t resist the temptation to directly move the user data of these financial planners, what will happen?
They may be profitable faster, but the financial planner will instantly lose trust in them and stick to zero.
There are even many opinions that these platforms may grow into new third-party wealth management companies in the future.
He Qi said that if they are not commissioned for commission or risk control, they will also launch some risky wealth management products, and they will fall into the same fate as the wealth management companies of the year.
But, if you open all your cloaks and logic, the core reason for these patterns is not financial, but insurance.
The founder of a platform revealed that their other assets are not currently sold, mainly selling insurance.”80% of the income is from overseas insurance transactions.”
Financial products will be thunderous, the risk is too high, and there are also some equity products in the insurance, which have both financial property and security functions.
Investors who have been baptized by thunderstorms are also beginning to buy insurance that is resistant to risk.
On the other hand, the demand for insurance has indeed exploded across the board, especially for the new middle class.
“My client will take the initiative to ask me, what insurance can buy, and said that I don’t want to buy financial management recently.” Many financial planners have found that their wealth management customers have significantly increased their demand for insurance.
Financial management began to tilt towards insurance, which led to the skyrocketing business volume of these platforms, and the model finally ran through.
A number of industry practitioners confirmed that the transformation of a private equity fund platform is based on sales insurance. “One day’s premium is 50 million.”
And a platform has been in transition for half a year, and “the premium has reached tens of billions”.
Don’t forget that another feature of insurance products is high commissions.
If you follow the 20% insurance commission, the company’s profit is billions.
Some platforms think more clearly. One founder revealed: “I seem to be doing financial management. In fact, the core is selling insurance. Because financial management is high-frequency, and insurance is low-frequency, it can better stick to users through financial management.”
04
The 150 trillion wealth management market experienced a thunderstorm, the rest of the robbery, and hit the big hurdle of insurance rise.
Therefore, these companies have made a series of new models and have been recognized by capital.
The industry has been in full swing, but a new whistle has quietly opened.
In the field of financial technology, there has never been a lack of vents, but between the vents and the vents, switching too fast…
(Some of the respondents in the article are pseudonyms.)