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Economic observer reporter ouyang xiaohong, zhao ying if your wealth has the problem, for example, the law and tax system confusion, the configuration of trouble, inheritance and preservation and so on, who can you solve?A number of agencies or different lawyers?Looking around, wealth anxiety is more limited by accumulation or its management?The problem is at the heart of the high-net-worth crowd.


Have you ever wondered who can help you solve these problems?An emerging special group, the IFA, may be trying to offer similar services.Look, a group of well-groomed, well-trained, millions of people are looking for you and trying to convince you to accept their wealth management advice.


Would you like to leave the wealth issue to such an independent financial planner?The macro and investment environment, the financial ecology suddenly change in the present, will this be a trend?


In the view of Lin jieyi, chief economist of guotai junan, the IFA has no future in China because the trust is based on a credit culture.China lacks the market soil for IFA, she argues.


Two years ago, independent financial planners in the country or unfamiliar terms, now or not far into the future, will it become hot words?Market demand, after all, is there."At present, it is a blessing to make family estate planning and arrangement through law firms and insurance managers, if the domestic IFA can truly provide professional wealth management services.Believe that many people have this need."The chairman of a listed company told the economic observer.More high-net-worth individuals are unfamiliar with the IFA.


In June, the IFAA (IFAA) was first invited by the United Nations convention organization to be the 68th member of the international organization (CIFA, the international conference of independent financial planners).IFAA executive chairman and founder of IFA independent wealth management network, shang xiao-fei and Taiwan branch representatives were invited to attend and participate in various discussions in Monaco.The IFAA is a registered NGO in Hong Kong, with members from Taiwan, Hong Kong, Singapore and mainland China.


When CIFA President PierreChristodoulidis excited to declare that the highlight of the conference was the first meeting of the IFA representative from China, shang xiaofei was also on the rise.To his surprise, international organizations are so concerned about China that its members are interested in China's One Belt And One Road and wealth change.


Now, "China's private wealth management industry has come to the breaking point."The maturity and expansion of the independent financial services industry is a symbol of a country or region's private wealth management industry entering the stage of specialization," shang told the economic observer.


Is that true?What is an independent financial planner?What does it look like?What about this new group of money?Armed with controversy and enthusiasm, independent financiers have come.


Finance doctor: "don't sell products?Open square son!"


Take these questions with you to bring up the mystery of the independent financial planner and the IFA.


"Independent financial advisers are like financial doctors who solve financial problems for clients, not sell products."I have 21 years of experience in banking.She, who has been a financial planner for seven years, also passed the IFAA's independent financial advisor training exam last year.


It is also a lifelong learning process.Has almost all the financial license qualification JiaoJing himself: as long as countries require the financial related certification exams, she will go to take an examination of, certificate of piles with half a meter high, such as bank qualifications qualifications, qualifications of securities, funds, insurance brokerage qualifications, qualifications, futures and CHFP (financial planner), AFP (financial services division), CPB (international financial services division), IFA (independent financial adviser), and other domestic and international certification, etc.


Perhaps thanks to the experience of the banking industry and the accumulated financial knowledge, including the experience of making financial planning for clients;When jing became aware of this opportunity, she successfully transformed into an independent financial planner.


The so-called "opportunity" refers to the inheritance and preservation of wealth and the gradual aging of the rich. They need more formal financial models and need the involvement of law, taxation, finance and finance."Banks are more limited in terms of sales and are unable to do a real wealth management structure, which provides an opportunity for independent financial planners."Jiao described her transformation as a reason.


Lin also believes that China's wealth management market will also transition from product promotion to investment consulting and wealth management.


And as for fortune, according to the UN economic and social council (ECOSOC), vice chairman of H.E.M r.S venJurgenson in CIFA's speech at the meeting, in 15 years, the international association of CIFA membership organization of globalization, declares the globalization trend of private wealth more and more prominent;The development of private wealth in Asia has been the biggest trend in recent years.


According to the 2016 Swiss investment bank credit suisse analysis, China's middle class reached 109 million, overtaking the U.S. middle class for the first time (92 million).The definition of a middle class in credit suisse refers to a class of $50,000-500,000 free assets.


This could mean that China is the world's fastest growing private wealth and the largest private wealth management country.


In this market of wealth management, all sorts of anxieties and questions are everywhere.


In the eyes of jiao jing, everyone's finances will have problems, but people don't know how to solve them.Just as anyone goes to the hospital to check, the doctor will find that you have a disease that is large or small.If an independent financial planner can really help clients solve problems, they can get the word of mouth effect without worrying about the relationship between customers and customers.It can also solve the sustainability of "independence".


Her source of income is mainly composed of five components: consultation fee + scheme fee + commission + management fee + profit distribution.


"International independent financiers must earn more than their clients, and the domestic piece is still in its infancy, with fewer independent financiers."Jiao was outspoken.Still, she believes in future and international integration.


In fact, in terms of income, the habit of paying customers for consulting services in China has not yet formed.So the majority of independent wealth managers derive their income from commission income.More than 70 percent of the income from an independent domestic financial planner in an insurance brokerage is a sales commission for insurance.


If an independent financial adviser can have a fund sales or a securities broker's license, the income can be at least doubled.Among them, senior clients are serving high-net-worth clients in the form of family offices or private fund managers, with millions and millions of dollars.


Different from JiaoJing, engaged in the field of civil and commercial law, and the family legal choice related to the law firm lawyers to chardonnay in a few years ago to join the IFA independent financial adviser industry, qualified independent financial adviser lecturer in 2016.She is a lawyer, and she also has financial advice.The source of the customer is not a problem to xia, because the business of civil and commercial affairs and wealth management have an intersection, she can make financial planning according to customer demand."A lot of the object of the lawyer's service is the asset allocation problem."


To xia, the focus of attention is the inheritance and preservation of wealth, and she is mainly responsible for legal advice.In the independent financial system, accountants and lawyers occupy an important position, most of which are the provider of consultation, shang explained.


In the field of wealth inheritance, xia not only consults, but also plans.For example, a high net worth family, the client is an entrepreneur, should do wealth inheritance.In this regard, a complete solution to the legal risks and legal consequences of the property is planned and how to avoid legal risks.


The general framework is this: if a financial planner comes up with a set of options, specify the various configurations that customers need to do.The xia will then review its legal legitimacy based on these configurations -- the potential risks.Such as the parents of this generation to do wealth planning for their children, or to make his own wealth planning, which will involve the parents and their children's marriage, liabilities, and the relationship between parents and children, is very extensive.But these are the everyday of the xia.


In 2006, she started to be an insurance broker. She was a financial industry manager for 13 years. Her career was relatively independent. She was close to an independent financial planner.But she also boasts that "career transformation is like embarking on a lifelong learning process."When after completion of the accumulation of 16 cases of large policy case Ceng Xiangxia will these cases and experience a book (" the big policy practices "), to new entrants, and customers, including do some related training course.


Ceng Xiangxia thought, independent financial advisers and institutional money managers differ in that position is different, the independent financial adviser is the buyer - representing the customers to buy, and institutional financial planner is more of a seller, because they tend to carry a lot of KPI task.


Like zeng xiangxia, shi wei, who has 13 years of life insurance experience, has also been transformed from insurance into an independent financial planner for three or four years.In the course of the exhibition, she found that, in addition to buying insurance, family investment and financial investment are particularly large.In other words, the consulting market for integrated household assets is large.Therefore, shi wei studied in finance and finance, with a view to helping clients solve problems.


Shiwei also has a label: darts national champion.This has to do with her "more playful, free-loving, self-mastering time" personality.


For now, although it seems that a financial sector faces an era of intellectualization, she does not believe that her work will be replaced by machines in the future.Despite the rapid development of big data and Internet, lifestyle, including the way people receive knowledge and services, she believes that many jobs are still needed.Because "I understand you more, such as family, psychological problems, etc., many people will tell financial planners.Then we can know how to design the plan.These are humanist things, and machines are not replaceable."


Shi wei is usually free, but in her time allocation, the training weight is very large.


Now, the group of independent financial advisers like jing jing and shi wei is growing.This group is usually made up of three types of people.That is: institutional financial advisors, lawyers, insurance marketing staff.These three faces can outline a portrait of an independent financial planner in China.


The compliance and content of IFA


After sensibility, it is necessary to consider the compliance and content of i-fa.The former is that the IFA will obtain the corresponding business qualification or attach to a qualified body subject in accordance with the requirements of the regulatory authorities;The latter relates to professional skills training for IFA.


There is no doubt that training is an important support system for independent financial advisors in China, and it is about the gold content of IFA.According to shang, there are two main classes of training courses: global asset allocation and inheritance of family wealth.The curriculum contains knowledge of law, taxation and finance.


In fact, the training and training system of IFA independent financial management network originates from the successful independent financial management practice in Europe and America.


It's a long story.But the dominant fact is that if the function of independent financial adviser is similar to that of "finance doctor", its attainments in finance and wealth management will not be too shallow.These require professional experience and professional training to improve skills.


IFA, namely IndependentFinancialAdvisors, literal translation as the independent financial adviser, or independent financial adviser.Originating in the 1930s, it flourished in 1970, when some international associations were established, such as the CIFA described in the previous article.


By 2013 and 2015, independent financial planners were developing rapidly around the world.The reason for this is that insurance agents in the us, for example, are overwhelmed by welfare guarantees and workplace training.In order to reduce the negative, many insurance companies cut off their exclusive agency to establish a new agency relationship.In the new relationship, the insurance company does not provide the place for the agent, but the large proportion increases the commission.As a result, the detached institutions or individuals were soon independent and diversified - they were not only the insurance agents of many insurance companies, but also business related to family trusts."The most mature and most populous i-fa is in the United States."ShangXiaoFei said, "financial management division, depending on the professional engineer license can be divided into two kinds, one kind is an investment consultant on behalf of (RIA, Invest - mentAdvisorRepresentative), one kind is agent (Broker)."


RIA can only provide investment advice to customers and provide asset allocation services.The Broker can sell the product directly to the customer, and the type of product sold depends on the license.


The domestic situation is similar.In compliance, there are IFA registration consulting companies to "show business", but only offer solutions;Some IFA may sell their products after they hang up insurance or brokerage firms.To sum up, if the IFA sells products, it needs to have the corresponding qualification, certificate, etc., or the license plate of an institutional system.


As a result, the IFA is often backed by a platform, including professional teams.For example, as an independent financial management network of the IFA platform, its main services are: insurance manager, securities broker, lawyer, tax accountant, accountant, third-party wealth management team, etc.In foreign countries these are collectively referred to as IFA.


"At home, the IFA is also broadly defined;They have the corresponding service qualifications through professional examinations.Among them, customer reputation is the lifeline of independent financial advisers."Said shang.According to its disclosure, there are about 10,000 members of independent wealth management network, and eight or nine thousand people in the mainland.Currently, more than 3,000 people in IFA across the country are registered members of the website.


There are not many IFA platforms such as independent wealth management network, which can be calculated by means of calculation, such as rice, wheat, Beta, and so on.


According to xie yun, a partner at MCCE, IFA is a newly emerging group in China, especially when institutional financial planners have started to make independent finance workshops.The trend is clear.She is unafraid to say that the early impression of wealth management in China is that people are mixed up, poor quality and occasional running or cheating.The establishment of "mezce" also aims to build a good working environment.


The "money" mode


After the "perceptual + rational" cognition, we can draw a picture of the "qiantu" pattern of IFA in China.


The main character of this map is the mainstream IFA, whose business or life consists of three modes.


, the first is a financial planner linked under an insurance broker or securities brokerage company, such as big child insurance brokers or minya insurance brokerage firm, is no clock in sign in daily work, and no basic salary.You get a commission on your insurance slip.


The second is the affiliated financial management division, under the securities brokerage and securities companies are brokerage relationship, no strict examination of check on work attendance, if customers have stock or securities company product trade can earn commission.


Some independent financiers work in the form of a small private equity fund.To conduct business in accordance with the relevant regulations of the CSRC and be supervised by the competent authorities of the Chinese government.There are basically two kinds of ways, one is based on the contract of contractual investment funds.The second is based on the mutual capital investment into the establishment of a joint stock company investment fund.IFA earns revenue based on management fee plus performance.


Other independent financial advisers are lawyers who provide legal services and financial services in accordance with the rules of the law industry.


In addition to the above, there are independent financial advisers who have established studios.Shang xiaofei told the economic observer that there are also many studio concepts.But its establishment does not require business registration, because it is not a business organization, the business is carried out according to the compliance of insurance brokerage business, or according to the securities broker's compliance qualification.


In fact, the "independent, a financial planner are made within the organization for the client's primitive accumulation and personal business skills training, to have a fixed number of year, such as 10 years or so have independence ability and determination.After independence, financial planners typically seek support from studios or platforms.Xie yun told the economic observer.


As mentioned above, jiao jing, xiang xia, zeng xiangxia, shi wei, etc.Of course, he or she can be labeled as "independent" and, in some ways, depends on how well they ensure sustainable income.


Xie yun felt that this was related to the exhibition principle.Adhere to the principle of "transparency, sunshine and fairness", just to maintain independence.Include the revenue and product cost of transparent IFA to customers, and select products from the customer's standpoint;In this way, the customer's stickiness is very high."So Michael's annual fee income is stable and growing."


Either way, "IFA must be the dominant trend in the future, when they will play an important role in client life like lawyers and doctors."Xie Yun said.


This may not be an idea, but the big trends loom.One third of us wealth managers, for example, are IFA.Australia's IFA is the best-paid and professional financial planner in the country.The IFA institute in Singapore has organized a large number of training instructors to help the IFA institute in Malaysia and Indonesia to train IFA and so on.


China merchants bank and bain's 2017 private wealth report in China forecast that the total amount of investable assets held by Chinese individuals will total 188 trillion yuan by the end of 2017., according to a report in 2013 with high net worth individuals completed preliminary struggle period of hard struggle, more and more attention to how to better protect yourself and your family in the future life, "to assure the safety of wealth" jump wealth first goal for the first time, at the same time the importance of the "wealth inheritance" is growing.In recent years, "guaranteed wealth security", "wealth inheritance" and "children education" have been the most closely watched wealth targets for high-net-worth individuals, while "creating more wealth" has been squeezed out of the top three.


In other words, the top of China's wealth anxiety is the "guarantee of wealth security", which fits the value appeal of the IFA.While their wealth management capabilities may take time to test, including today, China's high net worth population is increasing its reliance on professional institutions.But with foreign experience and data, it is not hard to see that the IFA market still has plenty of imagination.


Just as the IFA family is attracting the elite.Professional financial and information technology, master graduated from keele university Liu Bo, back in 2008, after HSBC and the state council development research center, the main research overseas financial reference and national macroeconomic policies, including financial courses in training institutions do development training, etc.This year, I went out of the organization to do IFA, an independent financial planner with no fixed fee model.


Perhaps it is not unusual for an industry elite like liu to devote himself or to the IFA, who has no doubt of the IFA's "moneymaking".Because if it could be like America in the future, it would be a market of more than 60 trillion dollars in wealth management.Jiao jing, see to the xia, they are carrying the wealth of enthusiasm towards you.


The market, however, has a sober observer.In 2015, Lin yiyi wrote that the IFA platform would subvert the existing brokerage business model of securities firms.According to the report, in the context of the development of domestic wealth management market and the opening of the brokerage banking business, the IFA platform can help brokerages to invest in the transformation of the business into a comprehensive financial services service.Under the new rules, the emergence of the IFA platform will change the competitive landscape of securities industry.


Report drafting background due to 2015 issued by the securities association of China on March 16, the account management business rules (draft) ", allowed to conform to the requirements of the securities companies and securities investment consulting company accept the consignment of the clients investment or trading agent customer account management.Lin took the view that it was possible for domestic brokerages to enter the financial market, and also provided opportunities for the transformation of the brokerage business.Some financial institutions have begun to explore the IFA platform model.


"I was very optimistic about IFA, and later, after the IFA was introduced into China, there were many embarrassments and difficulties.I found my report's expectations unrealistic, including dealing with high-net-worth clients and private Banks.Lin told the economic observer.In her opinion, more than half of the high-net-worth people, the smart people at home, don't pay for consulting services, which is the problem of market soil.


So, based on this market soil, how will a group of independent Chinese financial planners come?Let time answer.

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