Industry experts suggest promoting multi-asset and multi-strategy exploration of pension financial products

On October 31, Xingyin Wealth Management's first pension financial product "Xingyin Anyu No. 1 Pension Financial Management" was officially launched, which is also the 10th institution that officially issued pension financial products.

Since the pension financing pilot was approved last year, the scope and number of products have continued to grow and are widely sought after. Yang Haiping, a researcher at the Securities and Futures Institute of the Central University of Finance and Economics and general manager of the Research and development Department of Inner Mongolia Bank, said in an interview with the Securities Daily reporter that with the advancement of the pilot, pension financial products are gradually maturing and will gradually become one of the most important thematic asset management products. In the context of an aging population, pension financial products will play a greater role at multiple levels.

Hot issue

"Many customers have consulted pension financial products before, and the market attention is really high, especially for new hair products, customers will make appointments in advance." This is the feedback of the account manager when the reporter of Securities Daily visited a branch of a stock bank in Beijing.

Since December 2021, ICBC Financial Management, CCB Financial Management, CMB Financial Management, Everbright Financial Management four financial companies took the lead in Shenzhen, Wuhan, Chengdu and Qingdao to issue pension financial products "test the water", starting from March 1 this year. The pilot area of pension financial products has been expanded to 10 places including Beijing, Shenyang, Changchun, Shanghai, Wuhan, Guangzhou, Chongqing, Chengdu, Qingdao and Shenzhen, and the pilot institutions have also been extended to 10 institutions such as ABC Financial Management, China Post Financial Management, Bank of China Financial Management and Xinyin Financial Management.

According to data from China Wealth Management Network, as of October 31, the total number of pension wealth management products issued by banking subsidiaries was 49. The reporter found that the current pension financing products are public fundraising, and the starting point of investment is mostly 1 yuan; The product design is mainly closed fixed-income products with medium and low risks and a term of five years or more; Most product performance benchmarks are between 5 and 8 per cent.

Of the pension financial products that have been issued so far, most of them charge only 0.1% annual management fees and 0.01% custody fees, and even some products have "zero rates". For example, the subscription rate, sales procedure rate and management rate of the "Stable enjoy Tianfu 5-year closed No. 1" pension financial products of the Bank of Communications Financial Management are 0 yuan, and only 0.01% of the custody fee is charged.

The product system will be more perfect

With the continuous development of pension financial products, financial subsidiaries are also continuously optimizing the construction of their own pension financial systems. The company will continue to improve the comprehensive pension financial service plan, develop pension financial products according to the long-term needs of investors, and build a pension financial service system from various aspects such as product structure, investment strategy, risk control and market sales, so as to reflect the long-term, robust and inclusive nature of pension financial management.

According to the research report of Puyi Standard, with the continuous enrichment of the supply of pension financial products, the problem of product homogeneity has gradually emerged. The market expects pension financial products to have more innovation in terms of investment term, liquidity support, risk protection, investment strategy, marketing services, etc., and to create differentiated competitive advantages will become the key to the further development of pilot institutions.

"In the future, pension financial products need to be improved in terms of product supply for different age groups. In order to better match the risk appetite and asset allocation needs of different customer groups, it is necessary to set up a fine molecular series, and promote the exploration of multi-asset and multi-strategy pension financial products on the basis of sound investment." Everbright Securities Research Institute financial industry chief analyst Wang Yifeng told the Securities Daily reporter.

Wang Yifeng believes that in terms of optimizing product liquidity experience, pension financial products usually have a long period, and it is necessary to better meet customer liquidity needs through cash dividends, flexible redemption arrangements and other ways. In terms of the relatively weak investment and research ability of financial companies, Wang Yifeng believes that financial subsidiaries can cooperate with fund companies to obtain better returns with the help of "external brains".

Lou Feipeng, a researcher of Postal Savings Bank of China, believes that in order to develop pension financing and better serve the needs of residents for pension, first of all, from the goal of pension financing, highlight its pension attributes, adhere to the concept of inclusive benefits in product design and operation, achieve safety and stability, and pursue value preservation and appreciation; Secondly, as a kind of product of the third pillar pension insurance, pension financing should be based on commercial positioning; Thirdly, it is necessary to standardize the development of pension finance, standardize the design and issuance of pension finance products, ensure the effective implementation of pension attributes, do a good job in product sales management to ensure prudent and compliant exhibition, do a good job in product information disclosure to ensure investors' right to know, and improve the risk management mechanism to ensure the bottom line of risk.

"In the future, with the in-depth promotion of the product pilot, the pension financial product system will be more perfect, and further promote product innovation, so as to lay a solid foundation for its comprehensive promotion." Wang Yifeng said.

network