Bank Managers, Sales Managers, Misleading Earnings, Floating, Claiming Revenue.

The high yield bank financial management plan product has become the focus of some banks' recommendation.

The profits of such products are actually floating, and the risk of their investment targets is not low.

Reporters visited a number of banks also found that some bank employees in the sale of such products, there is a guarantee for customers, such as misleading income.

In the traditional banking financial products revenue hovering around 5%, known as nearly 5.8% of the bank financial management plan products have become the focus of some banks recommended.

Reporters learned that the profits of such products are actually floating, and can not guarantee the proceeds, while the risk of their investment targets is not low; and some sales staff are still misleading when they recommend products to their customers.

It is believed that such products are expected to break the rigid payment of bank financial products.

Financial planners suggest that investors first need to have a correct understanding of their own risk tolerance, and then pay attention to timely operation to stop losses or stop profits.

Phenomenon: financial manager sales inventory misleading

"In the past few days, the bank has recommended many times a financial product like the fund's net worth, which can reach 5.8% annual yield," Liu Xiaojie, a VIP client of a joint stock bank, told reporters. "I asked the financial manager, she said it was not a fund, did not know this product reliable?"

Reporters learned that Miss Liu's product is actually a product of bank financial management plan, whose earnings are floating in the form of net value.

The way of fund operation is adopted, and the redemption can be opened at a certain time (monthly and quarterly).

It is understood that in October last year, the first batch of 11 banks approved the pilot financial management plan products, and recently there is news that this pilot is expected to expand, from state-owned large and joint-stock banks to expand to city commercial banks.

with

The product, for example, was established in October 21, 2013, with a term of two years. It allows customers to make an appointment for purchase and redemption every other month. The main investment direction and ratio are: the securities in the inter-bank market and stock exchanges, such as bonds and asset-backed securities, which account for 33%; the financial direct financing tools and other standardized financial investment instruments approved by the CBRC account for 67%.

According to the information disclosed by the bank, the average annual yield of the product in the latest month (July 11th ~8 12) is 5.75%, which is 5.75%.

"Financial manager said that the future will not be lower than this earnings, at 5.8% up and down."

Miss Liu said.

In fact, the industry said that the revenue of this product is floating, like fund products, it is not guaranteed the expected return.

If investors are told that they can guarantee profits, it must be a misleading behavior of salesmen.

Reporters visited a number of banks also issued, some bank employees in the sale of such products, such as guaranteed earnings misleading, "although the contract will not be written, but privately told you that the proceeds can be achieved."

Many employees have said so.

Insiders: breaking the rigid payment to promote the return of asset management essence

"From the end of 2008 to less than one trillion yuan to nearly 13 trillion yuan at the end of 6 in 2014, the bank financial market has been developing for ten years, but its legal relationship has not been clarified. In the end, the relationship between principal and agent, asset liability relationship or trust relationship has always been the focus of market controversy."

Puyi wealth researcher Fang Rui pointed out that reviewing the regulatory actions in the past two years, from the 2013 norm No. 8 to non-standard assets, to the bank financial management plan and the financial direct financing tool pilot, and then to the independent financial management division system reform, until the recent commercial bank law initiation revision, has pointed out the key development direction for the bank financial services business - the essence of returning to asset management.

"Most investors in the country regard financial management as a kind of deposit, so investors will protest if there is a cash crisis."

A senior financial planner said, "of course, this has something to do with the misleading behavior of some sales people."

"Only when we return to the nature of asset management, can banks' financial products break the rigid payment culture."

Fang Rui further analyzed that, after returning to the nature of asset management, the relationship between the bank and the investor is the relationship between the trustee and the client, thereby breaking the balance of assets and liabilities under the current "deposit" products, and the risks and benefits should be owned by investors. Therefore, investors should get a higher risk premium in the case of wind risk.

Referring to the more mature models at home and abroad, fund operation and structural investment will be the way out for the return of bank financial products to asset management.

Investment reminder: financial management plan products or timely redemption

The researchers believe that there are four major differences between the bank's financial management plan products and the traditional banking products.

First, investment assets.

In order to facilitate the valuation of products, the assets invested by the bank financial management plan increase the financial direct financing tools besides the original bonds and money market tools, and most of them plan to use financial direct financing tools to replace all kinds of non standardized creditor assets in the traditional financial products.

Second, investment duration.

Traditional banking products operate in a closed operation and have a duration of more than 1 years, such as 1 months, 3 months or 6 months, while the banking financial management plan has lasted for more than 1 years, such as 2 or 3 years.

Third, investment income.

The bank's financial management plan eliminates the rigid payment method in the form of expected return, instead of periodically valuing the invested assets to form a net product value. Investors purchase or redeem the financial management plan with the net value on open day. Because of the volatility of net value, investors have uncertainty in their earnings.

In addition, the cost of bank financing management plan increased the redemption fee on the basis of sales fees, custodian fees and management fees.

Financial planners say that because the investment targets of these products are mainly financial direct financing tools (in the form of standardized products, the investment is similar to bank financial non-standard assets), so the risk is not low.

Investors need to have a correct understanding of their own risk tolerance and do not blindly pursue high returns.

Secondly, such products can be redeemed every month or every quarter. Investors should pay attention to timely operation to stop losses or stop profits.