Crazy "Follow The Commission" Channel Strong Fund Company Also Talk About "Difficult"

Just one day, when the 50 billion of the hot money fund was sold to the friends circle of the industry, another gray secret about fund sales also came to the surface.

A medium-sized public offering fund told the twenty-first Century economic news reporter, "now the proportion of tail commissions paid by banks to banks is increasing, some even exceed 85% of management fees. Banks are strong and companies are under great pressure."

In fact, the follow up Commission has always been the focus of the industry's criticism. However, as a sales incentive measure, the hidden rules in the sale of funds such as trailing Commission have always existed in its special logic.

"Fund companies and channels are divided into management fees, and part of the channel is trailing commissions. In fact, the proportion of trailing commissions of different fund companies and different channels is different. The level of tail Commission depends on the negotiation ability between fund companies and channels. In October 24th, a bank raised fund people told a business reporter in twenty-first Century.

Tail fee reaches management fee 80%?

"Recently, banks have been very active in the continuous marketing of funds. We are now doing a" two start "concept in the market and trusteeship. However, the proportion of tail commissions in banks is very high, even reaching 85% of management fees, and there are many requirements. For example, the cost of banks will be charged according to the stock of funds, according to the total data of continuous marketing scale and stock size to collect trailing commissions. The aforementioned public fund people said.

In contrast, the rate of trailing Commission of fund's continuous marketing has even exceeded the rate of tail fee of new development fund.

"The rate of the follow up Commission of the new development fund is only 50%-60%. Now the rate of the follow up Commission is 85%. Moreover, it is understood that 85% is not the highest level of the industry's tail commissions now. " The medium sized public offering fund told the twenty-first Century business reporter.

This reporter and a number of public fund industry communication found that the fund continued marketing 80% of the commission rate is already a higher level in the current industry, different scale fund companies, there are also differences.

"Almost 80% more." A large public fund sales department in Southern China said.

Another small and medium-sized public fund company salesperson also confirmed to our reporter, "the rate of follow up Commission is above 70%."

However, some fund companies also pointed out that 80% of the commission fees were too high, and the company has not yet reached this level.

"Every fund, every channel is different. Relatively speaking, 80% of the commission rate is very high. " A medium-sized bank, a public offering fund, said.

A small and medium-sized public fund company in Southern China also said, "the proportion of the company's tail commission to the bank is not that high. Basically, the negotiations with one of the channels have not been the same."

"We are not so tall. This is too high. But the proportion of each channel is different. " Turning to the 80% rate of tail Commission on the market, a large bank fund told the twenty-first Century business reporter. "But now has the final say, they are Party A, and the fund company has no say right. You don't always have other companies to do it. But big companies have relatively strong bargaining power.

A public fund holder in the background of a bank in Beijing also said, "the rate of tail Commission is different from that of banks and fund companies. Large companies will be slightly lower and have some space."

In fact, although the pressure of a high percentage of commission increases, under the scale index, the fund company can only "helplessly" compromise.

"The bank's management fee approaching 80% is definitely unreasonable, which is not conducive to the development of the industry, but also to the destruction of the industrial ecology." Jia Zhi, head of the investment research center, told the twenty-first Century business reporter.

Pressure on SMEs

"It's normal for two years not to make money." Beijing, a medium-sized public fund people sigh.

And this statement seems to have reached a consensus in the industry.

"70%-75%'s new development fund trailing commission ratio is a relatively high level of industry recognition, but in the short term, the pressure on companies and products is relatively large." A public security fund broker told the twenty-first Century business reporter.

According to its introduction, the proportion of the new development fund of a four largest bank is 70%-75%, but the person said that the proportion of the follow up Commission for its continuous marketing is relatively low, from 40% to 50%.

But the key to fund issuance is still banking channels, which is why the rate of tail commissions continues to rise.

According to Wind data, the proportion of customer maintenance fees of all public funds raised in the first half of 2019 is 22%, which is two percentage points higher than that of 20% at the end of 2018.

According to the sub fund, MSCI, China A share international link ETF link, Huaan CES Hong Kong stock through the selected 100ETF link, Ping MSCI China A share international ETF connection and other fund customer maintenance fees account for the top three of the fund management fees. The highest Jing Shun the Great Wall MSCI China A shares international link ETF connection fund, customer maintenance fee is 12.77 times the fund management fee.

For active equity products, the Qianhai open source medical health fund is the highest proportion of customer maintenance fees in the first half of this year, accounting for 2.75 times the cost of fund management.

"Although the proportion of tail commissions is high, the bank channel is better to guarantee sales volume. Compared with the Internet channel, the tail Commission will be lower, but it can not guarantee sales volume. Even why some explosive products become explosive money, they can not be fully read." The aforementioned public fund people said.

As the Xingquan explosion fund has been selling 50 billion of the day, many people in the industry have long anticipated that it is not a big deal for China Merchants Bank to be 50 billion a day.

Such a highly recognized sales channel, the fund company is "sharpening the head" also want to squeeze in.

"A bank often appears at the door of the general public. Some public fund people laughed.

However, the increasing rate of tailor Commission has an impact on the small and medium-sized fund companies, and it is also a matter of concern.

"Although the sales capacity of Internet Affiliate channels is stronger and stronger, the competitiveness of banks is slowly decreasing. But in the short term, it is still difficult to change the position of banks in fund sales. For small and medium fund companies, the negotiation ability of tail commissions is low and there is more pressure. The former securities dealers told the twenty-first Century economic news reporter.