China's Commercial Banks Personal Wealth Management Business

Private wealth management promoted by financial agency is an integrated personal financial service customized for high-end customers. In foreign market, private wealth management has been for hundreds of years of history with rich service content and mature operational experience, and fully reflects its ability to integrate to leverage resources. In recent years, with China’s rapid economic development and the awakening of wealth management, wealth management has become into a business with good prospects, which attracts quite a lot of attention from foreign banks to scrabble for high end customers.China’s wealth management industry is still in the neonatal stage, the whole investment market is not mature and legal and regulatory environment is not perfect-all of these determine that Chinese market must not copy foreign experience direct. In this environment, it is the issue facing by all wealth management practitioners that how our commercial banks comply with laws of financial development, deepen the wealth management business, look for target customers, keep good talent pool, breakthrough product line, and establish an effective business model, thereby expand the customer base, improve management, and establish a market leading position.This article deep dives into research about the private wealth management status in developed countries and regions, makes comparative analysis among Europe, the United States, Japan, Hong Kong and Taiwan model, and sums up private wealth management business development characteristics and recent trends. In the part of the domestic research, this article drills down to more details from the aspects of macro environment, market demand, market supply, and lists real business cases of Chinese banks wealth management, based on which makes analysis of key issues and root cause during domestic commercial banks develop the wealth management business.Accordingly the fifth part of this article raises the suggestion to explore how Chinese commercial banks seize the opportunity to quickly capture the wealth management market as well as create a good customer experience from basic position, customer strategy, service model, operating system, product service system, system platform and team building seven areas. Through research and consideration, this article attempts to explore effective internal driven mechanism for the breakthrough of Chinese wealth management and to provide useful help for commercial banks to win in the fierce competition.