Wealth Management Business Development Strategy Of Zhejiang Rural Credit Cooperatives

In recent years, with the rapid economic development, social wealth has accumulated rapidly, per capita disposable income continued to increase, resident individuals have more and more wealth, HNWIs continued to expand, the demand for wealth management increases strongly. Domestic and foreign financial institutions have accelerated the exploration and practice of wealth management business. Domestic financial institutions continued to increase human and capital investment, and third-party platform has got license or qualification for wealth management business successively. Foreign financial institutions enter the field of wealth management business quickly, product categories continued to been enriched, the service system continued to been improved, the asset allocation range extends to a global scale, becoming a new profit growth point and the key of business development of financial institutions gradually.In early 2013, as the industry regulatory bodies of Zhejiang Rural Credit Cooperatives(hereinafter referred to as "Zhejiang Rural Credit", with no special instructions referring to the whole system)- Zhejiang Rural Credit Cooperatives Union(hereinafter referred to as "Provincial Rural Credit Union") set up "wealth management center", beginning to explore the field of wealth management. But the wealth management center's operation mode of the Provincial Rural Credit Union has not been able to be determined, the functions and responsibilities of wealth management center are inconclusive either. The wealth management business of county rural cooperative financial institutions(including rural credit cooperatives, rural cooperative banks, rural commercial banks, hereinafter referred to as "County Comicsonair") is also limited to the sale of financial products and the absence of high-end services. The deepening upgrade of wealth management business progresses slowly. This paper attempts to research the wealth management business from the wealth management-related theory, elaborating the origin and development of the wealth management business, applying SWOT analysis to analyze the development of Zhejiang Rural Credit's wealth management business. Compared with other financial institutions' competitive strengths, weaknesses, opportunities and challenges, based on learning from domestic commercial banks in the wealth management business model, this paper will explore how to develop the wealth management business under the provincial and district levels of legal system, discuss the wealth management business models and development strategies for Zhejiang Rural Credit's features, providing a theoretical basis for the wealth management center's organization and operation.By effectively combining practical Zhejiang Rural Credit system, this paper concludes a specific development strategy for wealth management business. This paper proposes a comprehensive, specific, implementable development strategies from the Provincial Rural Credit Union and County Comicsonair separately, which is intended to promote the County Comicsonair in Zhejiang province to develop the wealth management business orderly, to further promote inclusive finance projects in Zhejiang Rural Credit, to achieve wealth preservation and appreciation of urban and rural residents and Zhejiang Rural Credit's value creation.