Research On Transformation Of Commercial Banks' Wealth Management Business Under The New Asset Management Regulations

China's asset management industry has experienced more than ten years of rapid growth.Due to the lack of unified systematic supervision,it has provided arbitrage space for financial institutions.In order to further regulate the asset management market,the regulatory agency issued the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" in April 2018,which was referred to as "New Asset Management Regulations".Since then,China's asset management industry has entered a new stage of development.In the long run,the new regulations will encourage commercial banks to strengthen the risk management of wealth management business,and realize the transformation from extensive to fine management and homogenization to differentiated competition;in the short term,it will bring the transformation “pain” to the financial management business of commercial banks.Since the introduction of the new asset management regulations,the sales volume of wealth management products in Chinese commercial banks has plummeted,and the number of wealth management products issued has continued to decline.At the same time,the proportion of capital-guaranteed wealth management sales has continued to decline,and the average yield of wealth management products has continued to decrease.All these above have great impacts on the operating profits of commercial banks.Therefore,it is urgent for commercial banks to make strategic transformation in financial management business,so as to realize the transformation and upgrading of financial management business of commercial banks on the basis of meeting the requirements of new regulations on asset management.This paper analyzes the relevant important theories of the development of financial management business of commercial banks,and further studies the sales volume and wealth management products of Chinese commercial banks in recent years,as well as the impact of new regulations on financial management business of commercial banks in China.Then,with the example of the Z branch of the Industrial and Commercial Bank of China,an in-depth empirical study on the strategic transformation of the wealth management business adopted by the new asset management regulations was found.Our study found that the sales volume of wealth management products and product term,purchase amount,risk level showed significant negative correlation,and product collection period showed significant positive correlation,and the financial products into the employee performance appraisal,carrying out full channel,full-volume customer marketing model has a significant positive impact on the sales of wealth management products.In the context of the new asset management regulations,commercial banks must not only transform at the source of product design,but also need to make adjustments in marketing strategies.On the one hand,they should conduct product selection and selective sales based on local real economic conditions and investor risk preferences.On the other hand,they should improve the sales team incentive assessment system to mobilize the enthusiasm of marketing personnel.In addition,they should also innovate sales channels and promote online customer acquisition.Finally,refining customer groups,carrying out differentiated marketing in a targeted manner,and establishing a risk management mechanism are needed to effectively control sales risks.All these above would provide references for other commercial banks' wealth management business transformation.