Research On Service Marketing Of Wealth Management During Transformation Of Securities Brokerage Business

So far,China’s securities market has enjoyed development of three decades.The brokerage business belonging to secondary market in the securities market classification tends to increasingly homogenize with the passage of time.The securities industry brokerage business contributes less and less to the profit indicators of securities companies with the passage of time.It is imperative to upgrade brokerage business to wealth management business,which has become the main trend of securities companies in the future.Seen from commission rate,from the early 1990 s to the end of 2019,the industry average commission rate has dropped from the initial 3.0‰ to 0.3‰,a very sharp decline.In 2020,the industry average commission rate was about0.24‰,making securities traders accelerate the wealth management transformation and increase investment in other fields.The sharp decline in the income of securities brokerage business is already unavoidable.In the future,the brokerage business may even enter the era of "zero commission".If it still relies on the services of traditional trading channel providers and does not provide service differentiation or financial technology differentiation,the possibility that brokerage business income of the securities industry will further shrink cannot be ruled out.Diversifying the service methods of brokerage business to provide customers with multiple customer services will become the new growth point in securities brokerage business income-wealth management.As a medium-sized listed securities company headquartered in central China,T Securities focuses on institutional business and asset management business when it was initially established in 2000,and did not pay much attention to brokerage business.With the gradual increase in the number of domestic securities companies,the number of listed securities companies reached 49 in 2021.Under this background,the investment banking business is subject to greater horizontal competition,which affects the company’s operating income and profit indicators to some extent.Coupled with the successive promulgation of new asset management regulations,the asset management business gradually shrunk,so the company begun to focus and pay more attention to brokerage business.The brokerage business of T Securities has late development and lacks a way and method to rapidly expand its scale.Therefore,after the negotiation and discussion between the headquarter management and the leaders,employees of various branches,it began to implement the strategic policy of "transformation from brokerage business to wealth management business".T securities company fully implemented the "wealth management transformation" from the end of 2019 to the beginning of 2020.Although T Securities followed up late,thanks to the concerted efforts between its headquarters and its branches,at present,the company led the industry in terms of effect and influence in "wealth management transformation".Although T Securities has achieved little success through the rapid "wealth management transformation",it is still unable to rank the top in the whole industry.The research on the transformation and upgrading of T securities brokerage business to wealth management business thus carries important practical significance.Considering the current business structure and customer base of T securities,the survival and development of T securities wealth management business is mainly based on brokerage customers,supplemented by institutional business.At the same time,it pays attention to individual needs of customers with different risk preferences,and accordingly allocates products that meet regulatory requirements and meet customer expectations for them.Finally,according to the analysis of the problems and reasons,various suggestions are proposed for accelerating the transformation and upgrading of company wealth management,such as: strengthening product research and development,improving wealth management capabilities,moderately reducing intermediate costs in wealth management business services,optimizing investment portfolio,improving the publicity and channel construction of the wealth management business in the headquarters and branches,reinforcing the company’s risk management,enhancing the competitiveness,and improving the company brand competitiveness through financial technology,etc.These suggestions are expected to help the enterprise embark on a road with differentiated services and regional characteristics,so that it faster enters the rank of top domestic securities companies in wealth management business.