Research On Net Worth Transformation Of Wealth Management Products Of Z City Commercial Banks Under The New Rules Of Asset Management

In April 2018,the Political Bureau of the CPC Central Committee adopted the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions"(hereinafter referred to as the "New Regulations on Asset Management"),marking the beginning of the reform of the asset management industry in China with a scale of nearly one million billion yuan.Subsequently,the regulatory policies and rules of the People’s Bank of China,China Banking and Insurance Regulatory Commission,China Securities Regulatory Commission and other departments were successively issued,and China’s financial asset management industry entered a unified,strict and standardized transformation period.As the most important part of the industry,the transformation of bank financial management is imminent.The emergence of financial management subsidiaries has brought great challenges and historical opportunities to the standardization,specialization and large-scale development of bank asset management business.After the introduction of the new regulations on asset management in 2018,the scale of bank financial management declined for two consecutive years.After experiencing the painful period of the new regulations on asset management,the scale of bank financial management returned to growth in 2020.Under the requirements of the new regulations on asset management,banks need to clear the stock of assets that do not meet the new regulations on asset management.Among them,the net worth transformation is the key content of the bank’s financial management reform.In the process of transformation,state-owned banks and joint-stock banks have the advantage of being the first,and the transformation speed and effect is obvious.Urban commercial banks are subject to regional restrictions,facing problems such as single customer group,single assets,weak overall quality of marketing personnel,and weak scientific and technological support capacity.The road of transformation is still a long way to go.Based on this,this paper takes Z City Commercial Bank(hereinafter referred to as "Z bank")as the research object to study the net worth transformation of financial products.This paper will start from the policy of the new regulations on asset management,sort out the development history of the bank’s financial management business and the impact of the new regulations on the bank’s financial management business,analyze the current situation,challenges and reasons of the financial management business of Z Commercial Bank,conduct an investment risk preference survey on the existing customer group of Z Commercial Bank,depict the needs of the existing customer group,and finally put forward a proposal for the net worth transformation of financial products of Z Commercial Bank,Including :(1)Transformation of product design and sales;(2)Transformation of investment research and risk control construction;(3)Transformation of financial management business focuses on people-oriented;(4)Transformation of system construction.Through the research,we hope to provide ideas for the transformation of Z bank’s wealth management business,and also provide reference for the transformation and development of other urban commercial banks’ wealth management business.