Recently, the financial subsidiaries of several major banks have been approved for opening, and the birth of financial subsidiaries has entered the countdown. But for many small and medium-sized banks, financial subsidiaries are still castles in the air, which is not so realistic. I visited many small and medium-sized banks during this period, and I can deeply feel their confusion. Of course, now the whole financial industry is in confusion and anxiety. The financial industry, especially the asset management industry, is undergoing supply-side reforms, and everyone needs to be prepared.

First, for small and medium-sized banks, financial subsidiaries are not so realistic:

Let's not talk about the difficulty of setting up a financial subsidiary, such as the harsh conditions of small and medium-sized banks, high start-up costs and long queues for approval. The core of the financial subsidiary is the investment and research team, which is the management ability and liquidity of net worth products. These small and medium-sized banks are temporarily unavailable.

In fact, we have been saying that the audience of net worth products is very limited. The structure of fund public offering products is clear at a glance. In the future, the cake of asset management industry will be so big. The more you have, the fewer other institutions. The core competitiveness of net worth products is the performance of products, which has little to do with channels, which also determines that the starting point of large institutions and small and medium-sized banks is actually the same. But at present, it seems that big banks have platforms, compensation mechanisms, systems and systems, which also leads to the future asset management scale must be gradually concentrated in the head office. The pressure of small and medium-sized banks in this environment can be imagined.

Of course, not only the asset management, but also the financial market department has its own confusion. In the early years, financial markets could do a lot. Now, after the supervision is strengthened, the business gradually returns to its original source, that is, bond investment. However, the staffing, investment and research system and risk control of this department are all facing some difficulties.

Second, where is the way out? Actively transform and enhance core competitiveness.

If the goal of financial supervision in the future is to develop into net worth products, then the core competitiveness of financial market business and asset management business is the ability to invest in research and risk control. If there is a congenital gap between small and medium-sized banks and big banks in channels and platforms, then no matter how hard you try, small and medium-sized banks can narrow the gap through their efforts in investment and research capabilities and risk control capabilities.

(1) The ability to invest in research and risk control does not have to be in the north, Guangzhou and Shenzhen to do well. Investment in the bond market faces public information. In the era when information is so developed, both big cities and small cities correspond to macro data released at the same time, and everyone's starting point is the same.

The entry threshold for bonds is not high, not to say that you must graduate from a prestigious school, majoring in finance and economics. Many students who study math, physics and even biology can do well in the exam.

In fact, you don't need such profound knowledge to invest in bonds. Macro and micro data analysis ability+financial analysis ability+addition, subtraction, multiplication and division ability is enough.

(2) Looking at the growth path, large banks hold more positions, so they can practice their hands through firm offers, and traders grow faster. Small and medium-sized banks have few positions and can't stand tossing, but the growth of traders can be practiced through simulation disks. Moreover, the position of a big bank is a radish and a pit, professional but focused; It is not a bad thing for small and medium-sized banks to specialize in many things and carry a few burdens. Therefore, this is determined by the system of large banks and small and medium-sized banks, which does not necessarily determine that small and medium-sized banks cannot train good traders.

In fact, the bond market has developed to this day, and many excellent investment managers have emerged in many small and medium-sized banks that started bond business earlier. These institutions also have a good bond investment and research system and have their own reputation in the market. Of course, more small and medium-sized banks do face difficulties such as insufficient personnel, incomplete systems and leaders' poor understanding of bond business, so they are not very supportive.

Third, strengthen foreign cooperation and exchanges, and use external institutions to help establish an investment and research system.

I have always believed that the cooperation between financial institutions will change from simple regulatory arbitrage to deeper cooperation after the new asset management regulations. The bank lacks investment research, and we have investment research. Therefore, I have always respected the investment business. After all, in the investment business, the funds have not come out, and the investment is effective, at least there will be no moral hazard. In fact, from our experience in investment business, I think the following points are more important:

(1) The core of investment is research. What banks lack is the research system, and the core of investment is research. If only investors place orders for banks, what is the essential difference between bank traders' execution, outsourcing and investment? So bank investors still don't know what to do. Therefore, the essence of investment is research, communication and service.

(2) pay attention to the "door to door". Since investment is a comprehensive service, it is very important to "match the door". How many people and how much time are devoted to the bank's services is also related to the bank's own contribution to investment. Perhaps the investment scale of 300-500 million is very important for small brokers like us, but it is not very high for large institutions, so it is difficult for large institutions to do their best.

(3) Investment business has a life cycle. At the beginning, the investment account must be made by investment, and the bank should watch and learn. The second step should be to manage the investment together with the bank, and the third step is to manage the bank and watch. By this time, the investment business will be over. If an investment business continues, it means that the bank has learned nothing and the role of investment has not been brought into play.

Of course, there are still many details to be paid attention to in the investment business, so I won't say much here. On the whole, although small and medium-sized banks are facing a lot of confusion and pressure, the only way out and the only point that can compete with large institutions is to strengthen the training of internal teams and build their own investment and trading capabilities from now on. This ability, if you rely on the help of external institutions, will be established faster.