Research On Wealth Management Transformation Of Securities Companies

As one of the basic functions of securities companies,the income from agency trading has always occupied the core position in the operating income of the whole securities industry.However,in recent years,the market pattern of the domestic securities industry has been changing constantly.On the one hand,due to the rapid growth of personal wealth and the continuous improvement of customers’ financial management concept,the traditional business management mode of securities companies has been difficult to adapt to the increasingly diversified service needs.On the other hand,the marketization of commission brought by the development of the Internet and the fierce competition for clients force securities companies to attract and maintain customers by reducing the commission rate,which makes the benefits of traditional brokerage business decline and gradually lose the core position of securities companies’ operating income.Under external and internal pressure,seeking new growth points through business transformation has become the core task of many securities companies,among which exploring and developing wealth management business has become a hot target of industry transformation.Based on the above background,this paper combines H securities company’s actual operating conditions,discusses the way of its wealth management business transformation,in order to provide certain reference for the wealth management development of Chinese securities companies.First of all,this paper uses literature analysis to analyze the current economic environment,and draws the conclusion that risks and opportunities coexist.Then it sorts out the important research theories and research status in related fields,and defines the concept of wealth management.Taking wealth management and business transformation as the research object,this paper discusses the main theories related to wealth management,financial innovation and business transformation.Then,in the systematic analysis of the macro environment,industry environment and operating conditions of the wealth management business transformation of H Securities Company,Porter’s five forces model,PEST analysis and other research methods are adopted to analyze the opportunities and risks in the transformation process through detailed analysis of the specific development of external industries.It is found that securities companies are faced with external opportunities such as the gradual improvement of capital market,the increase of residents’ wealth,the acceleration of opening to the outside world,and the rapid development of fintech.Through the analysis of EFE model,it is clear that the current external opportunities are greater than threats for securities companies,and they are capable of using external opportunities to avoid relevant threats.Then,by means of financial analysis and questionnaire,the internal environment of wealth management business transformation of H Securities Company is analyzed.Through analysis,it is found that there are many problems,such as excessively cyclical industry and high dependence on economic development.Industry competition leads to the commission rate close to the cost line,the traditional brokerage business dividend is about to be exhausted;The construction of talent echelon is weak,which is difficult to adapt to the growing scale of wealth management and customer service needs;The efficiency of customer channels is not high,the traditional bank outlets cannot sustain customer channels,and the Internet customer channels are not fully developed.The product system is not rich enough to support asset allocation,etc.In view of the above problems,this paper analyzes the influence of internal and external factors on the transformation of H Securities Company,and puts forward relevant suggestions on how to carry out business transformation.That is,under the current economic environment,H Securities Company’s wealth management business should adhere to the two basic principles of investor appropriate management and fintech,and follow the customer-centered approach.Enrich product lines,enrich talent team through recruitment and training,transform digital investment,and explore diverse Internet channels,so as to make the idea of wealth management business transformation more clear.On this basis,we fully draw on the mature experience of foreign financial institutions,and design the company’s transformation plan in wealth management.The main contents include:first,refine the relevant standards of customer classification,implement classification and classification services,and further meet the needs of customers at all levels through more comprehensive and reasonable detailed services;Second,improve the product system,further increase the efforts of product development and introduction,and engage in wealth management with the thinking of asset allocation;Third,strengthen the construction of talent team and build a professional wealth management team;Fourth,expand new channels with the help of financial technology,and intensively cultivate Internet marketing.In order to effectively implement the transformation plan,this paper puts forward specific evaluation standard system and its corresponding safeguard measures,among which five aspects,including internal collaborative efficiency,staff team building,scientific and technological enabling results,assessment and incentive and risk control,provide practical guarantee for the implementation plan of this research.