"Smart investment" to attract people? Is P2P for a "vest"-investment, financial management, information on P2P-IT
Rising financing and valuation of the company such as Wealthfront,Betterment, plus the layout of a traditional financial giants such as Goldman Sachs, Citigroup, Robo-Advisor (robot investment or smart investment) over the past year repeatedly exposed. Attracted a large number of domestic financial institutions to follow suit.
21st century business Herald reporters combed public information discovery, claiming to have "smart investment" function of financial management platform, there has been at least a dozen homes. However, overly platform can be seen everywhere.
"The domestic market's main problem is that many platforms configured products, may on the surface seem many kinds of products, classified will find that real only one or two categories of investment assets and not really spread the risk. "In Beijing who declined to be named" smart investment "research told reporters.
But more attention is the "smart investment" became part of the P2P platform to attract investors, "coat", associated application is very low.
"Smart investment" under the cloak of P2P
"The real smart investment, tend to diversify into a wide range of products, assets and not in the same category. "A financial community this way.
Some, their contrast with the Betterment of online banking platform, its main selling point of service for "fixed + variable" double benefits, user's funds are divided into two parts: the part used to invest in fixed-income products, part of high risk products for return on investment is relatively high, such as futures, commodities and so on.
21st century business Herald reporters found that the platform product investment horizon is divided into 1 day four, 10 days, 3 months, half a year. 1 day short of product, configuration of fixed-income products in money market funds, plus 2 one call and one bearish options products. 3-month and six-month products, according to the different risks, partly used in fixed-income products art mortgages or home equity loans as underlying assets, the option part is similar to the 1-day product.
Worth noting is that regardless of the risk appetite, in almost all product portfolio, fixed income accounted for more than 90%, up to a maximum of nearly 99%.
"Essentially one P2P products plus a few futures products, from scale, futures just accompany studying princes ' role. "One read the financial management platform product portfolio in the industry of the 21st century business Herald reporter said, in this mode of combination products," the actual platform is selling P2P products, their asset allocation principles and ' smart investment ' basically nothing. "
If the preceding case is easier to discern, some platform approach is more confusing.
A self-proclaimed "smart money platform" platform in its slogan, also "smart investments" from, only a current product on its Web site are available for purchase, purchase amount 100, cast to a maximum of 50,000 yuan.
According to its website information page, the product of funds invested in money market funds, consumer finance, micro-credit, supply chain finance, grade 10 financial products such as funds, open-end funds. Among them, only IMF, consumer finance, rating Fund, mutual funds have a certain proportion of investment and other types of financial products, investment ratio is 0%.
Worth noting is that money, a consumer financial product of up to 72% per cent, which corresponds to a consumer finance company providing asset credit products. More interesting is that the rating fund investment only accounted for about $ 11%, to as many as 25.
"Most graded a-class products are similar, 2-3 enough, more than 5 there is no dispersion of meaning. "Those in business in Beijing who declined to be named, told the 21st century business Herald press, which" nearly 80%-lists famous index rating Fund on the length of a "," ostrich means, presumably to make investors feel this investment is fragmented. "
"Investments in consumer credit products accounted for almost three-fourths can be said to hang ' smart investment ' sheep's head, selling P2P ' dog '. "The financial industry source said.
Licence limits the development difficulties
From the practice in the West, Wealthfront, Betterment and other intelligent investment and Gu Jun investment in ETF, funds and other standardized products, to ensure liquidity and security products.
Insiders noted that the limited number of ETF in China, while the number of foreign developed market ETF up to thousands, can be tender enough, become the "smart investment" obstacles to development.
But people in the industry point out that RMB assets number of ETF investments actually sufficient to meet the requirements of the investment company.
"Domestic investment targets are not rich" "smart investment" development is not established, "is the Chief of the domestic chaos of too much trust, P2P and other products promised returns are too high and hidden risks, as investor maturity, this market can be developed. "A flagship dollars the smart asset allocation investment company told the newspaper that" domestic RMB investment subject matter including Bo p 500, guotai NASDAQ-100, in fact a lot of the, can mix a global investment portfolio, investment results as well. ”
In addition, the regulatory system is not perfect, also influences the development of intelligent investment services contributed.
"Foreign investment advisory and asset management business may be mixed. "Domestic wealth management platform for business people told the newspaper:" Wealthfront and Betterment RIA (Registered Investment Advisor, registered investment adviser) licence, RIA licence, after funds subject to supervision and custody of the platform, according to delegate investment, and there is no such licence. ”
Country the smart investments of the investment company by joining ETF Fund ETF.
"We are not going to touch the stock, big reason is from a regulatory perspective, because if the shares involved to control customers ' securities accounts on behalf of customers orders, I feel a bit touching the red line, because we are still without a licence. "These financial platform for business people say, because of platforms currently holds public licenses, mainly through the ETF ETF joins public funds investment," Although there are many ETF Exchange is to be traded, transaction speed, low cost, intelligent investment investment is ideal, but we won't touch. ”
“智能投顾”吸引人？其实是P2P换了个“马甲” - 投资,理财,P2P - IT资讯
随着Wealthfront，Betterment等公司融资额和估值节节高升，加上高盛、花旗等传统金融巨头的布局，Robo-Advisor（机器人投顾或智能投顾）在过去一年多里频频曝光。引来大批国内理财机构跟风。
21世纪经济报道记者梳理公开信息发现，宣称自己拥有“智能投顾”功能的理财平台，至少已有十数家。然而，名不副实的平台随处可见。
“国内市场主要的问题是，不少平台配置的产品，可能表面上看起来产品种类较多，但归类后会发现，真正投资的大类资产只有一两种，并没有真正做到分散风险。”北京某不愿具名的“智能投顾”研究人士告诉记者。
但更需注意的是，“智能投顾”成为部分P2P平台吸引投资者的“外衣”，实际应用上关联并不大。
“智能投顾”外衣下的P2P
“真正的智能投顾，一般会将投资分散到众多的产品中，且不会在同一大类资产中。”某金融界人士这样表述。
某家曾拿自己与Betterment对比的在线理财平台，其主打的服务卖点为“固定+浮动”双收益，用户的资金分为两部分：一部分用于投资固定收益类理财产品，一部分用于投资收益相对较高的高风险类产品，比如期货、大宗商品等。
21世纪经济报道记者发现，该平台上的产品投资期限分为1天、10天、3个月、半年四档。其中1天的短期产品，配置的固定收益产品为货币基金，另加2个看涨期权与1个看空期权产品。3个月和半年期产品，则根据可承受风险的不同，在固定收益产品部分使用艺术品抵押或是房屋抵押贷款债权做为基础资产，期权部分则与1天期产品类似。
值得注意的是，无论风险偏好几何，几乎所有的产品组合里，固定收益类品种占比均超过90%，最高可达近99%。
“本质上就是1个P2P产品加上几个期货产品，而从比例来看，期货产品只是‘陪太子读书’角色。”一位看过该理财平台产品组合的业内人士对21世纪经济报道记者分析称，在这种产品组合模式下，“平台的真实目的是销售P2P产品，其资产配置原理与‘智能投顾’基本上没有什么关系”。
若前述案例还算较易辨别，有些平台的做法则较具迷惑性。
一家自称“智能理财平台”的平台，在其宣传语中，亦有“智能化投资”的字眼，其网站上目前仅一款活期产品可供购买，起购金额100元，最高可投5万元。
据其官网宣传页面，该产品的资金投向为货币基金、消费金融、小微信贷、供应链金融、分级基金、开放式基金等10类金融产品。其中，仅货币基金、消费金融、分级基金、公募基金有一定投资比例，其余类型金融产品，投资比例均为0%。
值得注意的是，资金投向中，消费金融产品的占比高达72%，其对应的资产为某消费金融公司提供的信贷产品。而更有意思的是，投资比例仅占约11%的分级基金，投向竟达25个之多。
“多数分级A级产品雷同，2-3只足矣，超过5只就没有任何分散的意义了。”北京一位不愿具名的金融业人士告诉21世纪经济报道记者，该平台“以近80%的篇幅罗列有名基金公司的指数分级A”，颇有“掩耳盗铃的意思，应该是为了让投资者觉得这个投资很分散”。
“消费信贷产品投资占比都快四分之三了，可以说又是挂‘智能投顾’的羊头，卖P2P的‘狗肉’。”该金融业人士说。
牌照限制成行业发展难点
从国外的实践来看，Wealthfront、Betterment等智能投顾均投资于ETF、基金等标准化产品，以保证流动性和产品的安全。
有业内人士指出，国内ETF数量有限，而国外发达市场ETF数量高达上千只，可投标的不足，成为国内“智能投顾”的发展障碍。
但有业内人士指出，人民币资产投资的ETF数量，实际足以满足智能投顾公司的配置需求。
“国内投资标的不丰富”阻碍“智能投顾”发展的观点并不成立，“国内主要的问题是乱象太多，信托、P2P等产品承诺的回报太高，并隐瞒风险，随着投资者的成熟，这块市场就能逐渐发展起来。”某主打美元资产配置的智能投顾公司负责人告诉本报记者，“国内人民币投资标的包括博时标普500，国泰的纳斯达克100等，其实已经很多了，完全可以配比一个全球投资的组合，投资的效果也不错。”
此外，监管制度的不完善，也成为影响智能投顾业务发展的原因之一。
“国外投资顾问业务与资产管理业务可以混合。”国内某理财平台业务人士告诉本报记者：“Wealthfront和Betterment均持有RIA（Registered Investment Advisor，注册投资顾问）牌照，在RIA牌照下，平台的资金受到监管和托管以后，可以根据用户的委托进行投资，而国内目前还没有这样的牌照。”
因而国内智能投顾公司一般通过ETF联接基金投资ETF。
“我们暂时不碰股票，很大的原因也是从监管的层面考虑，因为如果做股票，就涉及到去控制客户的股票证券账户代替客户下指令，我觉得有点碰红线，因为我们还没有证券牌照。”上述理财平台业务人士说，因其平台目前持有公募基金牌照，主要通过公募的ETF联接基金投资ETF，“虽然交易所有很多的ETF正在被交易，交易速度快，费用也比较低，是很理想的智能投顾投资对象，但是我们目前不会碰。”