The turning point of life and death in wealth management industry: thousands of financial planners were arrested and hundreds of thousands of people left their jobs.

Since last year, the entire wealth management industry has been caught in a thunderstorm, and the P2P thunderstorm is just a small wave. This is the biggest crisis since the birth of wealth management industry in 2004. In this wave, thousands of financial planners were arrested, and nearly half of them left their jobs.

Since last year, the entire wealth management industry has been caught in a thunderstorm, and the P2P thunderstorm is just a small wave.

This is the biggest crisis since the birth of wealth management industry in 2004.

In this wave, thousands of financial planners were arrested, and nearly half of them left the industry.

In turbulent times, "innovators" rose.

The industry began to split up, and nearly 30 thousand small financial management studios appeared in the market.

Financial planners began to go it alone, and they realized that customers were their "core competitiveness".

The turmoil in the industry also means that opportunities abound. ...

0 1 Golden Boy Autumn

As early as two months ago, it was reported in the industry that Hu Tianxiang, the former founder of Quepai and the legal representative of Judeng Investment, had disappeared.

The sudden loss of the wealth management tycoon has brought the panic of the whole industry to a climax.

An insider told a financial newspaper: "Hu Tianxiang was taken away by the police for investigation and is currently being held in a detention center. The case is in the evidence collection stage. "

"He was arrested not because of wealth management products, but because of collection." According to informed sources, in addition to financial investment, Judeng's business sector actually has loan products.

"A borrower borrowed thousands of dollars. It may be that the collection was excessive, causing the other party to call the police. " Informed sources revealed.

After Hu Tianxiang disappeared, the whole company basically stopped working, and the salary could not be paid.

"All employees have been dismissed and are looking for new jobs." Huang Ji, a former employee of Giant Lamp, said that the company only left a few operators to clean up.

However, some wealth management products in Hu Tianxiang were overdue, and a generation of wealth management bosses fell from the altar.

Hu Tianxiang did create many miracles.

It took him five years to establish Kuipai, a listed company, and make it a third-party wealth management company.

Hu Tianxiang, who is only in his thirties, has been praised as a "golden boy in financial management" by the industry.

August 20 17, confirmed to leave from coolpad.

"There are more and more employers, and Hu Tianxiang's power has been diluted and forced to leave." Huang Ji said: "When he left, Hu Tianxiang also took away his confidant." .

So ran away, Hu Tianxiang nature very unwilling. This also laid a hidden danger for the later period.

Later, Hu Tianxiang established Giant Lamp and officially became its legal representative and executive director.

"After he left, the faction executives pushed some problems of the company to Hu Tianxiang." Huang Ji said that this once made the relationship between the two sides tense.

"He wants to prove himself too much." Huang Ji said that Hu Tianxiang recruited many people. "Judeng Company has thousands of employees, and the basic salary of initial employees is higher than that of most companies in the industry."

Their office, in a high-grade office building in the East Third Ring Road, is full of white-collar workers in suits and ties.

All provincial branches are located in the most prosperous office buildings in the region.

Hu Tianxiang has finally re-established his own portal website, and he is eager to have a significant impact and make up for it.

The opening was so windy, but no one would have thought that the crisis was approaching step by step.

Huang Ji faintly felt uneasy.

Last August, P2P products of other companies in Hu Tianxiang "cornucopia" began to have difficulties in redemption.

In March of this year, the green flowers in the office were actually moved away. "The office seems to be empty."

Then, the company began to be unable to pay all the employees' salaries.

Employees with performance can get their salary, and employees without performance start to default on their basic salary.

The unrest began, and several people left their jobs every week.

Business is getting harder and harder, there are more and more news of "thunderstorm" in the industry, and customers are very cautious in investing.

At the end of June, there were only a few dozen people left in the company with thousands of employees.

"The office of the East Third Ring Road of Judeng has retired, and the two offices in Beijing have merged." Huang Ji said.

By July, the news that Hu Tianxiang had lost contact had spread.

The "golden boy" who once created the myth of wealth management circle has fallen.

02 in jail

The fall of Judeng Group is only an episode of the collapse of the entire wealth management industry.

Since 20 18, wealth companies have laid off employees and closed down on a large scale.

Last year, tens of billions of wealth companies, such as Jingyi, Linshan, and Zhongrong Minxin, made a lot of noise and little rain.

Among the so-called "four offline wealth management companies in Beijing", some media claimed that Guanqun, Xinhe had been put on file, and Yingu and Heng Chang had also been questioned by the industry for a long time.

In the winter of 20 18, the media revealed that CreditEase had laid off employees in the earthquake, and about tens of thousands of people were laid off, accounting for one-third of the total number of employees.

This year, the problem is more serious.

In March, 3.4 billion private placement products of "China Blackstone" CITIC Capital were deeply involved in the redemption crisis.

In April, the media revealed that Hengtian Fortune's "Annual Blue Asset Management Plan" was postponed.

At the beginning of July, Noah's Gefei assets stepped on 3.4 billion yuan.

In mid-July, Pioneer's online banking products were overdue, involving funds of 654.38+02 billion yuan.

In July alone, 38 Thunderstorm organizations and 5 Thunderstorm products were added.

"This is the biggest blow to the third-party wealth management industry since its establishment in 2004." Liu Gan, founder of a wealth management company, said.

In this thunderstorm, a large number of financial planners and financial elites were arrested.

"The more elite and professional financial planners, the easier it is to be caught," Liu Gan said.

This is because the more powerful the financial planner is, the more financial products he sells and the higher the amount involved.

Many industry practitioners estimate that at least thousands of financial planners and practitioners have been taken away for investigation.

Zhang, a financial planner, witnessed his peers and friends being taken away.

One of his friends for many years handled my storm products. Although he earned 2 million yuan, he was sentenced to 7 years.

His other friend changed careers for more than a year, but suddenly he was taken away by the police.

This is because a product he sold three years ago has expired. "The police asked him to return the 500,000 commission at that time, or he would go to jail."

There used to be a wealth management circle in Liu Gan, which was full of senior managers of wealth management companies.

They get together once a month. There used to be more than a dozen people present, but now there are only a few.

"Others, if you catch them, you will flee." At this point, the industry is dying, and Liu Gan often sighs.

They are the closest people to money, and it is easy to gather wealth; They are also the closest people to the prison, and they accidentally fell into the abyss.

"Dancing on the Knife Tip" Liu Gan summed up his career like this.

Many people choose to leave.

More than half of the financial planners in the entire financial planner industry have hastily withdrawn. There are millions of employees in the entire financial planner industry, which means that hundreds of thousands of employees have fled.

They either return to the private sector of trusts or banks, or leave the industry altogether.

The wealth management industry, which has experienced the baptism of life and death, is undergoing tremendous changes.

This process of transformation is full of the pain of cutting off carrion, but it also contains the opportunity of germination and rebirth. ...

Break down parts into complete parts

Compared with the development of this industry abroad for hundreds of years, the wealth management industry in China has just started for more than ten years.

In the past, China's financial market was a "freak" from birth.

The financial planner works in a wealth management company and forms an interest relationship with the company.

The company gives them wealth management products and divides the commission.

Financial planners usually don't manage wealth management products well, only looking at whether the commission is high or not-leading them to often fool customers and stand on the opposite side of customers for high commission.

Moreover, their academic qualifications are usually not high, "more than half of the practitioners are only junior college students", Zhang said.

In America, the situation is completely different.

In the United States, financial planners, like lawyers, are a professional and high-end profession and need to obtain relevant qualification certificates.

These certified financial planners have the same interests and hobbies as their clients.

They don't divide commissions from wealth management companies, but help customers take care of their assets. The more they earn, the higher the commission.

In this way, they will completely consider the problem from the customer's point of view and protect the interests of customers.

An important indicator of how far a financial system can go and how healthy it is is whether it can protect the interests of investors.

If investors are protected, they will not reap easily, and financial institutions will not reap huge profits, thus forming a balance and the system will run for a long time.

In China, financial planners, an intermediary group, are tied together with financial management companies, forming a deformed ecological and vicious circle.

Such a financial system is doomed to be unsustainable.

"This storm and collapse is almost something that the industry must experience." Liu Gan is outspoken.

Collapse also means rebirth.

The customers found by Zhang have lost 70% to 80%.

Customers who once trusted him are now either swearing or ignoring them.

The whole group of financial planners suddenly lost in thought.

I used to trust the company and worship its brand. "I feel that the products launched by the company are good and the company has a strong background."

However, Zhang found that those companies that claim to be awesome are now thundering.

"I believe in the company unconditionally and try my best to make achievements. Why did I become like this? " Zhang also began to reflect.

They no longer trust companies and brands. They found that their core competitiveness is actually "customers".

"They realize that from this moment on, the industry will gradually change from seller financing to buyer financing." Li Qingyi, founder of NewBanker, said.

In the past, wealth management companies with assets were the mainstay, and now customers who buy wealth management products are the core.

It is because of this awareness that a large number of financial planners have left the company and started to go it alone.

Three or five people can form a small financial management studio and start selling products.

"They won't fool customers any more, and they will consider the problem completely from the customer's point of view." Li Qingyi also noticed that the entire wealth management industry is "breaking up into parts", and scattered and fragmented small teams began to appear in batches.

Their data shows that there are nearly 30,000 "small three parties" in the market recently, and they are becoming the most important participants in the industry.

Financial planners also began to learn professional financial management knowledge to improve their professional quality.

The emergence of this trend means that financial planners begin to lean towards customers, which is a signal that the industry is moving towards a virtuous circle.

The entire wealth management industry is "reborn".

"This industry is too young to pass this stage." Diao Shengxin, co-founder of Maxim's Federation, said that he had predicted that the industry would face the risk of thunderstorms at the beginning of his business.

But he also realized that after the crisis, this industry will be full of opportunities.

It is worth noting that a number of financial technology companies related to wealth management have recently frequently reported financing news.

When the whole financial technology industry is in full swing, they are like dark horses moving against the trend, murderous and unstoppable.

Among them, some are trained as financial planners, some are tools to improve the efficiency of financial planners, and some are specialized in packaging assets from financial institutions and then distributing them to "small three parties".

They are known as the "Didi platform" of financial planners, with a total financing of more than one billion.

There are even opinion leaders who give wealth education to high-net-worth users and raise 200 million yuan at one time.

According to the evaluation of professional institutions, there is a market of 6 1 trillion for high-net-worth individuals in China.

What are the opportunities in this huge market change? Which platforms can finally run out?

* Some interviewees in this article are pseudonyms.