2014-06-11

Sign of the Times: Trust Companies Compete With Themselves For Sales

Some trust products are in a price war with themselves as agents fight for sales.

信托代销乱象调查:层层分销 同产品也现价格战
"Daily Economic News" on May 29 to "financial products COFCO Trust is hard to find someone else's product distribution layers," Li Gui, "" in the title of COFCO Trust suffered "Li Gui" for the exclusive coverage. After that, in order to "balance Chi puzzle COFCO No. 1, denying the project involved" in the title of the product suffered COFCO Trust Trust "Li Gui" event tracking survey reports. In an interview with the company's fiscal third-party process, the reporter found that with a different company to purchase financial products, a huge difference in rebate available. Trust products distribution layers, hidden behind the product sales in the trust chain of interest, resulting in a third-party financial market chaos.

Layers of distribution

Third-party financial products sales rebate trust, has become an open secret in the industry.

In the survey COFCO Trust suffered "Li Gui," the course of events, the reporter to the customer's identity, the company is headquartered in Shenzhen consignment had (COFCO Heng Zhi No. 1 hereinafter) "COFCO Heng Zhi 1 Capital Trust scheme" third-party finance company for information, sales Zhang told reporters:. "In our company every one million yuan to buy the trust can get $ 1000 worth of gift cards or oil cards, and other gifts."

When asked about the source of the product, the Zhang told reporters: "products are distributed according to the needs of customers get products directly to the Trustee, or get products to other side of the underwriting."

"Daily Economic News" reporter learned that Zhang's third-party finance company where smaller, monthly sales of about 2.5 billion yuan, 60 percent of sales by online direct sales model, most of the customer rebate choose the way gifts, gifts valued at 0.1% to 0.5% of the purchase amount of dollars.

View this product when reporters found that many blog owners on their pages posted promotional materials related products, and eye-catching red label "price tag", two years of trust products rebate rate from 0.8% to 1.5% so that if you buy 3 million yuan Trust, the project was established to fight money refund 30,000 to 4.5 million.

Reporter contacted one of the bloggers, whose claim to a third party finance company Shanghai's financial manager, he told reporters, "Heng Chi COFCO No. 1, the product can reach 2 percent cash back, that buy 300 million share, set up immediately after the project is now back 60,000 yuan. "

Purchase of a product, the price of two third-party financial companies already have such a big difference.

Due to the special nature of "Chi Heng COFCO No. 1," financial products, the current state is halted, the third-party companies tried to distance themselves from their responsibilities, reporters layers of excavation, the final third parties who requested anonymity told the sales staff Reporters, headquartered in Shanghai, is a third-party financial institution underwriting side of this product.

The agency, a sales manager surnamed Zhao told reporters, "'COFCO Heng Chi 1' is our exclusive underwriting of this product we can give channel fee is 2.5%."

Channel fee also known as distribution fees, if the product is purchased directly from the sales staff at the underwriting side, customers can more than 0.5% cash back.

A large third-party financial company sales director, told reporters, "As trust products to raise short period of time, large-scale, generally only issued ability of third-party financial company has the ability to underwrite the product, other companies are generally taken from a large part of the project in the hands of third-party distributors. This is like the existence of the wholesale and retail sale of goods, the price difference is certainly there, but relatively fair industry trust products annualized cost of sales due to various third-party companies to obtain finance at around 1.5% Different channels of trust products, and will have a difference in cost of sales. "

Trust products distribution layers, hidden behind the product sales in the trust chain of amazing benefits, resulting in a third-party financial market chaos. Sale of trust products brought huge profits, but also created a third-party finance company to survive.

Statistics Annual Report 2013 68 Trust disclosed, a total of 34 trust companies to disclose the sales and service fees, a total of 3.569 billion yuan, an average of 104 million yuan each. Notably, sales service fee amount differences between the great trust. In 34 companies, the highest Trustee Huaneng Group sales service fee for 732 million yuan, followed by Industrial Trust, reaching 603 million yuan. In addition, there are seven trust companies billions of dollars of sales and service fees.

Price melee

Hidden behind the product sales in the trust chain of interest, so that there is spread between third-party financial companies, "fly list" has become the industry norm.

In the financial manager of the blog wrote: the market for all trusts, information management, limited partnership products are available through our buy here. For this case, the wealth manager, said the current market in the sale of products can be purchased and sent the form of a financial product to reporters, including trusts, information management, FOT (Trust Fund), including 92 markets in terms of products sold. Each product has a clearly marked cashback proportion of small single-year trust products (100 million to 300 million), about 0.8% cash back, large (300 million and above) now back to around 1.2%. Information management and fund brokerage subsidiary owned pipe products cashback proportion slightly higher annualized return of about 1.5 percent now.

The above financial manager, told reporters, "In fact, most of the cost of sales of trust products are distributed to the channel, and now customers are getting smarter, not only to shop around, even the price is a pressure and then pressure now many customers the market price is well known, are demanding the rebate, if the transaction, it does not matter to earn a little less. "

A third-party finance company in Beijing sales staff told reporters, "If it is the same trust products, other companies higher rebate, of course, the list would not be home now 'fly alone' is a normal thing, and some first The company also very supportive constituents such things, as long as part of the commission after the transaction provides the company on the line. "

Due to the different product channels, resulting in the difference between the company can still be understood, but there exists a third-party sales chaos, the same company in different salespeople quote there spreads.

Above a large third-party company sales director, told reporters that "third-party financial companies have very different strategies for selling products, some companies selling expenses to sales staff is a packaged price, namely the cost of sales commission and channels which are included For the price, the sales staff there is great flexibility, but often result in different different company reported sales price. outside and some companies are using relatively uniform price, then follow the results of the sales commission to sales staff, but Even so, it can not avoid the price difference with the company because many employees due to the pressure of performance appraisal, will choose to sacrifice part of their own interests, to achieve performance evaluation requirements. "

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