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诺亚财富因缺乏客观性和独立性遭质疑

2018-4-11 16:00| 发布者: admin| 查看: 5370| 评论: 17

在诺亚财富公司的网站上,在其公司简介一栏下写的是:诺亚财富从事第三方理财服务,为中国高净值客户提供客观中立的理财解决方案。

然而,诺亚财富究竟是不是一家真正客观中立的第三方理财机构?答案可能是需要商榷的。

佣金模式导致缺乏客观性

诺亚财富在中国大约有1000多名理财师,他们的工作就是和有钱人(高净值客户)打交道,并且向这些有钱人推荐各种金融产品。这些金融产品包括:二级市场基金,保险,组合基金(FOF),私募股权,房地产基金等。

在销售这些金融理财产品的同时,诺亚财富主要收取以下费用:一次性佣金:比如上来就收的申购费,或者直接从申购资金中扣除的一次性佣金;重复性佣金:比如每年收取的管理费;业绩分成:在一些基金(比如私募股权)中,诺亚财富会分到一些业绩分成;其他服务费。

根据诺亚财富公布的年报显示,在其财富管理(Wealth management)业务中,其一次性佣金收入占到年收入(2015年)的42%左右,另外年管理费占到36%,业绩分成占到15%。

问题在于,所有这些费用(一次性佣金,管理费和业绩分成)都不是直接从客户那里收取,而是在诺亚将理财产品卖掉以后再从其出售的理财产品中抽取的提成。这一点十分重要。

为什么这一点很重要呢?诺亚财富的收入主要来源于他们销售的基金的返佣。谁能对自己的衣食父母保持独立性?这不是掐断自己的活路么?所谓屁股决定脑袋,第三方理财机构的销售人员最大的销售动机在于推销价格最贵,返佣最高的基金。至于那款基金到底好不好,是否适合客户,对于他们来说则是次要的。

销售关联产品导致缺乏独立性

诺亚同时做第三方财富管理(Wealth management)和资产管理(Asset management),有严重的利益冲突。

举个例子来说,如果诺亚的客户要求客户经理推荐一款基金,那么客户经理在推荐其关联方的基金(比如红杉资本,惠林顿资产和歌斐资产)和其他公司的基金时,能够保证他的推荐的独立和公正么?正所谓肥水不流外人田,诺亚的销售人员当然会首先考虑推销自家的基金,在这种情况下所谓的独立性从何而来?

从诺亚的角度来讲,推销一个产品可以赚两道钱,是他们能够获得超额利润的秘密武器。

在诺亚财富向投资者推销任何金融理财产品时,公司会先赚取一道费用。这些费用包括:申购费,年管理费,业绩分成,或者其他类型的佣金等。而如果诺亚财富向客户推荐的是自己关联企业(比如歌斐资产)提供的产品,那么该关联企业则在同一个客户上又赚了一笔费用(年管理费,业绩分成,申购/赎回费等)。在一只羊身上剪两次毛,这是诺亚财富提高收入的核心战略。

在2011/2012年时,诺亚财富的收入主要来自于推销第三方理财产品(上图蓝色柱子),因此它基本上是一个名副其实的中介。

但是在过去5年中,诺亚财富通过推销关联方(Related party)理财产品得到的收入每年都快速增长。到了2014年,其通过推销自家金融理财产品得到的收入,已经超过了通过推销第三方理财产品得到的收入。也就是说,诺亚已经不是一家纯粹的“第三方理财机构”了,而是一家推销自己金融产品的基金公司。

投资者需要更多信息和透明度

要从第三方理财机构转型为基金公司,其实也不是什么不可以的事,但前提是需要向投资者充分披露信息,提供全透明。诺亚需要向广大投资者们披露的最基本信息包括:

1)在各个阶段,投资者购买的理财产品的收费各是多少?

这些收费包括:

诺亚财富收费:申购费,年管理费,业绩分成,其他费用

诺亚财富推销的理财产品的收费:申购费,年管理费,业绩分成,以及其他费用。

2)诺亚推销的理财产品,是否来自于其关联方(Related Party)?

他们是真正的第三方理财产品,还是来自于上文提到的那些诺亚的关联方,比如歌斐资产,红杉资本,惠林顿资本,景林资本等等。到最后投资者是否愿意购买诺亚推销的理财产品是他们的自由,但是前提是他们应该得到充分的信息披露。

2016年12月,诺亚的创始人汪静波在接受采访时表示,“我一直认为正直诚实非常重要”。本专栏(伍治坚证据主义)在上文中提倡的信息公开,收费透明的理念恰恰就是这种“正直诚实”的最起码的做法。广大的中国投资者,应该有权享受到更透明,更廉价和更优质的理财服务。


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