[China Securities Association is investigating the wealth management transformation of securities firms, focusing on demands for policies and systems] On September 14, reporters learned that the China Securities Association is currently investigating the wealth management transformation of securities firms, aiming to understand the industry's current status, main issues and policy demands in the fields of buy-side investment advisory and full-category asset allocation. The survey covered 75 aspects, including the rate of preservation and appreciation of customers' long-term assets, the proportion of profitable customers, the stability of positions, the proportion of re-investments, etc.; it investigated the degree of linkage between investment consultant compensation and customers' long-term AUM, and whether to establish mechanisms such as salary deferral, investment consultant follow-up investment, customer retention rewards, and income compliance rewards. The survey focused particularly on the willingness of securities companies to optimize the most urgent regulatory policies, including allowing investment advisory services to charge diversified fees and including private equity funds and ETFs within the scope of investment. Clear liberalization of bank financial management system arrangements for brokerage agencies, expanding the coverage of concurrent insurance agency licenses, issuing normative documents for agency sales of insurance and financial management, expanding the total QDII quota, and lowering the threshold for cross-border financial management were also focused on. (Reporter Lin Jian)