20230813_平安证券_非银行金融行业基金投顾专题研究报告：对比美国机构国内基金投顾行至何处？_23页.pdf
2023 08 13*20230718*+*20230707*20230614 S1060520040001 BQC673 WANGWEIYI S1060520040002 LIBINGTING S1060122070023 WEIJIWEN 1 2 APP 7 21 3 LPL Financial LPL TAMP V C B LPL 2023 6 1 2 3 1 2 3 4 2/23 EPS P/B 2023-08-11 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 600030 24.10 1.44 1.54 1.69 1.86 1.5 1.5 1.4 1.4 601995 41.18 1.57 1.81 2.01 2.23 2.4 2.4 2.3 2.3 300059 16.12 0.54 0.63 0.73 0.84 3.9 3.5 3.1 2.8 601688 17.00 1.22 1.46 1.67 1.91 1.1 0.9 0.9 0.8 000776 16.12 1.04 1.36 1.60 1.85 1.1 1.0 0.9 0.9 601377 7.00 0.31 0.48 0.55 0.62 1.2 1.1 1.0 1.0 600958 10.78 0.35 0.56 0.65 0.74 1.3 1.2 1.1 1.0 EPS w i n d XVEVuNrMsRrQtNmPqNtMmN8ObP8OpNoOoMoNjMnNxPjMrQnRaQqRsPMYpNtRMYmQmP 3/23.5.6 2.1.6 2.2.11.12 3.1.12 3.2.13.15 4.1LPL Financial.15 4.2.17.19.22 6.1.22 6.2.22 4/23 1.5 2.6 3.7 4.7 5.8 6.8 7.8 8.9 9.9 10.9 11.10 12.10 13.11 14.12 15 FPWA.13 16 2023/06/27.13 17 2023 7.14 18 LPL Financial.15 19 LPL.16 20 LPL Financial LLC.16 21 LPL Financial.16 22 LPL Financial.17 23.17 24 T AMP.18 25.18 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0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022 02004006008001,0001,2002018 2019 2020 2021 2022 10/23 2021 250 2012 35 11 1 36 Financial Advisor Associate Program 2023 T op 100 10 7 10 6 2 2009 1.8 2009 2020 1.6 2020 2.0 2009 130%12=/2018 0.00.51.01.52.02.5020004000600080001000012000140001600018000200002005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020财 富 管 理 投 顾 数 量（人）投 顾 人 均 客 户 资 产（亿 美 元，右）11/23 3 2018 Next Best Action NBA AI NBA Goal Planning System GPS 2.2 2007 2017 2019 2021 2019 1000 50 2020 50 200 1000 A+2022 50 2022 800 FOF FOF 50 50 13 2017 2016 20 2017 200 2016 3 2017 293 2016 2065 12/23 2020 70 1V1 2017 2022 3800 2017 160%72%2022 E-Space 1 2 2020 14 2016 2017 2018 2019 2020 2021 2022 20 200 200 200 219 231 223 3 293 301 327 369 454 582 6188-25783 30000 27600 2065-70 66 47-1460 1706 1941-3000 3800 3.1 1946 20 60 70 1978 1989 2008 Wealth Central 2016 Fidelity Go Fidelity Personal and Workplace Advisors LLC FPWA FPWA 8 Fidelity Institutional Asset Management FIAM Fidelity Institutional Wealth Adviser LLC FIWA FIAM FIWA Fidelity Management&Research Company LLC FMR Co Strategic Advisers SAI 13/23 15 FPWA Fidelity Go Fidelity Flex 0$0 2.5 0.35%2.5 Fidelity Managed FidFolios 5000 0.40%0.70%Fidelity Wealth Service 1v1 5 1.10%Fidelity Strategic Disciplines 50 0.20%-1.50%Fidelity Private Wealth Management Fidelity Wealth Service Fidelity Private Wealth Management 200 1 0.20%-1.04%Fidelity Wealth Advisor Solution Alternative Investments Program Personalized Planning&Advice at Work 0.85%Fedelity Go Fidelity Wealth Service 13 200 SEC 2023 6 FPWA 1.35 SEC 2023 6 ADV FPWA 6525 35%52%13%FIWA FIAM 1550 0%1%99%16 2023/06/27 S EC 3.2 01,0002,0003,0004,0005,0006,0007,0008,0009,000FPWA FIAM FIWA 14/23 1998 Wind 2023H1 1.11 2019 10 2022 130 50 FOF 2023 7 APP 7 21 10 17 2023 7 500 0.2%500 0.4%500 0.5%500 0.5%2035 500 0.5%+500 0.2%500 0.4%10 10 0.60%10-50 0.50%50-100 0.45%100 0.40%10 10 0.50%10-50 0.40%50-100 0.35%100 0.30%1 30 A PP APP APP 2022 2.6 2023Q1 524 1464 2.79 15/23 4.1LPL Financial LPL Financial Turnkey Asset Management Platform T AMP LPL/RIA SEC broker-dealer FINRA LPL ETF LPL LPL LPL LPL LPL LPL LPL LPL 18 LPL Financial 1 LPL LPL Private Ledger Linsco 1973 Private Ledger LPL T AMP 2 AUM 1989 Private Ledger Linsco LPL 1991 LPL Strategic Asset Management SAM LPL SAM 21 LPL 5 Guided Wealth Portfolios GWP LPL LPL 90%-100%2022 LPL 2.1 1.1 10 CAGR 4.8%11.5%SEC 2023 5 17 LPL Financial LLC 3680 33%61%5%16/23 19 LPL 20 LPL Financial LLC SEC LPL LPL 6 Centrally Managed Advisor-driven 1000-25 2.5 LPL LPL Insurance Associates AW Subsidiary 21 LPL Financial Centrally managed platforms Advisor-driven platforms Model Wealth Portfolios(MWPs)Personal Wealth Portfolios(PWPs)Optimum Market Portfolios(OMPs)Guided Wealth Portfolios(GWP)Strategic Asset Management(SAM)Manager Select(MS)LPL Financial Reaserch ETF LPL Research 6 Optimum ETF ETF ETF 10000 250000 1000 10000 5000 25000 25000 2.35%0%-0.6%2.35%0.15%-0.60%2.50%1.0%2.50%2.35%0.60%LPL 0.35%90%-100%LPL 0.03%0.05%90%-100%90%-100%90%-100%LPL 0.20%90%-100%LPL 0.35%90%-100%LPL LPL 2022 LPL Commision 27%2011 23pct 050001000015000200002500002004006008001,0001,2001,4002010201120122013201420152016201720182019202020212022投顾&咨询资产（十亿美元）投顾数量（人，右）33%61%5%个人客户（除高净值）高净值客户机构客户 17/23 Fee-based 45%2011 16pct Asset-based 20%2011 10pct 22 LPL Financial W i n d 4.2 2B2C 1+V+to C 2019 2020 10 V 0.30%-0.6%23 A PP 2 T AMP B T AMP KOL 0%10%20%30%40%50%60%201120122013201420152016201720182019202020212022 Commision Fee-based Asset-based 18/23 T AMP 150 7000/B to B to C-C/2022 74 212 2790 24 TAMP 3 B B 2022 300 400 25 C B 19/23 1 C 2016 V V 2 B LPL Financial C B V C T AMP/20 60-70 1 2 3 LPL Financial T AMP V C B LPL 20/23 26 S EC 2019 10 2020 4 2021 11 2023 6()1 C TA 5%10%3 1 FOF+21/23 20%FOF 20%50%2 3 5%5%1000 1 1 1 22/23 Wind 2000 43.26%2019 56.88%2022 2 Wind 2023 7 11027 27.43 2018 114%1 12%REIT s 2023 7 6.1 1 2 3 6.2 1 2 3 4 :6 20%6 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