Institutional compound service to meet customer needs
The following is the speech record of Chao Zhu, CEO of Asset Pro, at the 2019 Sina Global Wealth Management Summit.
As a former immigrant, when I immigrated to the United States 10 years ago, I was helpless in the immigration proceedings. Immigration companies will do whatever they want and will not take responsibility for any problems. In the past, customers were very vulnerable in this industry. When customers learned more about the industry, they began to put forward challenges. We must pursue high performance price ratio to avoid problems.
Recently, I met an interviewer at Riverside University who was working on immigration cases. I was looking for a lawyer online. More and more customers use the internet to collect information and upgrade customer needs, not only in the immigration industry, but also in the immigration companies with which we cooperate. First, in the area of assets, people’s demands are highly increasing.
Second, dig deep into the different needs of the same customer. Three years ago at a forum, several senior immigration professionals, including Henry, Huijia and others, thought that I should focus on being an immigration consultant. Doing something else will distract me. I founded Asset Pro seven years ago, why does Asset Pro grow so fast? Customers spend a lot of money to come in. In the same industry, it is impossible to create a particularly large gap with competitors, it is already very powerful if you’re 20% faster than competitors. But now how do we see cross-border development? When investing in various IPOs like in Xiaomi, Meituan and Haidilao last year, we found that we barely heard any overseas company gets a particularly large financing, but that is possible for platform. Therefore, the multiple needs mining of a single customer must be the future trend.
Third, you can't understand everything, such as finance and medicine. You need to integrate with the industry quickly. Industry segmentation will become the future trend. People only need to focus on one thing, similar to Asset Pro. Many immigration companies are increasingly aware that they need to subdivide their business, and concentrate only on the parts they are good at and seek cooperation with others.
These are the three points that I have observed. I started with the form of workshops, but then we saw more and more integrated platforms which will also emerge within immigration companies. As I said just now, three trends will increasingly affect the industry.
Moderator: Thank you! Just now, Zhu summarized the key words. The customer needs are becoming more and more refined. We as a service organization hope to provide more complex services to meet their needs. At the same time, Mr. Zhu mentioned cross-border business and stability, and other resources can be linked across borders, so as to better meet customer needs.
Chao Zhu: As a person of financial background, I’ll talk about my points of view. What do Chinese people invest in? What you want to invest in is the same as what you should invest. All assets have three types of demand at home and abroad: the first one is basic demand, called stability demand. Such assets are usually based on the demand for insurance and consolidation robustness. Second, the demand of consumption upgrading, in order to get a better quality of life, such as overseas immigration, study abroad, medical treatment, real estate is a kind of consumption upgrade. In general, going overseas to seek a better quality of life is to spend money. Third, to make money, such as stocks, such as financial products.
There are several principles to share with everyone: The first is dispersion. Don't put all the assets in one. If you put insurance in the liquidity risk, if you put the stock in the market risk, if you put it in the real estate, there are valuation and policy risks.
The second is that the distribution process is in proper sequence. Some investors don't know what to invest in. They may be told by a consultant or even given investment advice by a friend. It is important to have a complete planning system, but sometimes, the establishment of this system is internal and sometimes external. Identities based on customer needs such as real estate sales consultants and immigration consultants can be diversified, but the skills themselves are universal. If you want to do that, Asset Pro helps these consultants acquire assets. We operate on a 2B model. There is a group of very diligent people in this industry, whether immigration consultants, financial sales, real estate consultants, who are becoming more and more mature, making the industry more and more mature.
The Chinese are so smart that the integration of sales and customers is becoming more and more common. Many customers buy it themselves and then recommend it to the people next to them. Pinduoduo mode is very popular because the best buyers in the world are your friends.
Second, return to talents. Top talent is very hard to train. today in the internet industry, there is a saying, all-around engineer, this kind of talent cannot be sought out. In the future, most industry practitioners will build themselves into compound talents. In other words, they will not be Superman of America, but Iron Man. With the ability to borrow modern technology, you need to be a Doraemon, and be able to find all kinds of resources to meet customer needs.
In this industry, for example, for a person engaged in the immigration industry, even if he is training for three months, even half a year, he still won’t have a deep understanding of immigration, finance, health care and education. In this case, what he wants to do, the front-end KYC service personnel, should be customer service background, can quickly connect professional resources. For example, Gu and I have known each other for a long time. No matter how I study American real estate, it is impossible for me to get to know American school districts in a short time. At this time, get Gu’s WeChat, contact him when necessary would be the best choice. When customers see you as a Doraemon, we need to learn to seek professional help, rather than do everything ourselves.
Third, the strategic layout of the enterprise development stage. At present, many industries, especially overseas asset industries, will be replaced by simple competition of information gap and speed. If an immigration company is still thinking about how to compete with the company next door, give it more benefits and make more profits. But the largest competitor is never your peers but the internet. In this case, what you have to do is jump off the rails and do something else.
These days I find that many very senior industry practitioners are in the process of self-reflection. If the boss doesn't update himself, it's harder to expect employees to update.
Chao Zhu: let me add a little bit from the perspective of investors. As an investor, when I serve customers, the two-stage rule is very important. First is how to go abroad. To go abroad, we need to comply. Let's share the concept of compliance. Everyone in this industry is looking at hundreds of thousands of dollars, millions of dollars, tens of millions of dollars. Sometimes China's overseas asset allocation is not as far away as you think. A family may have tens of thousands of dollars as a starting point for its overseas investment. Chinese people are getting more and more overseas income. Last year, 158 mainland Chinese enterprises listed in Hong Kong and 47 U.S. stocks. A total of more than 200 enterprises raised more than 1 trillion yuan overseas, which is an overseas asset. There are many examples of Chinese making money overseas. Huawei makes money when it goes overseas. When we go abroad, first of all, compliance is of concern to everyone. It has a huge potential market and it is itself compliant.
Second, we should abide by the local rules after going abroad. In a way, if we don’t conform to the local rules, we can't invest in good projects and we might be punished. What is the real estate investment in the end? People around the world are wondering. More and more Chinese go abroad. Fifteen years ago, my father was working in Hong Kong. At that time, he thought it was going abroad. Now we have to go to France, Hungary and Budapest to say that we are going abroad. In this process, Chinese people are more and more familiar with the rules and regulations of overseas investment. They are more and more aware of the concept and logic of overseas investment. It is very important to be a Chinese investor with knowledge and culture.
In January, I went to Paris to attend the largest internet finance summit in Europe. I was the only speaker from mainland China. Everyone around me asked me a question: what exactly do Chinese want to invest in? We've always wanted to make Chinese money. We very much hope to see that investors themselves can be reasonable and legal in the two things I just said. First of all, we need self-education. Don't wait for others to tell us. The more passive we are, the more likely we are to be cheated.
Chao Zhu: overseas asset allocation is not asset transfer but consumption upgrading, which is an irreversible trend. There is a data report made by BCG. This year, there were 170 trillion-yuan markets for medium and high production in China, 5.3% of which are overseas. By 2023, there will be 15 trillion-yuan visible markets. Most of them have not been developed, so the industry is promising. Higher professional quality, stronger resource integration ability and more open thinking mode will provide better opportunities for our whole industry. I am very optimistic about this industry and hope to further cooperate with you. Thank you!