In western developed countries, investment consulting business sprouted at the beginning of the establishment of capital market. 1920, the world's first investment consulting company was established in Boston, USA, and the securities investment consulting industry began to develop. The formal development of China's securities investment consulting industry began in the early 1990s, when the securities market was initially established. After the leap-forward development in the 1990s, it has gradually formed a new industry with broad prospects.
With the rapid development of the capital market, the securities investment consulting industry is booming. Affected by global economic integration, the securities investment consulting industry presents two major development trends, one is the coexistence of internationalization and localization of consulting business, and the other is the bipolar development of specialization and integration of consulting business. Under the influence of these two trends, the development of securities investment consulting industry in China is facing unprecedented opportunities and great challenges. The main problems that plague the development of securities investment consulting industry are how to maintain the objectivity and independence of consulting business and how to prevent moral hazard.
There are not many institutions in China stock market that can provide advice and consultation to customers absolutely objectively and independently. For example, it is difficult for stock evaluation experts who provide investment advice from securities companies to escape the suspicion of "stock trust"; Accounting firms and other forensic industries provide auxiliary financial consulting services, and it is difficult to forgive their suspicion of using social forensic identity to bind consultation for personal gain. In particular, the shady securities investment consulting business exposed by the Enron incident in the United States prompted the American government to fine the securities companies 1 billion dollars, and planned to divest their consulting business and fully develop consulting institutions serving small and medium investors to ensure the healthy development of the market.
Due to the complexity of securities investment, securities investment consulting services do not rely entirely on a certain theory to predict and provide advice, but often rely on subjective experience judgment. In this case, once the decision-making error brings losses to the customer, it may lead to litigation. However, it is difficult to determine whether the cause of failure is the subjective and intentional misleading of consulting institutions and consultants or the real objective technical error. Therefore, it is more difficult to clearly distinguish the boundary between legal liability and moral hazard objectively, which is easy to cause misunderstanding by customers, thus increasing the pressure of financial consulting work, which is very unfavorable to the development of securities investment consulting industry.
Therefore, we should continue to study the theory of financial consulting in depth to properly solve various problems in the development of financial consulting industry.