Securities consultants' refund rates remain high, and behind-the-scenes are rampant illegal activities for maintaining the rights of their clients.

Recently, a securities investment advisory agency in Shanghai cited data from the China Securities Association on 57 operating agencies, stating: "The number of refunds and customer complaints is increasing, far exceeding the industry's revenue growth rate of 28%. If we consider the data for 2024, this trend will become even more pronounced." The research data shows that in 2021, 2022, and 2023, the securities investment advisory industry saw refunds of 1.348 billion yuan, 2.328 billion yuan, and 2.445 billion yuan respectively. In recent years, the capital market has been consistently active, with the number of new A-share accounts increasing, bringing a large number of clients and performance growth to the securities investment advisory industry. At the same time, agencies operating under the guise of "representing rights" are also prevalent, using methods such as releasing false advertisements on new media platforms and colluding with insiders to steal customer information, instigating or impersonating clients to complain to regulatory authorities in order to obtain refunds and compensation, and ultimately achieve profit sharing. Industry insiders believe that the significant increase in refunds in the securities investment advisory industry is one of the factors that cannot be ignored.