In response to the new regulations on fund sales expenses, some wealth subsidiaries have taken practical actions to offer benefits. In order to practice inclusive finance and actively respond to the implementation of the new regulations on fund sales expenses, E Fund Wealth has initiated a full rebate of client maintenance fees for investment advisory clients. It was reported by Caixin that today, investors who have chosen E Fund Wealth's investment advisory services have received client maintenance fees for the underlying funds of the advisory strategies they participated in. Specifically, this rebate covers all trailing commissions generated by the underlying funds of the advisory strategies for which investors have authorized E Fund Wealth to provide investment advisory services from the inception of their own platform until March 31. Industry insiders view this move as a beneficial attempt in the domestic fund advisory industry. From the announcement of including trailing commissions adjustment into the rebate scope to the actual implementation, it only took 3 months. It was also reported that E Fund Wealth will continue to implement rebate measures according to regulatory requirements to effectively enhance investor experience and satisfaction. Actively responding to the rebate Client maintenance fee refers to a portion of the fund management fee that the fund manager pays to the sales agency after collecting the fund management fee from investors, commonly known as a "trailing commission." This time, E Fund Wealth has fully rebated the trailing commissions collected from fund managers when allocating underlying funds in the advisory business to investors, meaning that the sales commissions generated in the advisory business will be reduced to zero, and E Fund Wealth will only collect service fees for advisory services. Behind this move, the China Securities Regulatory Commission issued the "Regulations on Sales Expenses of Publicly Offered Securities Investment Funds" at the end of last year, which stipulates that fund sales institutions engaged in fund advisory services should adhere to the principle of prioritizing investor interests and the best execution principle. They should not charge client maintenance fees for the holdings generated from the fund advisory business to effectively prevent conflicts of interest. The regulations set a transition period of 12 months. E Fund Wealth's actions were an early implementation of regulatory requirements. E Fund Wealth officials stated that by fully rebating the trailing commissions generated by the advisory strategies' underlying funds to investors, it helps prevent potential conflicts of interest in strategy allocation and ensures that fund advisory institutions always prioritize customer interests in the fund selection, strategy construction, and portfolio management processes. This also means that the income of fund advisory institutions providing advisory services to clients will purely come from advisory service fees, aiming for alignment with client interests in their business model. To ensure the accuracy, compliance, and security of the rebate work, E Fund Wealth has completed the relevant distribution, advisory, and "e-wallet" system online and verification in batches earlier, ensuring that the entire process is error-free. From a financial accounting perspective, since the trailing commissions are collected by E Fund Wealth from fund managers according to the agreement, the rebate will increase investors' income. The rebate amount, in accordance with tax regulations, has been deducted related taxes and individual income tax has been withheld. Advisory investors can check the details on the "e-wallet" transaction record interface, and E Fund Wealth will also inform investors through various channels such as SMS and app messages. Industry development entering a crucial phase In fact, as early as February of this year, E Fund Wealth had announced that they would include the adjustment of trailing commissions in their rebate scope. Due to the 12-month transition period set by the new regulations, some fund managers may still pay client maintenance fees to E Fund Wealth according to the original agreement during this period. Therefore, E Fund Wealth officials previously stated that if they receive trailing commissions from the underlying funds of the advisory strategies during the transition period, they will provide rebates to investors after deducting related taxes. As a company newly established and approved in June 2025, E Fund Wealth initially faced significant investment needs in team building, technological research, system development, especially in the advisory system. However, E Fund Wealth stated that they remain committed to the rebate measures even in this context to effectively enhance the investor experience and satisfaction. Looking at overseas experiences, the fund sales fees in the U.S. market have shifted from primarily front-end commissions in the early days to gradually lower front-end commission payments after the implementation of the 12b-1 rule, leading to a decrease in the overall comprehensive fee rate of funds. Particularly after Vanguard introduced no-load funds, the wealth management industry has shifted from seller-based sales to buyer-based advisory, accelerating the transition. Along with this, the fee model has gradually shifted to an advisory service fee model, deeply intertwining the interests of advisory institutions with investors. The domestic fund advisory market is booming, and this year marks the seventh year of the fund advisory pilot. Han Xiang, general manager of E Fund Wealth, mentioned that the industry has completed the foundational "elementary phase" and officially entered a crucial period that determines the long-term development pattern of the industry. "This year has witnessed the expansion of fund advisory allocations from Science and Technology Innovation ETFs to Growth Enterprise Market ETFs. Subsequent major measures such as fund advisory business textbooks, fund products advisory quotas, and many others are expected to be launched. The industry's development is entering a crucial phase of continuity and transition," she sees the next six years as an important window for institutions to differentiate and establish their industry positions. E Fund Wealth is also attracting industry attention with its full-shelf distribution model for public funds covering the entire city. As of early February this year, E Fund Wealth had established cooperation with over 70 fund managers. In terms of advisory system construction, the company has currently developed more than 130 refined advisory strategies. This article is a reprint from Caijing Society, GMTEight Editor: Chen Wenfang.