- 學位論文
證券商從事財富管理業務之展望
The Prospects of Wealth Management Business to Securities Houses
摘要
環顧國內近幾年來金融市場之發展，金融產業為了提升競爭力，順應時勢潮流與環境的需求，無不朝向財富管理業務的方向發展。然而，證券商從事財富管理業務相較於銀行業從事財富管理業務，在哪些方面比較具有優勢，該如何強化、延續這些優勢，讓證券商在面對國內、外競爭壓力時，能更加從容，這是本研究的目的。因此，本研究透過六力分析找出證券商的優劣勢，進而分析出證券商從事財富管理業務之優勢，藉此來說明證券商從事財富管理業務並非處於劣勢。 本研究結果如下： 一、證券商從業人員無論是在產品設計、商品知識、銷售能力、客戶服務、薪資結構上，都具有相對的競爭優勢，只要在教育訓練上多下功夫，著重在從業人員觀念上的轉換，令證券商從業人員的心態由仲介轉化為經紀人的觀念，提供客戶資產配置的建議，就得以使證券商從業人員之學習曲線快速下降。 二、在客戶對證券商從業人員的信賴度、對財富管理的接受度、對報酬與風險的承受度都較高的情況下，只要在客戶關係管理(CRM)上持續加強研究，充分了解客戶的需求，將是證券商從事財富管理業務的關鍵成功因素。 三、金融產業除了需要積極擴展業務(開源)之外，對於風險控管(節流)更是重要，因為開源而來的業績營業收入一元，其淨利一定遠低於一元，只要風險控管得宜，省下的一元就等於多賺了一元。在證券商已歷經無數次之市場風險、信用風險、流動性風險後，對於風險之管理具有強烈意識，並配合產品設計能力，來分散風險、規避風險，進而得以有效降低風險。因此，風險管理是證券商競爭優勢的重要項目之一。 政策面之建議如下： 一、放寬證券商國際化的限制。 二、開放投資人得以憑自然人憑證透過證券商之網路開戶。 三、整合金融業相關法令規章，令法令組織與功能組織的型態趨於一致。 四、放寬金控公司下的子公司跨業經營時之硬體設備限制 五、開放證券商經營之業務範圍採「負面表列」。 六、整合金融業之相關證照規定。 七、開放財富管理人員不能接單的限制。 八、開放證券商從事複委託業務時得提供客戶融資、融券業務。
並列摘要
In view of recent developments in Taiwan financial market, all financial institutions are focus on wealth management business to meet with the market trends and customers’ needs. Nevertheless, we want to find out what competitive edges exist for Securities Houses compared to Banks in this business territory. How can Securities Houses prolong these advantages and be competitive to other financial institutes, both onshore and offshore, are the purposes of this study. This study will identify the SWOT of Securities Houses via the six force analyses and conclude why Securities Houses are actually in a better position than other Financial Institutions, in this kind of business segment. Following are our conclusions : 1.Employees of Securities Houses have competitive edges over other Financial Institutions in products design, product knowledge, selling skills, customer service and salary structure. Through training enhancements, especially on conceptual transformations, from a securities broker to an asset management agent, we expect that employees of Securities Houses can have an outstanding leaning curve and get this business in practice easily. 2.Overall, in comparison, the current customers of Securities Houses have a better understanding of risk-return management, higher acceptance of asset management programs, and a solid mutual trust relationship with the employees of Securities Houses. Under these conditions, to strengthen customer relationship management (CRM) and gain thorough understanding of their needs are the key success factors for the instruction of wealth management business of Securities Houses. 3.A penny saved is a penny earned, on top of revenue developing, risk control is of more importance for financial institutes. Over the years, Security Houses have experienced all kinds of market risks, default risks and liquidity risks, and built up strong awareness and knowledge of risk management. At new product development, risk diversification will be properly built in to ensure risks be effectively controlled. This risk management skill is one of the core competitive edges for Security Houses. From the policy prospectus, we suggest the followings: 1.De-regulation about internationalization for Securities Houses. 2.Allow investors open account with Securities Houses via electronic web under Certificate Authority mechanism. 3.Integrate the relative financial laws and regulations to make the legal organization consist with the functional organization. 4.Release the constraints of hardware & system requirements for subsidiary conducting cross-selling business under a financial holding company. 5.Expanding the business scope of Securities Houses by changing the “Positive List” to “Negative List”. 6.Integrate the requirements of certificates and licenses for financial institutions. 7.Not only the securities broker but also the employees in wealth management field can take securities orders. 8.Allow Securities Houses who engaged in re-consigned business can provide the margin trading services.