證券業發展財富管理業務之研究

自從90年代初期，美國一些證券商、銀行以及保險公司，開始使用財富管理(Wealth Management)這個名詞針對高資產客戶進行財務服務以來，在全球金融潮流的推波助瀾下，財富管理業務已成為全球金融服務產業的重要發展趨勢。我國行政院金融監督管理委員會也於2005年6月核准證券商承做財富管理業務，並於2005年7月27日發布「證券商辦理財富管理業務應注意事項」，開放證券商辦理財富管理業務，更於2006年6月起修法擴大適用範圍從綜合證券商至專業證券經紀商亦可參與財富管理業務。這也是金管會繼核准銀行業承辦財富管理業務後，於財富管理業務又一新開放措施，也使我國人又增加一新的投資管道。且信託業法修正案業於2007年12月21日經立法院三讀通過，依據條文規定，證券商符合一定資格條件者，得經主管機關許可，兼營信託業務之特定項目，此次修法通過被視為一大利多，也為我國證券商經營財富管理業務增添另一大助力。故本研究為透過國內外相關書籍、文獻期刊、報章雜誌及學術報告等資料蒐集與整合歸納，探討證券業經營財富管理業務之情況、產業環境及市場供需、並以SWOT分析法進行證券業經營財富管理業務的優劣勢與機會威脅之分析比較，並提出未來發展建議供以參考。研究顯示我國證券商在國際金融環境的趨勢浪潮與國內證券市場的激烈競爭下，必需重新定義經營策略與規劃未來發展方向，且進行改革與轉型、重新整合核心能力與相關資源，發揮自身優勢利基與掌握法令開放契機，改進缺失迎向挑戰，先於財富管理業務市場佔有一席之地再朝向專業投資機構或國際投資銀行邁進，開拓出另一片「藍海」。

關鍵字

財富管理；投資銀行； SWOT分析

並列摘要

Beginning in the early 90s, some securities companies, banks, and insurance companies of the United States began using the term wealth management to provide financial services to high net-worth clients. With the influence of global financial trends, the wealth management business has become an important developmental trend of the global financial services industry. In June 2005, the Financial Supervisory Commission of the Executive Yuan of Taiwan has approved securities companies to carry out wealth management business, and on July 27, 2005, it promulgated the “Directions for the Conduct of Wealth Management Business by Securities Firms,” allowing securities companies to conduct business in wealth management. In June 2006, it further amended legislation to expand participation in wealth management business from composite securities companies to professional securities companies. Since the Financial Supervisory Commission permitted the wealth management business for banking, this is another liberal measure for the wealth management business, and allowed Taiwanese citizens a new investment avenue. Trust law amendments were passed by the Legislative Yuan on December 21, 2007. According to stipulations, qualified securities firms, upon receiving permission by regulatory bodies, can conduct business in specific items of trust business. This legislation was seen as very beneficial, and constitutes another weapon in the arsenal for domestic securities firms in conducting business in wealth management. Thus, this study uses foreign and domestic books, literature, periodicals, magazines, newspapers, and academic reports in information gathering, integrating, and summarizing, to explore conditions, industrial environment, and market supply and demand for the securities industry in wealth management. This study further uses SWOT analysis to analyze and compare the strengths, weaknesses, opportunities, and threats of the securities industry in the wealth management business, and provides suggestions for future development. This study shows, with the trends of international financial environment and intense competition of the domestic securities market, securities companies of Taiwan must redefine management strategies and plan future developments, and conduct reform and reorientation, reintegrate core abilities and related resources, manifest advantages and grasp opportunities for the liberalization of regulations, improve upon errors, and face challenges. Companies should first take a significant share of the wealth management market before development in the professional investment institutions or international investment banking, in order to open another “blue ocean.”