金融風暴對台灣財富管理客戶投資行為影響之研究

Abstract

The last couple of years of global economic downturn have been critical to wealth management firms and its clients. Being one of the top 10 markets in the world, wealth management in Taiwan also faces lots of challenges caused by the shift of clients’ behaviors and attitudes. This paper aims to study the dramatic impacts of financial crisis on investment behaviors and psychology of wealth investors in Taiwan. By adopting the questionnaire survey and utilizing statistical analysis, irrational investment behaviors shown in the survey explain the prevailing fears and risk aversion among wealthy investors in Taiwan. After experiencing the plunge in market, performance of portfolio and transparency of product information are becoming watchwords for respondents. Trust erosion in wealth management entities is prevailing and the problem lies in the incentive scheme designed for financial consultants. To turn the challenges into opportunities, wealth management companies should study the significant differences of behaviors between segments of personal net worth and provide products and services accordingly. In fact, global wealth management institutions have paid more attention on the issues of investor behaviors. The report by Barclays (2009) claimed that wealth management institutions should have a close look at investor behaviors in turbulent markets and find the implications for banks from these new behaviors. The latest report by Capgemini and Merrill Lynch also started to review how wealth-management firms are adapting to behavior-driven investing by clients. I believe the issue of understanding investors behaviors will become main focus in the near future.