財富管理業務之比較研究：花旗銀行、元大證券、國泰人壽與顧德投顧為例

Abstract

2007年中美國發生次級房貸風暴，2008年下半年惡化擴散至金融機構，且因金融監理疏失與規範不足，演變成銀行體系的流動性危機，最後擴散成為金融海嘯。2008年9月金融海嘯導致歐美主要國家陷入衰退，造成政府稅收減少與社會救濟金支出增加，加上部分國家財政紀律不佳，歐洲各國債務水準大幅攀升，最終導致歐洲主權債務危機。美國聯邦準備理事會（FED）與歐洲央行（ECB）推出一連串救市紓困措施，資金氾濫造成全球股市震盪加劇，利率下滑造成臺灣銀行業利差縮小。為因應微利時代來臨，臺灣大眾投資理財管道與金融資產配置比例也產生重大轉變，也給予臺灣金融業轉型到財富管理的契機。 銀行、證券、保險與投顧等四大金融業發展財富管理業務受制於本業限制，導致發展財富管理方向也會有明顯差異，如壽險業經營財富管理業務，由於顧客需加買保險徒增成本，產品無法一次購足等先天缺陷而居於劣勢。 本研究將探討四大金融業發展財富管理業務的有利及不利因素，各選取一家具代表性的金融機構，針對其經營財富管理的優勢比較分析，同時探討面臨的問題，且分別在商品面、法規面、稅賦面與業務面，就四類金融業發展財富管理業務的優缺點，進行全面性比較與分析。本研究將對四大金融業發展財富管理業務未來面對之問題提出因應對策與建議，做為投資人選擇適合自己的投資理財管道或財富管理機構的評估依據，以及提供金融機構經營財富管理能改善劣勢並強化優勢，具備更專業能力，以協助助投資人獲利。

In 2007, subprime mortgage crisis occurred in the U.S, which worsened to affect financial organizations in 2008. Because of lacking financial supervision and regulations, it led to banking liquidity crisis and later financial tsunami. In September, 2008, the financial tsunami caused recession in several European countries, leading to reduction of tax revenue and increase of social welfare expenditure. Besides, due to the poor financial discipline in several countries, the debts among European countries increased drastically and in turn caused debt crisis. FED and ECB then introduced a series of bailout plans; the money overflow caused great turbulence in the global stock market, and the decrease of interest rate led to lower interest margins in Taiwan banks. With the coming of 'low-profit' times, public investment management has undergone big changes and so does allocation of financial property, leading financial industries to focus on wealth management. Banks, securities industry, life insurance industry, and consultative industry have their intrinsic differences regarding wealth management. This study aims at discovering the advantages and disadvantages of the four above-mentioned financial industries in wealth management. For each industry, one representative organization is chosen. The researcher analyzes their strengths and problems in terms of four aspects: merchandise, regulations, tax, and business. The study then provides solutions and advice on wealth management for the four industries, as well as suggestions for investors to choose a financial organization that suits them.