我國發展整合式跨業財富管理之研究

Abstract

中 文 摘 要 台灣自2000年實行金融機構合併法及2001年開放金融控股公司成立以來，在銀行、證券及保險業間，興起併購風潮，亦對台灣金融業之競爭態勢（competitive posture）產生重大影響。在銀行傳統業務利差收入越小情形下，財富管理穩健的手續費收入已成銀行兵家必爭之地，2005年公佈銀行、證券、保險均可從事財富管理業務。在金融控股集團大者恆大趨勢下，交叉銷售與跨業經營效益日顯重要，金控與非金控之金融機構運用本身資源條件、組織程序、核心競爭力，如何有效進行整合式跨業財富管理策略規劃正是本文研究主題。 本研究採用兩階段問卷調查方式，透過對於財富管理市場實際參與者之調查，由供給面與需求面分析理專及顧客在證照、薪酬、業績目標、客戶關係維護、風險偏好、產品偏好、理財目標及服務效率等認知差異及不同變數層級下的差異分析，在輔以各項數據分析後，期待能提供金融機構進行跨業整合的優劣勢分析及可能面臨之挑戰與解決方法。 综和以上研究與問卷分析之結果，提出對金融機構發展整合式跨業財富管理之相關結論如下： 一、針對整合式跨業財富管理發展提供各項建議，建議範圍包括集團資源與投入、對顧客服務程度、理專專業與適合度。 二、就範疇而言，如何自內部活動的整合發展與外部環境條件整合。臺灣財富管理業務方興未艾，若金控內部跨業整合緩慢，或部份銀行、證券及保險公司，尚未積極進行跨業結盟，或者尋找合併整合對象，或未能走向國際化，若以本文研究結論觀察，來將面臨龐大競爭壓力與人才流失，且在財富管理業務上易被邊緣化。 三、就時間構面而言，如何自目前狀況的整合，發展為與前瞻構想的整合。跨業整合必須是持續性，而不是階段性，整合過程配合環境演變，結合公司發展目標，讓整合策略與未來目標結合。 四、就管理功能而言，自規劃面的整合，發展為實質面的整合。層峰對各項業務整合的支持，可以增加集團資源投入，以及管理人員執行整合的信心，將理論付諸實行。 五、就實質內容而言，如何自環境機會整合，發展為與本身條件整合。台灣財富管理市場已在進行一連串合併與整合，在環境機會形成下，金融機構可以選擇與本身條件具有互補性之對象，進行業務整合。 六、取決標準而言，如何從自我中心目標，發展為相對競爭定位的整合。整合過程中對於財富管理核心業務加強，對於競爭劣勢補強，透過業務整合增加在市場的競爭力。 最後並依據研究結果，提出相關建議及後續研究方向，期待能提供金融機構進行財富管理業務跨業整合的策略參考。

Thesis Abstract Finance College of Management National Taiwan University Name：Chou Hsiao-Ling Month/Year：July,2007 Advisor：Li Cun-Xiu,Ph.D. Title：The Research in Wealth Management Multi-business Integration of Taiwan. Since the Law Governing Merger of Financial Institutions constituted in 2000 and financial holding company was granted in 2001, the merge trend is prevailing among banks, security and insurance industries, which also significantly affected the competitive posture of financial industry in Taiwan. As the interest rate difference from traditional bank business is getting smaller, the stable revenue from handling charges from wealth management has become the most important battlefield for banks. By promulgation in 2005, all banks, security and insurance industries were permitted to engage wealth management businesses. Under the trend “the big always get bigger”, the benefits from cross selling and cross business is getting important. How financial holding or non-financial holding institute use their own resource, organizational procedure and core competence to effectively proceed the strategies for integral cross business wealth management is the subject matter of this essay. This study adopts two-phase questionnaire. Through the survey toward participants of wealth management market, this study analyze the cognitive difference and variances analysis between financial specialists and customers in respect of certificates, compensations, performance target, customer relationship maintenance, risk preference, product preference, finance management goal and service efficiency from supply and demand perspectives. After that, apply them for various data analysis, to the expectation providing the advantage and weakness analysis and possible challenges and resolutions as proceeding cross business integration to financial institutions. According to preceding research and questionnaire analysis, this study provides related summaries of integral cross business wealth management developed by financial institutions as follows: 1. Provide various recommendations aiming at the development for integral cross business wealth management, including group resources and devotion, level of customer services and the specialty and fitness of financial specialists. 2. As to the scope, the concern is how to integrate the internal activity development with external environment. The wealth management businesses in Taiwan are getting popular. According to the observation of this study, if financial holding companies move slowly to the integration of internal businesses, or some banks, security and insurance companies do not aggressively seek for cross business alliance or merging candidates or orient toward international, they would face serious competitive pressure and talent losses and the wealth management businesses are easily be marginalized. 3. From time dimension, it is how to integrate current conditions with advanced ideas. Cross business integration must be constant instead of by phases. During the integration process, the company development goal shall cooperate with the environmental changes to combine the integration strategies with future goals. 4. As to the management function, the integration shall move from planning to practices. The support of top management toward various businesses integration may increase the group resource investment and the confidence of managerial people to implement integration and carry out the theories. 5. In term of the substance, it concerns how to integrate the opportunity from environment to your own condition. A series of merger and integration has been developing in Taiwan’s wealth management market. Under this environmental opportunity, financial institutes may choose subjects with complementary conditions to arrange the business integration. 6. In respect of determining criteria, it is how to develop the target from self-center to integration of relative competition positions. During the integration process, strengthen the core business of wealth management, consolidate the competition weakness and increase the market competence via business integration. Finally, according to the research results, this study has provided some related suggestions and follow up study orientation to the expectation providing references for financial institutes to decide the cross wealth management business integration strategies.