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    题名: 借鏡英國探討台灣基金市場行銷服務模式之改進方向
    On the Enhancement of the Mutual Fund Distribution Marketing in Taiwan:Lessons from the UK
    作者: 賴雅雯
    Lai, Ya Wen
    贡献者: 蔡政憲
    賴雅雯
    Lai, Ya Wen
    关键词: 獨立顧問
    包裹基金
    共同基金銷售通路
    independent financial advisors,
    wrap funds
    mutual fund distributions in Taiwan
    日期: 2011
    上传时间: 2012-04-17 09:12:29 (UTC+8)
    摘要: 本論文名稱:借鏡英國探討台灣基金市場行銷服務模式之改進方向。主旨係探討國內基金市場行銷現況，旨揭銀行主導銷售的服務模式及費率揭露乃至資金流向疑慮等幾大問題。輔證外國學者學術探討，以及參酌英國共同基金市場發展經驗，提出如統合專業證照、建立類IFA功能、顧問費合法化、開創多元理財商品之開放式交易服務平台及金融監理應扮演角色有關研究心得。
    國內商業銀行(前30大)僱用相關理財業務人員已達到4萬餘人，主導共同基金銷售趨勢。但依據國外學者研究，以商業銀行主導基金商品銷售，卻可能衍生問題，形成資金流向扭曲。銀行薪酬制度設計也與理財商品銷售資金流向形成互為因果的連帶關係。銀行能否擺脫佣金高低作為投資建議動力，金融消費者能否得到適合自身的投資組合，仍然存疑。
    英國基金市場發展已久，尤其以具有允許收取單一顧問費的獨立財務顧問運用多元化資產組合的包裹基金平台，最具特色。獨立財務顧問運用包裹基金平台給予民眾建議，無論保險、股票、基金、退休金方案等都可透過平台加以交易、組合以及管理等。這樣的投資組合建立、整合交易、保管及管理等模式，提高了消費者和金融業者的管理和投資效率。
    參考英國發展基金市場經驗，台灣得以借鏡之處，為加以整合有關金融投資商品證照的分散現狀，並拋開金融機構分業管理的歷史包袱，允許獨立財務顧問存在，給予顧問費收費合法化空間等等。另外，打破現狀，允許商業銀行開放出交易平台供顧問代客戶執行交易，則有助於個別顧問與銀行的良性合作及競爭關係，發展投資理財市場朝向提供金融消費者最適化投資組合的有利環境。
    This paper naming”On the Enhancement of the Mutual Fund Distribution Marketing in Taiwan: Lessons from the UK” subjects local fund marketing status, aims to expose issues of current bank-sales and service model, meanwhile the transparency of sevice rate disclosure. With secondary evidence of foreign scholars’ academic research, concerns of dispute of capital flows as well as other issues i.e.whether consumers get proper sevices and products arised.
    The status quo in UK fund market is in particular that allows financial advisers to charge a single advisory fee by applying diversified portfolio fund platform and making portforlio suggestion for their clients which includes recommendations and trading of stocks, funds, insurance, pension schemes etc., so as the related services of custody and management.
    This market will only succeed if it can build a highly efficient operating platform that reduces the operating costs of intermediary firms and product providers alike – creating enhanced value across the value chain that can be shared between customers, intermediaries and product manufacturers (including platforms).
    Taking into account the development of UK mutual fund market, lessons we have captured such as integration professional licenses, the establishment of classes IFA function, legalization of advisory fees, and create an open trading financial multi-service platform system, etc. Also, financial supervision should play an important role in the research experience.
    參考文獻: 1.車小嬋.2011.07.MorningStar晨星中國研究中心研究報告
    2.晨星MorningStar亞洲研究部.2010.08.中國市場基金銷售體制變革基金超市平台.
    3.中國溫州商報.2011.05.第三方銷售呼之欲出.
    4.時報資訊.2011.08.韓國未來資產環球投資集團Mirae Asset Global Investment Group收購台壽保投信
    5.Aqera Wrap Platform. 2003. Briefing Paper. Pp5
    6.Callum, M. 2003. What the FSA expects of IFAs. Speech at AIFA Dinner, Drapers Hall.
    7.Del Guercio, D. and P.A. Tkac. 2008. Star power: the effect of Monrningstar ratings on mutual fund flow. Journal of Financial and Quantitative Analysis, 43 (1): 907-936
    8.Datamonitor. 2003. Wrap accounts-next stop UK….and Europe? Dec.
    9.Enskat, D. 2010. The seven secrets of distribution. Strategic Insight, Nov.:Pp5
    10.Ernst&Young. 2010. RaDaR- Life and pensions outlook for 2011
    11.Financial Services Authority UK. 2007. Platforms: the role of wraps and fund supermarkets -A Discussion Paper forming part of the Retail Distribution Review. Pp9
    12.Knuutila, M., V. Puttonen, and T. Smythe. 2006. The effect of distribution channels on mutual fund flows. Journal of Financial Services Marketing, 12 (3): 88–96
    13.M. Lannon. 2011. How to choose the best wrap account and eliminate unnecessary adviser fees. ADA News Bulletin, 395(2): 38-40.
    14.Strategic Insight. 2008. Global fund distribution-best practices, key trends, and operational models to grow sales worldwide.
    15.United Kingdom Investment Management Association. 2011. The IMA Annual survey- asset management in the UK 2010-2011
    16.未來資產投信公司網站.2011.08. http://investments.miraeasset.com.tw/zh/about-us/media-relations/press-center/2011/20110809.html
    17.中國網.2011.10.證監會開閘審批，第三方基金銷售起跑. http://big5.china.com.cn/finance/txt/2011-10/17/content_23644383.htm. Accessed December, 2011.
    18.Datamonitor. 2011. UK wrap platforms-the market under wraps. http://www.datamonitor.com/store/Product/toc.aspx. Accessed Jun., 2011
    19.Datamonitor.2003.Wrap Accounts-Next stop UK…and Europe? http://www.datamonitor.com/Products/Free/Report/DMFS1622/010DMFS1622.pdf. Accessed Jun., 2011.
    20.Datamonitor.2011. UK Platforms, The market under wraps. http://www.datamonitor.com/store/Product/uk_wrap_platforms_2011. Accessed Jun., 2011.
    21.Datamonitor. 2002. The potential for wrap services in the UK. http://www.wrap-accounts.com/wrapservices260602.pdf. Accessed May, 2011.
    22.JP Morgan FundsHub.2003.IFA Platforms –The move from fund supermarkets to wraps. http://www.wrap-accounts.com/JP-Morgan-Funds-Hub.pdf. Accessed Nov., 2011.
    23.United Kingdom Investment Management Association. 2011. Fund statistics by total asset. http://www.investmentfunds.org.uk/fund-statistics Accessed Nov., 2011.
    描述: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    97932238
    100
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0097932238
    数据类型: thesis
    显示于类别:[經營管理碩士學程EMBA] 學位論文

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