私人銀行一直給予人一種尊貴的神祕感，筆者透過起源地瑞士與其後興盛地美國的私人銀行業務發展歷史與現況進行說明，希望讓讀者更了解私人銀行的業務。綜合過去與現在私人銀行在歐美的發展狀況及成功因素進行研究，進而釐清私人銀行與財富管理的不同之處。 中國在2010年正式超越日本成為全球第二大經濟體，僅次於美國，本論文針對中國總體經濟發展現況，個人財富的增長與高資產及超高資產人士分布區域與所擁有投資資產占比、投資行為以及投資偏好進行研究，用SWOT分析比較中資銀行在中國境內心發展私人銀行的優勢與所面臨的困境與威脅。 最後以澳新銀行〈ANZ〉跨足中國市場之條件與目前在香港發展的現況進行說明。最後則提出澳新銀行〈ANZ〉所具備與其他銀行差異化的條件與優勢及劣勢，進而提出其面對中國高資產人士財富隱藏及保存需求，發展吸引中國高資產人士之策略建議。

本研究生目前任職於瑞士的S私人銀行，負責該銀行於台灣區的業務，先前亦曾經任職於國內銀行的理財中心與財務顧問公司，擔任理財主管與從事私人銀行平台工作超過十年期間。對於國內銀行近年來所推動之「財富管理」業務，或號稱更高等級之「私人銀行」業務發展，有深入的瞭解與實際上的業務拓展經驗。 據統計，台灣目前的財富管理商機高達28兆元，市場規模在亞洲排名第三，僅次於中國與日本。隨著兩岸關係解凍，金融業的重重限制可望逐步鬆綁，相信很多外移的資金將會陸續回流，台灣的財富管理市場將有很寬廣的成長空間。這也造成了各金融機構，無論是銀行業、證券業，甚至保險業均相繼投入此一熱門業務。加上近幾年來，國內外的金融業者在金控架構之下進入了白熱化的競爭，強調一次購足與全方位的理財服務，使得國內銀行的理財專員在業績目標的壓力之下，對於高資產與高所得客戶(HNWI)，披著量身訂作與精緻規劃的外衣，實際上進行了很多不必要金融理財商品的推銷。甚至，這些所謂的『金字塔頂端』的客戶所購買的理財商品，其風險值往往超過該客戶所能承擔之風險程度而不自知。一旦大環境發生巨變，例如數十年難得一見的次級房貸風暴與通膨危機同時發生，則客戶所遭受的虧損是很可觀的。其實類似的客訴事件在國內的金融機構屢見不鮮，雖然站在主管機關的立場應該幫助較弱勢的投資人，但財大氣粗的金融財團卻理直氣壯地不願意承擔誤導客戶之責任，往往客戶都會自認倒楣，如此客戶對該金融機構的信心一定大打折扣，甚至因而失掉了這個客戶。 同時，近年來因為國內稅負偏高，造成大筆資金外流至國外的知名私人銀行進行稅務或理財的規劃。據瞭解，台灣的有錢人在海外的資產規模，高達2,300億美元以上。預期未來在新政府上台後，將開始採取有利的稅負環境，包括遺產稅或贈與稅已大幅降低，以吸引滯留在外的資金回流。屆時這些為了節稅而有家歸不得的龐大資產，將會像迴游的鮭魚一般回到台灣，勢將引發國內金融機構新一波的理財業務競爭。但如果國內的業者在觀念上依然存在以過去的做法為指導方針，只在乎短線的手續費收益，競相地殺雞取卵，並未用心思考如何為客戶創造長期或世世代代的財富保障效益，無法達成歐美私人銀行數百年來所吸引富裕人士的功能，相信這幾年國內業者的努力也將付諸東流水！ 在此，希望藉由本文的深入探討，以研究生個人在此一領域十五年以上經驗，配合在S銀行的所從事的業務與國際間私人銀行做一比較，同時就目前國內正在萌芽的私人銀行業務競爭之優劣條件進行分析，並提出本研究生的建議。 / This graduate student is currently the Associate Director/General Manager of the Taiwan Regional for the “S Private Bank” from Switzerland. Previous to that, he was the Head of the Private Banking Centre in a local bank and as well was the President of an IFA (Independent Financial Advisor) which managed a private banking platform for local high net worth individuals (HNWI) with over 15 years of experience. Currently, the AUM of wealth management in Taiwan is over NT$28 trillion, ranking as the third among Asia countries, China & Japan ranking as No.1 & No. 2 respectively. After the new government in May 2008, the regulations in the different financial fields will be liberalized and this would attract the offshore monies returning to Taiwan. Therefore, there should have a big potential in the wealth management market. In this regard, local financial institutions, such as banks, security brokerages and insurance companies are putting every effort in this business, consequently, competition occurs. Due to the fierce competition, the HNWI have been overly loaded with investment tools recommended by FAs (financial advisor) in the banks. But after the subprime turmoil, the clients suffered and, in this regard, the bank might lose those clients. Meanwhile, the taxation rates in Taiwan have been too high to retain the monies domestically. It is estimated that the HNWIs have been keeping over US$230 billion of their money abroad. Fortunately, after the new government, the taxation has already reduced recently in attracting the money to return to Taiwan. By then, the local financial institutions will vie with each other for the huge money in the wealth management business. But if the local institutions remain keen on their nearsighted thinking of product or sales oriented private banking business in generating fee income, lacking of a long-term financial planning for HNW clients, as such, could hinder the local financial institutions from building the competitiveness in the private banking business. In this regard, this graduate student tries to give some personal experience in this particular field which is rarely touched by local practitioners. Also, this thesis will put forward some practical suggestions to the related Governmental Authority so as to make a healthier environment and wider room for the local interested parties. This study focuses on the results from the abstract to analyze and provide some realistic and useful suggestions to those financial institutions who are interested in the private banking business.

在2008年首先由次貸風暴帶動的金融大海濤，造成了世界金融市場紊亂，信用市場緊縮，經濟景氣急凍，追究其原因為在2008年金融海嘯爆發前的世界經濟大環境是由太寬鬆的資金政策所主導，所以造成了過多市場資金亂竄，同時信用過度膨脹之後，而造成了風險的增加; 而且同時期，各金融機構為了搶食市場充裕的資金，無不努力的進行金融創新，而產生了許多複雜的金融商品，包括次貸後面所包裝的各種證券化商品，結構債及連動債等等，這些商品在一連串包裝之後，變或多重環結，使得投資人根本不容易了解並掌握其背後可能的風險，而一般金融機構及其從業人員在財富管理這一領域中為了能增加手續費收入，或礙於本身的金融知識不足，而草率的推銷給不適合的投資人，現在在次貸風暴暴發後，不僅已造成許多銀行本身嚴重的虧損，甚至到破產的程度，而且也造成許多投資人和金融機構的訴訟與紛爭，現在已經有些國內銀行紛紛更改其公司組織架構，使得財富管理四個字，在銀行新組織下都不見了，例如永豐銀及中信銀就是這種情形，他們不再只做300萬以上的財富管理客群，而且不再強調VIP專屬的財富管理服務，而是著重維繫大小客戶的觀係。 財富管理產業在這幾十年來，隨著經濟及股巿的成長而快速成長，而其中所謂的私人銀行理財服務，專門服務針對擁有可投資金融資產超過一百萬美元的富裕人士，這些富裕人士，在2007年達到一仟零一十萬人，較2006年增加8.3%，而富裕人士的財富總值，在2007年達到40.7兆美元，較2006年增加9.4%。如此篷勃成長的產業，2008金融海嘯中，竟也有許多銀行發生了巨大虧損。 財富管理服務以瑞士最為悠久及正統，其中三大瑞士銀行的第一大之瑞銀(UBS)及第二大的瑞士信貸銀行( CREDlT SUISSE) ，都在這波金融風暴中，產生巨大虧損，而第三大的EFG銀行(個案公司) ，卻能持續維持獲利及高成長，所以本研究將以此個案公司的特有之企業經營模式探討其成功的關鍵因素。

The international banking industry has paid much attention to private banking business because of its high profit. Although this business has hundreds of years of history in the United States and Europe, by contrast, it is still on the primary stage in China. Not until 2007 have more and more domestic bankers started to participant in this field. In recent years, China’s economy has maintained the rapid growth regarding the performance of GDP, stock market, real estate, etc. Benefit from the strong economy, the wealthy population and their wealth volume has been increased, those provide a good foundation for development of this business. At the meantime, with the continuously opening of China’s financial market and the demands for improvement of profit structure, this business has become a core strategy for domestic banks become to eager to develop. Under the incentive of market potential and pressure of external competition, China’s domestic banks still need to overcome some difficulties at the present stage to enjoy high profit from this business. Those obstacles includes the immature demands for financial services, the inadequate the external financial environment and lack of internal criteria within banks. Hence, on the one hand, the government should create a fine financial environment to help bankers to develop more advanced products or services to meet the clients’ demands. On the other hand, and bankers themselves should enhance the staff’s qualify and utilize the modern customers management techniques and information system to distinguish the target clients and their demands. / The international banking industry has paid much attention to private banking business because of its high profit. Although this business has hundreds of years of history in the United States and Europe, by contrast, it is still on the primary stage in China. Not until 2007 have more and more domestic bankers started to participant in this field. In recent years, China’s economy has maintained the rapid growth regarding the performance of GDP, stock market, real estate, etc. Benefit from the strong economy, the wealthy population and their wealth volume has been increased, those provide a good foundation for development of this business. At the meantime, with the continuously opening of China’s financial market and the demands for improvement of profit structure, this business has become a core strategy for domestic banks become to eager to develop. Under the incentive of market potential and pressure of external competition, China’s domestic banks still need to overcome some difficulties at the present stage to enjoy high profit from this business. Those obstacles includes the immature demands for financial services, the inadequate the external financial environment and lack of internal criteria within banks. Hence, on the one hand, the government should create a fine financial environment to help bankers to develop more advanced products or services to meet the clients’ demands. On the other hand, and bankers themselves should enhance the staff’s qualify and utilize the modern customers management techniques and information system to distinguish the target clients and their demands.

財富管理源起於私人銀行，服務對象為高淨值資產之客層。金融監督管理委員會為促進國內金融環境發展健全，於2005年2月間頒布「銀行辦理財富管理業務應注意事項」、2005年7月間頒布「證券商辦理財富管理業務應注意事項」、2006年1月核准「人身保險業辦理財富管理業務」。規範人身保險業從事財富管理業務之範疇，歸納為人身保險業針對高淨值客戶，透過人身保險業務員，依據客戶需求，提供資產配置或財務規劃等服務，而高淨值客戶之條件，由人身保險業自行依據經營策略訂定。 隨著人口老化、財富愈趨集中、經濟環境之變遷，金融控股公司資源整合與金融監理相關法規逐漸完備等因素，人身保險產業由擅長提供人身保險商品，延伸至理財規劃及資產管理諮詢服務，也延伸經營管理相關問題，本研究就國內人身保險業經營財富管理業務，針對人壽保險公司實施財富管理業務提出建議： 1、加強財富管理業務之風險管理：應加強經營財富管理相關業務的經營風險辨識，進而提出有效的風險管理制度與政策。 2、強化內部稽核制度有效性：在兼顧經營效率下，建立有效稽核制度，使企業成為一個有機體。 3、確實瞭解客戶並落實客戶風險告知：一套瞭解、認識、接近客戶並取得客戶信任整合流程，是發展財富管理業務的關鍵。 4、提升業務人員教育訓練及專業培養：專業知識、教育訓練、管理規範及資訊系統輔助，使人員服務品質提升，更可以有效傳遞並確保客戶權益。 5、強化保險商品創新與財富管理市場定位：以人壽保險產業深入服務優勢，搭配商品服務及通路創新，以獨特性及附加價值，奠定財富管理定位。 同時亦探討現行保險監理機關監管財富管理必須重視的議題，如何明確定義人壽保險業者經營財務富管理業務檢查要點，修正財富管理業務需有獨立權責部門規定及開放投資型商品設計及管理費議題。本文同時評估現行人身保險業者經營財富管理業務之效益評估，並作為監理機關監管財富管理業務時參考。 / The “Wealth Management” service was created by private bank. It is designed to serve the customers with high net worth. In order to improve the financial environment to be well managed and to be wealthy developed, the Financial Supervisory Commission Committee announced the terms of “The Notice of Wealth Management Business for Banks” in February 2005, “The Notice of Wealth Management Business for Securities” in July 2005. The “The Rules for Life Insurance Companies Hosting Wealth Management Business” had been permitted to be announced in January 2006. It defined the business scope for life insurance companies to promote the wealth management business. The purpose of the wealthy management service sold by life insurance companies is targeted to serve the life insurance customers with high net worth. Through the life insurance sales, the life insurance companies can offer the capital allocation, financial planning based on customers’ request. For the criteria of “High Net worth” customers, it can be defined by each life insurance company. Due to the average age of population is becoming higher, wealth is becoming to be concentrated, economic environment situation is changing intensively, the financial holding companies integrated the resources, the rules of financial supervision is becoming completed, such kinds of change offer the opportunity for life insurance companies to extend their business scope to the territory of the consultant service for financial planning and wealth management. Such kind of change creates some administration and management issues. So the purpose of this study is to survey the current situations of wealth management business of life insurance to try to find the suggestions for the below topics. 1.Empower the risk management for wealth management business: How to empower the risk identification capability to propose the effective rules and policies for risk management. 2.Improve the internal audit mechanism to be more effective: How to establish or improve the internal audit mechanism without affect the business and company operation. 3.Learn more about the customers and solid executing the risk notification to customers: How to establish an effective SOP for realizing the customers’ exact requirement, approaching the customers and getting the customers’ trust. 4.Enhance the sales education training to enhance the service quality and empower the business competition ability: By integrating the IT resources and business management to establish an organized/effective sales education training package for improving the sales knowledge and business domain know how. 5.The enhancement for life insurance product creativity and clear marketing positioning ability/core competence for wealth management business: Taking the advantage of the existing sales network, combining the creative product, service and channel profile to establish the specialty and core competence. Meanwhile, this study tries to highlight some key issues like “the important topics shall be focused by the insurance supervision institute”, “the definition of the check points for the wealth management business of life insurance companies”, “how to revised the relative rules to request the wealth management business must be performed by the independent department”, “release the permission for the designation of Investment-oriented merchandise and management fee”. This study also makes the performance evaluation for the wealth management business of life insurance companies. It would be the valuable reference data for the relative supervision institute of government.