本文選題：證券公司　切入點(diǎn)：投資顧問(wèn)業(yè)務(wù)　出處：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：隨著證券行業(yè)同質(zhì)性的競(jìng)爭(zhēng)越來(lái)越激烈,證券公司的傭金水平逐年下滑,主要靠經(jīng)紀(jì)業(yè)務(wù)、傭金提成獲取收入的證券公司生存環(huán)境會(huì)越加艱難,傳統(tǒng)的單純提供通道交易的經(jīng)紀(jì)業(yè)務(wù)模式已經(jīng)不適應(yīng)證券行業(yè)的發(fā)展。要突破這種全行業(yè)的共同面臨的困境,需要證券公司提升傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)的范疇和層次,為客戶提供更加精細(xì)化和個(gè)性化的服務(wù)�！锻顿Y顧問(wèn)業(yè)務(wù)暫行規(guī)定》從法規(guī)的角度對(duì)投資顧問(wèn)業(yè)務(wù)的內(nèi)容和性質(zhì)進(jìn)行了規(guī)范,同時(shí)也給我國(guó)證券公司如何開(kāi)展投資顧問(wèn)業(yè)務(wù)提出了新的思考。 投資顧問(wèn)業(yè)務(wù)是是證券投資咨詢業(yè)務(wù)的一種基本形式,是對(duì)傳統(tǒng)的經(jīng)紀(jì)業(yè)務(wù)的提升和擴(kuò)展。國(guó)外券商業(yè)務(wù)圍繞客戶關(guān)系發(fā)展演變,從以產(chǎn)品驅(qū)動(dòng)的時(shí)代演變到銷售驅(qū)動(dòng)時(shí)代進(jìn)而演變到相對(duì)成熟的客戶驅(qū)動(dòng)的時(shí)代。在客戶驅(qū)動(dòng)的時(shí)代客戶可以粗略的劃分為追求最低交易價(jià)格的投資者和最求最大增值的投資者,這個(gè)階段客戶管理的特征是：一切從客戶的角度看問(wèn)題,在關(guān)注客戶短期價(jià)值的同時(shí),更兼顧客戶的中長(zhǎng)期價(jià)值。對(duì)于國(guó)外投資顧問(wèn)模式的研究和借鑒,國(guó)內(nèi)券商早在15年前即著手探索。但由于市場(chǎng)基礎(chǔ)、監(jiān)管環(huán)境、投資者素質(zhì)、經(jīng)紀(jì)人職業(yè)道德及業(yè)務(wù)能力等方面的不足,早期引入投資顧問(wèn)體系的券商或遭遇失敗或不成規(guī)模停滯不前。 隨著居民理財(cái)意識(shí)增強(qiáng)、機(jī)構(gòu)客戶壯大、混業(yè)經(jīng)營(yíng)和技術(shù)進(jìn)步等外部環(huán)境變化,全行業(yè)推行投資顧問(wèn)業(yè)務(wù)是一個(gè)必然的趨勢(shì)。監(jiān)管部門近年來(lái)也大力鼓勵(lì)證券公司在業(yè)務(wù)和模式上大膽創(chuàng)新,使得證券公司投資顧問(wèn)業(yè)務(wù)所涉及的范疇逐步擴(kuò)大。我國(guó)證券公司在發(fā)展投資顧問(wèn)業(yè)務(wù)上一方面要防止生搬硬套,另方面要防止閉門造車,本文在借鑒國(guó)內(nèi)外優(yōu)秀券商投資顧問(wèn)業(yè)務(wù)發(fā)展演變的基礎(chǔ)上,結(jié)合我國(guó)證券市場(chǎng)新的變化,對(duì)我國(guó)投資顧問(wèn)現(xiàn)有狀況進(jìn)行了分析,對(duì)投資顧問(wèn)成功開(kāi)展需具備的關(guān)鍵因素進(jìn)行梳理,從而探討規(guī)范的業(yè)務(wù)流程和作業(yè)標(biāo)準(zhǔn)。通過(guò)相關(guān)案例分析,對(duì)投資顧問(wèn)作業(yè)標(biāo)準(zhǔn)落地和執(zhí)行的一系列配套措施提出建議。 本文研究主要內(nèi)容包括：探討我國(guó)證券公司投資顧問(wèn)業(yè)務(wù)所應(yīng)該涉及的范疇和方式,相對(duì)傳統(tǒng)的經(jīng)紀(jì)業(yè)務(wù),投資顧問(wèn)業(yè)務(wù)所包括的內(nèi)容及所能使用的工具更多樣化,能為不同類型的客戶提供多樣化的服務(wù),是券商推廣財(cái)富管理的一個(gè)切入口,更能幫助券商實(shí)現(xiàn)多元化收入的一個(gè)重要方式：通過(guò)以點(diǎn)帶面的方式分析我國(guó)證券公司投資顧問(wèn)業(yè)務(wù)的現(xiàn)狀,提出成功開(kāi)展投資顧問(wèn)業(yè)務(wù)存在的問(wèn)題,應(yīng)該從投資顧問(wèn)隊(duì)伍的建設(shè)、建立完善的投資顧問(wèn)業(yè)務(wù)流程和作業(yè)標(biāo)準(zhǔn)、組織機(jī)構(gòu)和管理機(jī)制上給予支持和保障等方面推動(dòng)投資顧問(wèn)業(yè)務(wù)發(fā)展；對(duì)以上幾方面分別進(jìn)行具體闡述,并提出了具體的解決方案和措施。對(duì)于投資顧問(wèn)業(yè)務(wù)具體的業(yè)務(wù)流程和作業(yè)標(biāo)準(zhǔn),筆者結(jié)合所在證券公司的實(shí)際情況提出相應(yīng)的方案；提出為了保障作業(yè)標(biāo)準(zhǔn)的落地,投資顧問(wèn)業(yè)務(wù)能順利推動(dòng),應(yīng)該強(qiáng)化培訓(xùn)和考核,并提出具體的方案。 本文的主要觀點(diǎn)包括：投資顧問(wèn)業(yè)務(wù)比傳統(tǒng)的經(jīng)紀(jì)業(yè)務(wù)所包括的層次更廣泛、范疇更全面,從其提供的金融服務(wù)的層次來(lái)說(shuō),不僅限于個(gè)人客戶在二級(jí)市場(chǎng)上的需求,也包括一級(jí)或者一級(jí)半市場(chǎng)上的各種滿足客戶需要的金融服務(wù),從目標(biāo)客戶來(lái)說(shuō),不僅限于個(gè)人客戶也包括個(gè)人客戶背后的企業(yè)客戶；我國(guó)證券公司投資顧問(wèn)業(yè)務(wù)目前還處于起步的階段,在很多方面還存于摸索階段,存在服務(wù)及盈利模式相對(duì)單一、投資顧問(wèn)隊(duì)伍不夠穩(wěn)定、研究資訊端通過(guò)投資顧問(wèn)傳導(dǎo)到客戶端的體系和渠道不暢通、沒(méi)有形成完善業(yè)務(wù)流程和作業(yè)標(biāo)準(zhǔn)等方面；要高效的開(kāi)展投資顧問(wèn)業(yè)務(wù)需要在加強(qiáng)投資顧問(wèn)隊(duì)伍建設(shè)、建立完善的業(yè)務(wù)流程和作業(yè)標(biāo)準(zhǔn)、從組織機(jī)構(gòu)和管理機(jī)制上給予支持和保障等方面入手；通過(guò)案例分析提出投資顧問(wèn)隊(duì)伍建設(shè)的需要從建立完善的職業(yè)發(fā)展通道、建立完善的投資顧問(wèn)績(jī)效考核評(píng)級(jí)指標(biāo)體系等方面入手；對(duì)第一線投資顧問(wèn)設(shè)立標(biāo)準(zhǔn)的業(yè)務(wù)流程和作業(yè)標(biāo)準(zhǔn),并對(duì)每個(gè)步驟進(jìn)行了規(guī)劃。 本文采取了以下幾種研究方法： 1.文獻(xiàn)研究法。文獻(xiàn)研究法是通過(guò)查閱文獻(xiàn)收集相關(guān)資料,從各個(gè)方面和角度對(duì)某一研究的課題獲項(xiàng)目進(jìn)行全方位了解的一種方法。本文研究投資顧問(wèn)業(yè)務(wù)在國(guó)外證券行業(yè)經(jīng)過(guò)長(zhǎng)期的發(fā)展演變形成了相對(duì)完善的體系,國(guó)內(nèi)由于證券行業(yè)起步較晚,投資顧問(wèn)體系尚處于探索發(fā)展階段。隨著我國(guó)證券行業(yè)逐步從規(guī)范發(fā)展為主導(dǎo)的階段進(jìn)入創(chuàng)新發(fā)展主導(dǎo)階段,投資顧問(wèn)業(yè)務(wù)有了新的內(nèi)涵。筆者通過(guò)各種途徑獲取和查閱了相關(guān)資料,并結(jié)合當(dāng)前新的政策和業(yè)務(wù)動(dòng)向,對(duì)投資顧問(wèn)業(yè)務(wù)的發(fā)展規(guī)劃進(jìn)行了研究。 2.案例研究法。案例研究法是結(jié)合市場(chǎng)實(shí)際,以典型案例為素材,并通過(guò)具體分析、尋求解決問(wèn)題的一種方法。本文選擇的筆者所從事的一家證券公司,通過(guò)對(duì)有典型特征的案例進(jìn)行分析,提出適應(yīng)我國(guó)證券公司發(fā)展投資顧問(wèn)業(yè)務(wù)的相應(yīng)措施和建議。 3.邏輯推理法。邏輯推理法是把不同排列的事項(xiàng)通過(guò)邏輯順序進(jìn)行相關(guān)性推導(dǎo)。本文運(yùn)用管理學(xué)與企業(yè)發(fā)展戰(zhàn)略的相關(guān)理論,對(duì)各種可能存在的問(wèn)題進(jìn)行梳理和綜合的分析,根據(jù)我國(guó)證券公司投資顧問(wèn)業(yè)務(wù)的特點(diǎn)和實(shí)際情況,探索適合我國(guó)證券公司投資業(yè)務(wù)發(fā)展的途徑。 本文的創(chuàng)新點(diǎn)：通過(guò)大量的文獻(xiàn)研究,縱向上借鑒國(guó)外優(yōu)秀券商投資顧問(wèn)業(yè)務(wù)的發(fā)展演變,橫向上分析國(guó)內(nèi)券商在投資顧問(wèn)業(yè)務(wù)開(kāi)展的情況,對(duì)我國(guó)證券公司投資顧問(wèn)業(yè)務(wù)發(fā)展提出了更廣的范疇和更深的層次：對(duì)一線的投資顧問(wèn)設(shè)計(jì)出一套較為完善的業(yè)務(wù)流程和作業(yè)標(biāo)準(zhǔn),包括：個(gè)人客戶開(kāi)發(fā)的作業(yè)標(biāo)準(zhǔn)、機(jī)構(gòu)客戶開(kāi)發(fā)的作業(yè)標(biāo)準(zhǔn)、識(shí)別客戶的作業(yè)標(biāo)準(zhǔn)、預(yù)期資產(chǎn)配置與投資組合的作業(yè)標(biāo)準(zhǔn)、收益率跟蹤及滿意度評(píng)價(jià)作業(yè)標(biāo)準(zhǔn)。在以往的研究中對(duì)投資顧問(wèn)的組織結(jié)構(gòu)建設(shè)、投資隊(duì)伍的激勵(lì)機(jī)制等方面的研究較多,但結(jié)合新的情況下提出具體的適應(yīng)我國(guó)證券公司一線投資顧問(wèn)的一整套完善的業(yè)務(wù)流程和作業(yè)標(biāo)準(zhǔn)的研究不多。 本文的難點(diǎn)：國(guó)外投資顧問(wèn)業(yè)務(wù)經(jīng)過(guò)多年的發(fā)展,對(duì)于業(yè)務(wù)重心中的高凈值客戶的賬戶管理形成了較為有效的方式和方法。我國(guó)證券公司在這方面雖然也進(jìn)行了不少探索,形成了以全產(chǎn)業(yè)鏈服務(wù)超高凈值客戶、打造獨(dú)立第三方理財(cái)超市、“全產(chǎn)品”架起客戶與各業(yè)務(wù)鏈條之間橋梁等幾種主流業(yè)務(wù)模式。這幾種模式從不同的側(cè)重點(diǎn)對(duì)投資顧問(wèn)業(yè)務(wù)進(jìn)行了探索。但是幾種業(yè)務(wù)模式都缺乏長(zhǎng)期的實(shí)證檢驗(yàn),并沒(méi)有一種模式得到全行業(yè)的公認(rèn)。缺少時(shí)間周期上的驗(yàn)證是本文對(duì)于投資顧問(wèn)業(yè)務(wù)開(kāi)展研究的一個(gè)難點(diǎn)。 投資顧問(wèn)業(yè)務(wù)是對(duì)傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)的一個(gè)提升,是券商推行財(cái)富管理的一個(gè)重要手段和切入口。財(cái)富管理是一個(gè)寬泛的領(lǐng)域,它涵蓋了所有為客戶個(gè)人、家庭和事業(yè)提供綜合金融和增值服務(wù)解決方案的業(yè)務(wù)范圍,也是目前銀行、保險(xiǎn)等各類金融機(jī)構(gòu)共同競(jìng)爭(zhēng)的市場(chǎng)。對(duì)券商而言,發(fā)展投資顧問(wèn)業(yè)務(wù)是實(shí)現(xiàn)經(jīng)紀(jì)業(yè)務(wù)向財(cái)富管理轉(zhuǎn)型的著力點(diǎn)和引擎,也是券商與其他金融機(jī)構(gòu)在財(cái)富管理領(lǐng)域競(jìng)爭(zhēng)的專業(yè)核心優(yōu)勢(shì)。近年來(lái)監(jiān)管部門大力鼓勵(lì)券商大膽創(chuàng)新,新的業(yè)務(wù)、新的產(chǎn)品不斷推出,這從客觀上也給發(fā)展投資顧問(wèn)業(yè)務(wù)提供了更好的環(huán)境和條件。本文探討的投資顧問(wèn)業(yè)務(wù)是一種能整合證券公司內(nèi)部資源,突破單一的業(yè)務(wù)體系,能為客戶特別是高端客戶提供包括股票、基金、保險(xiǎn)、外匯、黃金、期貨、避稅、資產(chǎn)規(guī)劃等多個(gè)領(lǐng)域綜合性服務(wù)的業(yè)務(wù)體系。這對(duì)投資顧問(wèn)在知識(shí)廣度、深度、從業(yè)經(jīng)驗(yàn)等各方面要求會(huì)比較高,因此需要建立標(biāo)準(zhǔn)的業(yè)務(wù)流程和作業(yè)標(biāo)準(zhǔn),以便整合公司的力量在更大范圍內(nèi)推廣投資顧問(wèn)業(yè)務(wù)。本文立足于一線投資顧問(wèn)面臨的具體情況,尋找行業(yè)內(nèi)投資顧問(wèn)業(yè)務(wù)開(kāi)展所面臨的一些共性問(wèn)題,希望提出能促進(jìn)我國(guó)證券公司投資顧問(wèn)業(yè)務(wù)全面發(fā)展的一些建議。
[Abstract]:With the increasingly fierce competition of the securities industry , the commission level of the securities company is declining year by year . The brokerage business model of the traditional simple supply channel transaction is not suitable for the development of the securities industry . The traditional brokerage business model providing the channel transaction is not suitable for the development of the securities industry . To break through the common dilemma of the whole industry , the securities company needs to improve the scope and the level of the traditional brokerage business , and provide the customers with more refined and personalized services .

Investment consultant business is a kind of basic form of securities investment consulting business , it is the promotion and extension of traditional brokerage business .

This paper analyzes the current situation of investment consultants in our country and puts forward some key factors for the successful implementation of investment advisers , which is based on the evolution of investment consultants ' business development in China and abroad .

The main contents of this paper include : discussing the scope and mode of investment consultancy business in our country , relatively traditional brokerage business , the content of investment consultancy business and the tools that can be used more diversified . It is an important way to spread wealth management for different types of clients .
The concrete solutions and measures are put forward in the above aspects . For the specific business process and operation standard of the investment consultant business , the author puts forward the corresponding scheme in combination with the actual situation of the securities company .
It is proposed that in order to guarantee the operation standard , the investment advisers ' business can be promoted smoothly , and the training and assessment should be strengthened , and specific proposals should be put forward .

The main point of view of this paper is that the investment advisor business is broader and more comprehensive than the traditional brokerage business , and the level of the financial services provided by it is not only limited to the needs of individual customers in the secondary market , but also the financial services that meet the needs of customers at the first or the first half market .
China ' s securities firm investment consultant business is still in the initial stage , in many respects still in the groping stage , the existence of service and profit pattern is relatively single , the investment consultant team is not stable , the research information end is conducted to the system and channel of the client through the investment adviser , has not formed the perfect business process and the operation standard and so on ;
Effective investment advisor business needs to strengthen the construction of investment advisers , establish perfect business process and operational standards , and start with support and guarantee from the organizational structure and management mechanism ;
Based on the case analysis , the author points out that the construction of the investment consultant team needs to start with the establishment of the perfect professional development channel , the establishment of the perfect investment consultant performance appraisal rating index system and so on ;
Establish standard business process and operational standards for the first line of investment advisers and plan each step .

The following methods are adopted in this paper :

1 . Literature research method . The literature research method is a way to understand the project of a project from every aspect and angle by consulting the relevant data of literature collection . In this paper , we study the development of the investment consultant ' s business in the period of long - term development . The investment consultant system is still in the exploration and development stage because of the late start of the securities industry . The author obtains and consults the relevant information through various ways , and combines the current new policy and business trend , and studies the development plan of the investment consultant ' s business .

2 . Case study law . Case study method is a kind of method combining market practice , taking typical cases as material , and seeking to solve the problem through concrete analysis .

3 . Logic inference method . The logical reasoning method is used to deduce the correlation between different things through logic sequence . In this paper , the theory of management science and enterprise development strategy is used to comb and synthesize all kinds of possible problems . According to the characteristics and actual situation of the investment advisers ' business in our country , this paper probes into the way suitable for the development of investment business in China ' s securities companies .

Through a large number of literature research , the paper analyzes the development and evolution of the investment consultant service of foreign outstanding securities firms in the longitudinal direction , and puts forward a broader category and deeper level for the development of investment advisers in our country .

The difficulty of this paper is that the overseas investment consulting business has been developed for many years , and has formed a more effective way and method for the account management of high net worth customers in the business weight . In this regard , our country securities company has made a number of mainstream business models , such as the super high net worth customer of the whole industry chain , the " whole product " and the bridge between the customer and the business chain . However , there are no long - term empirical tests on several modes of business . However , there is no model to get the whole industry . The verification in the time period is a difficult point in the research of the investment advisers ' s business .

Investment consultant business is a promotion of traditional brokerage business . It is an important means and entrance for securities firms to carry out wealth management . It is a broad area . It covers all kinds of financial institutions such as stock , fund , insurance , foreign exchange , gold , futures , tax avoidance and asset planning .

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.39;F830.42

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本文編號(hào)：1721705