A Case Study on the Operation Mode of Securities Investment Consultants

• Main Authors: PEI-YU HSIEH, 謝培瑜
• Other Authors: Day-Yang Liu
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/k9fbw3

碩士 === 國立臺灣科技大學 === 財務金融研究所 === 105 === This study, based on actual inquiries into workers in the investment consulting industry, aimed to examine if changes in channels and models of member recruitment occurred in investment consulting companies relying majorly on recruiting members. Specific examination of the study focused on the effects of changes in investor structure, application of new technologies, and diverse investment channels on investment consulting companies. After an analysis of the status quo of the related industry and the actual inquiry, the investment consulting industry demonstrated a simultaneous decline in supply and need in the short run. In light of the overall output value, the output value of the investment consulting industry did not drop swiftly as before. Operation of current investment consulting companies has become stable. While some investment consulting companies might face challenges of closing down in the future, surviving companies out of the elimination mechanism might have opportunities of growth. However, in general, the status quo of the investment consulting industry is more of ending the drop than really bouncing back. In the long run, investment consulting companies having membership still faces more risks than opportunities. Those risks could be divided into three. First, the overall environment is not beneficial to retail investors and the domestic investment environment keeps worsening. Second, the percentage of young generation’s involvement in the stock market lowers. The third risk comes from the limitation that domestic regulations have on the stock market and the investment consulting management. To deal with the aforementioned risks, suggestions for future management of investment consulting are as follows: II 1. The industry keeps the processes of elimination and merging, leading to the Matthew effect (the big gets bigger) in investment consulting. 2. Using new technologies as the tool to lower the cost and to expand the market, with which transformation is reached for development of new business models. 3. Changing the previous model of clients developing, strengthening existing client services quality, and establishing the research department to enhance the company image and professionalism, with which the new blue ocean of investment consulting could be expanded. Future studies could target on the investment preferences among the younger generation (below 30 or born after 1990). Such issue is worth investigation, as the younger generation has received education in managing finances earlier than the elder generation, yet they are relatively unwilling to be involved in the stock market in Taiwan.