我国证券公司投资顾问业务作业流程研究

发布时间：2018-04-08 12:48

本文选题：证券公司　切入点：投资顾问业务　出处：《西南财经大学》2013年硕士论文

【摘要】：随着证券行业同质性的竞争越来越激烈,证券公司的佣金水平逐年下滑,主要靠经纪业务、佣金提成获取收入的证券公司生存环境会越加艰难,传统的单纯提供通道交易的经纪业务模式已经不适应证券行业的发展。要突破这种全行业的共同面临的困境,需要证券公司提升传统经纪业务的范畴和层次,为客户提供更加精细化和个性化的服务。《投资顾问业务暂行规定》从法规的角度对投资顾问业务的内容和性质进行了规范,同时也给我国证券公司如何开展投资顾问业务提出了新的思考。投资顾问业务是是证券投资咨询业务的一种基本形式,是对传统的经纪业务的提升和扩展。国外券商业务围绕客户关系发展演变,从以产品驱动的时代演变到销售驱动时代进而演变到相对成熟的客户驱动的时代。在客户驱动的时代客户可以粗略的划分为追求最低交易价格的投资者和最求最大增值的投资者,这个阶段客户管理的特征是：一切从客户的角度看问题,在关注客户短期价值的同时,更兼顾客户的中长期价值。对于国外投资顾问模式的研究和借鉴,国内券商早在15年前即着手探索。但由于市场基础、监管环境、投资者素质、经纪人职业道德及业务能力等方面的不足,早期引入投资顾问体系的券商或遭遇失败或不成规模停滞不前。随着居民理财意识增强、机构客户壮大、混业经营和技术进步等外部环境变化,全行业推行投资顾问业务是一个必然的趋势。监管部门近年来也大力鼓励证券公司在业务和模式上大胆创新,使得证券公司投资顾问业务所涉及的范畴逐步扩大。我国证券公司在发展投资顾问业务上一方面要防止生搬硬套,另方面要防止闭门造车,本文在借鉴国内外优秀券商投资顾问业务发展演变的基础上,结合我国证券市场新的变化,对我国投资顾问现有状况进行了分析,对投资顾问成功开展需具备的关键因素进行梳理,从而探讨规范的业务流程和作业标准。通过相关案例分析,对投资顾问作业标准落地和执行的一系列配套措施提出建议。本文研究主要内容包括：探讨我国证券公司投资顾问业务所应该涉及的范畴和方式,相对传统的经纪业务,投资顾问业务所包括的内容及所能使用的工具更多样化,能为不同类型的客户提供多样化的服务,是券商推广财富管理的一个切入口,更能帮助券商实现多元化收入的一个重要方式：通过以点带面的方式分析我国证券公司投资顾问业务的现状,提出成功开展投资顾问业务存在的问题,应该从投资顾问队伍的建设、建立完善的投资顾问业务流程和作业标准、组织机构和管理机制上给予支持和保障等方面推动投资顾问业务发展；对以上几方面分别进行具体阐述,并提出了具体的解决方案和措施。对于投资顾问业务具体的业务流程和作业标准,笔者结合所在证券公司的实际情况提出相应的方案；提出为了保障作业标准的落地,投资顾问业务能顺利推动,应该强化培训和考核,并提出具体的方案。本文的主要观点包括：投资顾问业务比传统的经纪业务所包括的层次更广泛、范畴更全面,从其提供的金融服务的层次来说,不仅限于个人客户在二级市场上的需求,也包括一级或者一级半市场上的各种满足客户需要的金融服务,从目标客户来说,不仅限于个人客户也包括个人客户背后的企业客户；我国证券公司投资顾问业务目前还处于起步的阶段,在很多方面还存于摸索阶段,存在服务及盈利模式相对单一、投资顾问队伍不够稳定、研究资讯端通过投资顾问传导到客户端的体系和渠道不畅通、没有形成完善业务流程和作业标准等方面；要高效的开展投资顾问业务需要在加强投资顾问队伍建设、建立完善的业务流程和作业标准、从组织机构和管理机制上给予支持和保障等方面入手；通过案例分析提出投资顾问队伍建设的需要从建立完善的职业发展通道、建立完善的投资顾问绩效考核评级指标体系等方面入手；对第一线投资顾问设立标准的业务流程和作业标准,并对每个步骤进行了规划。本文采取了以下几种研究方法： 1.文献研究法。文献研究法是通过查阅文献收集相关资料,从各个方面和角度对某一研究的课题获项目进行全方位了解的一种方法。本文研究投资顾问业务在国外证券行业经过长期的发展演变形成了相对完善的体系,国内由于证券行业起步较晚,投资顾问体系尚处于探索发展阶段。随着我国证券行业逐步从规范发展为主导的阶段进入创新发展主导阶段,投资顾问业务有了新的内涵。笔者通过各种途径获取和查阅了相关资料,并结合当前新的政策和业务动向,对投资顾问业务的发展规划进行了研究。 2.案例研究法。案例研究法是结合市场实际,以典型案例为素材,并通过具体分析、寻求解决问题的一种方法。本文选择的笔者所从事的一家证券公司,通过对有典型特征的案例进行分析,提出适应我国证券公司发展投资顾问业务的相应措施和建议。 3.逻辑推理法。逻辑推理法是把不同排列的事项通过逻辑顺序进行相关性推导。本文运用管理学与企业发展战略的相关理论,对各种可能存在的问题进行梳理和综合的分析,根据我国证券公司投资顾问业务的特点和实际情况,探索适合我国证券公司投资业务发展的途径。本文的创新点：通过大量的文献研究,纵向上借鉴国外优秀券商投资顾问业务的发展演变,横向上分析国内券商在投资顾问业务开展的情况,对我国证券公司投资顾问业务发展提出了更广的范畴和更深的层次：对一线的投资顾问设计出一套较为完善的业务流程和作业标准,包括：个人客户开发的作业标准、机构客户开发的作业标准、识别客户的作业标准、预期资产配置与投资组合的作业标准、收益率跟踪及满意度评价作业标准。在以往的研究中对投资顾问的组织结构建设、投资队伍的激励机制等方面的研究较多,但结合新的情况下提出具体的适应我国证券公司一线投资顾问的一整套完善的业务流程和作业标准的研究不多。本文的难点：国外投资顾问业务经过多年的发展,对于业务重心中的高净值客户的账户管理形成了较为有效的方式和方法。我国证券公司在这方面虽然也进行了不少探索,形成了以全产业链服务超高净值客户、打造独立第三方理财超市、“全产品”架起客户与各业务链条之间桥梁等几种主流业务模式。这几种模式从不同的侧重点对投资顾问业务进行了探索。但是几种业务模式都缺乏长期的实证检验,并没有一种模式得到全行业的公认。缺少时间周期上的验证是本文对于投资顾问业务开展研究的一个难点。投资顾问业务是对传统经纪业务的一个提升,是券商推行财富管理的一个重要手段和切入口。财富管理是一个宽泛的领域,它涵盖了所有为客户个人、家庭和事业提供综合金融和增值服务解决方案的业务范围,也是目前银行、保险等各类金融机构共同竞争的市场。对券商而言,发展投资顾问业务是实现经纪业务向财富管理转型的着力点和引擎,也是券商与其他金融机构在财富管理领域竞争的专业核心优势。近年来监管部门大力鼓励券商大胆创新,新的业务、新的产品不断推出,这从客观上也给发展投资顾问业务提供了更好的环境和条件。本文探讨的投资顾问业务是一种能整合证券公司内部资源,突破单一的业务体系,能为客户特别是高端客户提供包括股票、基金、保险、外汇、黄金、期货、避税、资产规划等多个领域综合性服务的业务体系。这对投资顾问在知识广度、深度、从业经验等各方面要求会比较高,因此需要建立标准的业务流程和作业标准,以便整合公司的力量在更大范围内推广投资顾问业务。本文立足于一线投资顾问面临的具体情况,寻找行业内投资顾问业务开展所面临的一些共性问题,希望提出能促进我国证券公司投资顾问业务全面发展的一些建议。
[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 .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.39;F830.42

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