The Regulation Trend on the Behavior of Financial Consultants and Wealth Management Compliance: The Case of Local and Foreign Banks
Date Issued
2010
Date
2010
Author(s)
Yu-Chih Tan, Cynthia
Abstract
Total numbers of High-Net-Worth inviduals in Taiwan shrank 18% to only 58,000 persons and their total wealth reduced 24.8% to 170 Billion; however, following the economic rebound in 2009, the investment market regains its attention from the investors quickly. It is expected that the market and product complexity of wealth management will be enormously increased, yet most investors have not recovered their trust over their relationship managers、 the banks、 and the surveillance bureaus. Therefore, major focus of this study will discuss how to deal with customers’complaints, and how to streamline the compliance & control of the banks, to increase the level of integrity & profesionality of the relationship managers, and the wealth management regulations environement.
As foreign banks have been constantly viewed as with high standards of compliance & control, the study has therefore chosen three banks from US, Europe, and Asia to provide a discussion template for wealth management process. Meanwhile, we have also chosen two leading domenstic to obaserve their efforts and changes facing the regulation changes upon the 2008 financial disasters.
The compensation scheme of relationship managers in Taiwan is mostly inherited from the western banks during the decade. It encourages invididual performance by providing very good bonuses. The study will emphasize on factors that will lead to the mutual benefits of the relationship managers and the customers, meanwhile to consider the incorporation of the new regulation.
Regulators in Taiwan, facing this financial crisis, have conducted a thorough investigation and changes over regulations of wealth management. This study intends to recover the investors’trust by a complete wealth management process improvement over compliance & control by the banks, and the detailed and proper regulations and surveillance by the regulators. Lastly, the study covers conclusions and the subject of future direction of further improvement of the regulations.
Subjects
Wealth Management
Internal Control
Compliance & Control
Compensation design
Type
thesis
File(s)![Thumbnail Image]()
Loading...
Name
ntu-99-P96745002-1.pdf
Size
23.32 KB
Format
Adobe PDF
Checksum
(MD5):214736a8410406fa4ebf1fea6a5e74ec