在 2010 年6 月，金管會研議，要求2011 年7 月開始，基金公司給國內銷售
Any incentive scheme creates the motivation for sales force; it can also influence
the intention. Good performer will get reward accordingly. However, incentive scheme
could also misdirect the sales force, best product may not engage with the best
incentive scheme. In wealth management, when choosing the product for client,
sometime investment advisor will not base client’s risk tolerance and suitability
instead of pursue the product with highest incentive. It misled the client and become
On June, 2010, Financial Supervisory Commission, Executive Yuan announced
Mutual Fund Companies have to disclose the management fee sharing by Banks and
subscription fee to investors. Government authority tries to prevent any inappropriate
selling activities, in order to protect the best interest of investors. This thesis focuses the
impact of the investment advisor’s intention to sell and the investor’s feedback after the
implementation of fee disclosure.
Through two group interviews, we have analyzed the result, I found: 1. Investment
advisor has maintained a good relationship with their clients; it will not affect the
investment advisor’s intention to sell, nor does the trust between investment advisor and
client. 2. When investment advisor recommend product to client, the main purpose is to
make profit, but any investment decision come with systemic and product selection risk.
The goal for investment is to generate profit, as long as it charges the investors a
reasonable fee and disclose it. It’s only a small part of selling process, it doesn’t conflict
with the main purpose of investment.
On the other hand, from the interview with the investor, I have found: 1. If
investment advisor disclose the fee structure, the investor usually can accept it. 2. What
investor really cares about is the recommendation made by investment advisor can
generate profit. 3. Investor also care about the discount rate for the subscription fee.