The Comparative Study of Financial Planners’ Professional Standard in Wealth Management

• Main Authors: Chun-yi Lin, 林君儀
• Other Authors: Yu-ting Lin
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/55944985314633375579

碩士 === 逢甲大學 === 財經法律研究所 === 97 === The development of wealth management at Taiwan is surprising. Recently, wealth management is well promoted by financial institutions and becomes one of the important businesses of financial institutions. With the emerging of wealth management, to satisfy the huge needs brought by customers, financial institutions recruit a lot of workers to execute the business. To conduct the business, financial institutions have to provide their services through the financial planners and customers rely on their professional knowledge. However, with the development of the wealth management, we may find that the complex and variety of financial products and the financial planners’ unqualified or unsuitable advices lead to a lot of disputes and issues. In fact, customers and financial planners are not in an arm’s-length relationship, but more like a fiduciary relationship. Nevertheless, the law and regulations to regulate the financial planners and to adjust the unbalance situation are not in position. As a result, there is no clear and appropriate regulations to be followed by financial institutions and financial planners and customers are not properly protected. Financial planners provide financial service based on the needs of customers. The financial service provided by financial planners is a consultation services. Because of the trust and the confidence on the financial planners, customers went into a contract relationship with financial institutions. Also, because of the financial service provided by financial planners, the duty of financial planners is valued with higher standard. In order to put the client’s best benefit in the first place, the business conduct of financial planners should be valued with professional standard. The professional standard is that financial planners are viewed as fiduciaries, and bear fiduciary duty in the relationship between customers and themselves. Further, financial planners should obey specific business conduct in order to protect the rights and interests of consumers and reduce the dispute resulted from financial service in wealth management.