1.
금융투자산업을 이루는 두 축은 매매과 자산관리입니다. 매매중개의 목표는 ‘Gathering Transactions’입니다. 키움증권이 이런 모형에서 가장 성공한 기업입니다. 자산관리의 목표는 ‘Gathering Assets’입니다. 삼성투자증권과 미래에셋증권이 대표적인 기업입니다. 매매중개의 경쟁력은 수수료가 기본입니다. 여기에 종목추천과 같은 다양한 부가서비스를 결합합니다. 반면 자산관리는 다른 듯 합니다. 수수료가 중요하지만 그 보다는 수익률입니다. 어떤 글은 이렇게 정리하고 있습니다.
자산관리의 핵심은 수익추구와 위험관리로, 수익성, 안정성, 유동성이라는 자산관리의 3원칙을 모두 확보하기 위해서는 여러 금융상품을 결합한 자산배분 포트폴리오를 구성한다.
자산관리서비스라고 하지만 금융회사가 제공하는 것과 투자자가 느끼는 것 사이에 괴리가 존재합니다. 이를 ‘Advice Gap(자문 괴리)’이라고 합니다. 영국 Citizens Advice는 이런 괴리를 크게 네가지로 구분하고 있습니다. 서비스에 비해 수수료가 높다던가, 유료로 자문을 받을 의사가 없다거나, 자문서비스 자체를 모르거나 사전적인 준비를 할 수 있는 사람들과 없는 사람들의 괴리 등입니다.
● The affordable advice gap affects consumers who are willing to pay for advice but not at current prices. Our research suggests that up to 5.4 million extra people would consider paying for advice if it cost less.
● The free advice gap affects people who want advice but are unable to pay for it. Up to 14.5 million people who think they would benefit from free advice haven’t taken any in the past two years. The free advice gap includes:
○ 5.3 million people who have needed free advice in the past two years but haven’t taken it.
○ 735,000 people who have tried to access free advice in the past two years but couldn’t due to lack of supply.● The awareness and referral gap affects people who are not aware that advice exists, or where to get that advice. As many as 10 million people who think they would benefit from free advice are not aware of public financial guidance. The awareness and referral gap includes:
○ 3.3 million people say they need free money advice but failed to get it because they didn’t know it existed or where to get it
○ 3.4 million people have raised a financial issue with a trusted professional at some point but were not given help or were not told where to find it.● The preventative advice gap affects those who would benefit from having money advice as a preventative measure. We found that as many as 23 million people
have fallen into a preventative advice gap at least once in their life.
○ For instance, 39 per cent of people who have expected a baby would have taken money advice if it was offered.
○ 1.2 million people who have taken paid for or free advice in the last two years have not had the non-financial causes of those problems addressed.
The four advice gaps – exploring the different gaps in provision of and access to free and paid money advice중에서
2.
영국의 Financial Conduct Authority(금융업무감독기구)는 이런 괴리를 극복하기 위한 방법을 제안하였습니다.
FCA proposes reforms to close ‘advice gap’
보고서를 읽으면서 익숙한 부분은 용어의 정의입니다. 영미권 보고서를 볼 때 항상 등장합니다. 보고서에서 사용하는 ‘Advice’를 어떤 의미로 사용하는지에 대한 정의입니다. Guidance와 구분을 합니다.
This report uses ‘advice’ as a shorthand for regulated financial advice. Other forms of help provided to consumers, which do not meet this definition, are referred to in this report as ‘guidance’. Further detail on the terminology used in the report is contained in the glossary in Annex A.
보고서가 지향하는 목표는 아래입니다. 앞서 소개한 Advice Gap을 줄이는 것이 목표입니다.
affordable and accessible financial advice and guidance for everyone, at all stages of their lives.
개인적으로 관심이 가는 부분은 보고서가 Automated Financial Advice를 정책적인 목표를 달성하는 중요한 수단으로 이해하고 있는 점입니다. 보고서중 일부입니다.
3.4 Costs and the role of technology
As set out in Chapter 2, providing face-to-face advice has significant fixed costs, which can drive commercial decisions concerning where to focus services.
This section considers ways in which certain costs could be reduced to allow firms to deliver less expensive advice to consumers, without compromising the quality of advice provided to consumers. There was widespread agreement that technology, including fully automated advice models, has a key role to play in reducing the cost of advice and developing new ways to engage consumers. Even where consumers continue to seek interaction with an adviser, most respondents agreed that technology can complement advisers by reducing the time involved in, and therefore the costs of, the advice process.
Feedback to the Review suggests that technology and innovation can play a big role in: reducing the cost of advice, ensuring consistently high standards of advice and increasing the accessibility of advice for consumers. Some respondents suggested that since these models are fundamentally different from face-to-face advice, they also present different challenges for firms and for consumers. Therefore early regulatory engagement with firms looking to develop these models will help ensure that firms get these models right at the outset and that the models produce the right consumer outcomes. Respondents also suggested that as automated models are potentially more scalable than face-to-face models, it is important that models with mass market impact can be developed and tested in a way which allows firms to understand the potential impact across a range of customer circumstances and receive feedback on the regulatory implications of their model.
이를 위하여 다음을 권고하고 있습니다.
There should be two main components of this initiative. First, the FCA should develop a general toolkit that all firms providing advice to consumers can access. This toolkit could include:
• Best practice on methodologies for testing and evaluating automated advice models. These best practices will evolve over time as more models are developed and will be made accessible to all firms, so that firms are able to use this information to do a self-evaluation of their automated advice models.
• A bespoke guide for firms looking to deliver automated advice to consider when undergoing the authorisation process so such firms are better prepared to for the process and able to complete it more efficiently.
• Standardised testing scenarios which firms could use to gauge the effectiveness of their models.
한국도 Automated Financial Advice=로보어드바이저가 대유행입니다. 너도나도 서비스를 출시합니다. 그렇지만 이를 위한 가이드라인이 존재하지 않습니다. 피해가 발생할 경우 고스란히 투자자의 몫입니다. 금융감독원이 뒷북을 치면 금융회사라도 나서서 자신만의 방법론을 만들어 상품을 팔아야 하지않을까 생각합니다.
KDB대우증권[006800]은 21일 업계 최초로 다양한 로보어드바이저(인공지능 자산 관리) 업체를 골라 자산을 맡길 수 있는 ‘로보어드바이저 마켓’을 열었다고 밝혔다. 투자자는 대우증권 영업점을 방문해 디셈버앤컴퍼니-500, 쿼터백, 벨류시스템 투자자문, 써미트 투자자문 등 4개 투자자문사가 내놓은 7가지의 로보어드바이저 일임 상품에 골라 가입할 수 있다.
대우증권, 업계 첫 ‘로보어드바이저 마켓’ 열어중에서
