2004. 3.
1990 (p aradigm shift),..,.,.,,.,,,,,..,. 2004 3
1. 9 1. 9 2. 11. 13 1. 13 2. 17. 29 1. 29 2. 48. 77 1. 77 2. 78. 90 1. 90 2. 93 3. 97. 114 116
< -1> 5 19 < -2> 5 (2003 ) 20 < -3> 25 < -4> 28 < -1> 30 < -2> 30 < -3> SCF 32 < -4> ( ) 33 < -5> 34 < -6> (2001 ) 35 < -7> (2001) 35 < -8> (2003) 37 < -9> 37 < -10> (2000) 38 < -11> (2003 ) 38 < -12> 39 < -13> 40 < -14> (2003 9 ) 41 < -15> 42 < -16> 1 43 < -17> (2000 ) 45 < -18> (2003) 46 < -19> 47 < -20> 49 < -21> 49 < -22> 52
< -23> 56 < -24> 56 < -25> 60 < -26> PFA 61 < -27> 63 < -28> 65 < -29> 70 < -30> 72 < -1> 77 < -2> 82 < -1> SWOT 97 < -2> PB 109 < -3> AXA Advisors 113
< -1> 14 < -2> 15 < -3> 18 < -4> ( ) 21 < -5> 23 < -6> 24 < -7> 27 < -1> 34 < -2> / / (2001) 36 < -3> 43 < -4> 1 44 < -5> 47 < -6> 47 < -7> 50 < -8> 50 < -9> 51 < -10> 53 < -11> PFA 54 < -12> PFA 54 < -13> 55 < -14> FP 57 < -15> PFA 58 < -16> PFA 59 < -17> 61 < -18> 62 < -19> 64
< -20> 65 < -21> 66 < -22> 67 < -23> 68 < -24> 69 < -25> 70 < -26> 71 < -27> (secon dary advisors) 73 < -28> 74 < -29> 74 < -30> 75 < -1> 81 < -2> 84 < -3> 89 < -1> FP 91 < -2> ( ) 92 < -3> 94 < -4> 101 < -5> 105
1 1....,,,. 2. 2000,.,,.,,,,,,
2 (planning),..,,.,,. 3. 10%. 10% 65, 5% 32, 1% 6 5. 10% 298, 5% 246, 1% 140. 1 10% 4 6, 5% 7 6, 1% 21 5. 7.24 %, 2005 343, 2006 368, 2007 394, 2008 423. 1 2005 5 3, 2006 5 7
3, 2007 6 1, 2008 6 5., 1 2. (financial plan service). 54 %, 89.5%. 60.4 %..,,,,,.,,,,.. 1.7, 74%.,,.,,
4,.. (second ary advisors),,,.,,, financial planning firms,,. prim ary financial advisor,..,,.,.,.,,. 8%.
5 44.7%, 38.3%, 15.9%. 50%.,..,. (survivorship life),. (83%), (77%), (76%), (75%), (75%), 3. + (77.1%), (75.5%), (74.0%), (73.2%)..,,.,
6,. 4..,. PB PB PB.,,,,,. PB,, back office,,,,.., 3.,,,.
7. CRM Sam sung Advisor Center.., VIP. FA. 5.,,.,,,,..,.
8.,,.,.,,,. ( ), ( ) (Life-Care) 3.
9. 1. 2000,., (w ealth),,.,. 10%,. 1990 2000,,.,,..
10.,,,.,,,.,.,,..,,.,, 1),,., 1),.,.
11,. ( ),,,,..,.,. (2002;, 2003,, 2003),.. 2.., 1, 1..
12,. SWOT(strength-w eakness-opp ortunity-threat),..,,.,..,,,.,,,..,,,.,.
13. 1... 1),,. Wealth Management (financial planning), (asset management).,,,,..,,, (risk tolerance)., 1),,,.
14.,. (fee) (com mission). < -1> : (2003), p. 29.. (planning),.., (investm ent planning). (asset allocation), 2)
15.,,,,,,, (managed accounts). < -2> : Esperti, Robert A., Renno L. Peterson (2000), p. 58., (estate and tax p lannin g)... 3), (tru st),,,.,, 2), 35%, 60%, 5%. 3),.
16.., (risk m anagem ent). 4),,,,.,., (cash-valu e)., (retirem ent planning)..,,,. (tax-d eferred in dividu al retirem ent account)., (real estate planning).,.,., (edu cation planning)., (ch arity), gold banking, fam ily office. 4),,,,.
17 2. 2000. IMF.,.. 1), 1980 20%, 1990 10%., 1990,., 1996 9%, 5%, 4 %., 2001 5% 2003 3 4% 0.65% (< -3> ). 1990, 2000 0 1%.
18. < -3> : = - : http :/ / ecos.bok.or.kr.,,.,,,,.,,,,,.,,.
19 2) 1990. 1996 0.295 2000 0.352. 5). 5 2000 4 7 2001 5 5, 2002 5 9, 2003 6 7, 2000 32.2% 2003 35.0% (< -1> ). < -1> 5 2000.12 2001.12 2002.12 ( :, 10, %) 2003.6 46.9( 0.0) 54.7( 0.0) 58.9( 0.0) 66.5( 0.0) * 115,974(32.2) 131,827(32.5) 143,420(31.8) 168,988(35.0) 33.1( 0.4) 35.6( 0.5) 41.2( 0.5) 44.6( 0.5) 83,404(40.6) 89,151(41.5) 101,107(40.7) 115,168(43.4) 8.9( 0.1) 9.4( 0.1) 9.6( 0.2) 7.4( 0.2) 23,324(30.0) 28,499(35.0) 33,040(44.8) 28,157(48.4) 2.0(10.9) 2.1( 8.6) 2.8( 9.4) 3.8( 9.5) CD 13,161(92.6) 14,519(90.7) 21,925(91.3) 30,937(91.3) : 1) *. 2) 5 :,,. 0.044 % 5 5) (2002),, p. 169.
20 35%. 5 0.2%, 48.4%, 9.5% 5 91.3%. 2003, 5 5 10 72.9%, 46.4%, 10 20 19.8%, 25.1% (< -2> ). < -2> 5 (2003 ) ( :, 10, %) 5 10 20 10 20 50 50 38,393(57.7) 14,309(21.5) 8,708(13.1) 5,106( 7.7) * 30,601(18.1) 20,322(12.0) 28,636(16.9) 89,429(52.9) 25,822(57.8) 9,138(20.5) 6,209(13.9) 3,473( 7.8) 22,876(19.9) 13,789(12.0) 21,173(18.4) 57,329(49.8) 4,285(72.9) 1,164(19.8) 341( 5.8) 85( 1.4) 2,715(46.4) 1,470(25.1) 958(16.4) 713(12.2) 3,946(53.0) 1,741(23.4) 941(12.6) 820(11.0) 3,022(10.7) 2,577( 9.2) 3,278(11.6) 19,280(68.5) 904(23.5) 294( 7.6) 481(12.5) 2,167(56.3) CD 779( 2.5) 643( 2.1) 1,899( 6.1) 27,615(89.3) : 1) *. 2) 5 :,,.,. 2002 6 2003 6 10 47%,
21 60%. 6).. 25 1998 9.8% 2003 14.2%. 500 0.2% 0.5%. < -4> ( ) : LIMRA International(2003b), p. 16.. 10 83% 6) PRIVATE BANK, SHINHAN PRIVATE BANK 1, 2003. 9. 1.
22. 3).,,. 1955 1963 1 (baby boom er), 1980 2. 1 100 106, 2 60 80., 55 7) 1 2010.,., 8). 7), 55 65, 59. 17% 55, 10% 65. 8) 84, 85.
23 < -5> : 1970. : http :/ / www.nso.go.kr. 20 30 (financial security).,. LIMRA, 60%, 25%.. 9),. 10 6.9. 10) 9) LIMRA(2003), "Reconnecting with Affluent Clients", LIMRA 's MarketFacts Quarterly, Fall, pp. 98 101. 10) 1, 10.
24,.,.,,,,,,. 36%, 22%, 19%, 16%., 70%, 62%, 58%, 55%. < -6> : LIMRA International(2003c), p. 25.. 78%, 22%
25..,. < -3> ( : %), 29 18,, 49 46,, 20 34, 2 2 : LIMRA International(2003c), p. 25.. 1).,.,,,.,,
26,,,. A 0.8% 70% 11), 15% 85%. 5% 95% 5:95. 12) 20:80,.., 1. 13),,., A 15% 67%, B 10% 40 50%., C 4 % 30%. 11), 2002 1 3. 12) PRIVATE BANK, SHINHAN PRIVATE BANK 1, 2003. 9. 1. 13), 10 1 10.
27,. 2) 14),.., 2001 9 8.57%, 5.29% 3.28%, 2003 10 6.82%, 3.77% 3.05%. < -7> : = - : http :/ / ecos.bok.or.kr. 14), 2003 9,,.
28,. 2002 20.8% 2003 22.3% 1.5%p, 1.8%p, 1.4%p 10.3%, 14.9%.,,,.. < -4> ( : %) 2002 20.8 8.5 13.5 29.5 2003 22.3 10.3 14.9 36.6 : http / / www.hankyung.com..,,.. (wrap account), (cash management account)., 15). 15) 2004 1 5 1.
29. 1..,.. (Federal Reserve Board: FRB) 10 (net worth) 10%. LIMRA FRB (Survey of Consumer Finance: SCF) (financial asset). 1) 25 25, 25., 25 50 (m ass afflu ent), 50 100 (afflu ent), 100 500 (high-net-w orth), 500 (pentamillionaries). LIMRA, 14.2%( 6.5%, 7.7%), 85.8%. 1) LIMRA International(2003b), p. 10.
30 < -1> ( : $, %, ) 249,999 85.8 91.4 m ass afflu ent 250,000 499,999 6.5 6.9 afflu ent 500,000 999,999 4.3 4.6 high net w orth 1,000,000 4,999,999 2.9 3.0 p entam illion aries 5,000,000 0.5 0.5 : LIMRA Intern ational(2003b), p. 10. LIMRA (income), 10 10, 10., 10 20 10.2%, 20 3.8%. < -2> ( : $, %, ) 99,999 86.0 91.6 m ass afflu ent 100,000 199,999 10.2 10.8 afflu ent 200,000 3.8 4.0 : LIMRA Intern ational(2003b), p. 10.,., 10%.
31 10%.,,, (n et w orth).,,, (total investable assets).. 1) (S urvey of Cons ume r Fina nce),., (oversampled the low-incom e h ou seh old).,. FRB 3,,. (Internal Revenu e Service). FRB (Survey of Consum er Finance: SCF),.,,,,,
32,,,,,,,,,,. /, 10%. < -3> SC F - (CD),, (, ), (, ) - (,, ) ( ) (, ) : Kennickell, Arthur B.(2003), p. 22. SCF. 2001 42.2%, 57.8%, 12.1%. 1989 30.9% 2001 42.2%, 1990. 50% 19.1%, 5 50%
33 35.9%, 5 10% 50.7%.. 50% 56.2%, 5 50% 19.4%, 5 10% 8.9%, 1 5% 1% 6.0%, 2.4 %.., 50% 43.8%, 1% 97.6%. < -4> ( ) ( : %) 0 50 50 95 90 95 95 99 99 100 1989 2001 1989 2001 1989 2001 1989 2001 1989 2001 1989 2001 22.5 19.1 26.1 35.9 33.2 50.7 36.8 47.9 32.3 45.1 30.9 42.2 2.5 6.0 5.6 17.1 8.2 28.9 11.6 29.1 11.8 26.8 8.8 23.5 77.5 80.9 73.9 64.1 66.8 49.3 63.2 52.1 67.7 54.9 69.1 57.8 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 57.7 56.2 19.1 19.4 9.5 8.9 5.3 6.0 2.5 2.4 12.4 12.1 42.3 43.8 80.9 80.6 90.5 91.1 94.7 94.0 97.5 97.6 87.6 87.9 : Kennickell, Arthur B.(2003), p. 23. 2), 10% 1989 67.4 % 2001 69.8% 2.4 %p. 2001 5% 57.7%, 1% 32.7%.
34 < -5> ( : %) 0 49.9 50 89.9 90 100 90 94.9 95 98.9 99 100 1989 2.7 29.9 67.4 13.0 24.1 30.3 1992 3.3 29.7 67.2 12.6 24.4 30.2 1995 3.6 28.6 67.8 11.9 21.3 34.6 1998 3.0 28.4 68.6 11.4 23.3 33.9 2001 2.8 27.4 69.8 12.1 25.0 32.7 : Kennickell, Arthur B.(2003), pp. 17 21. 1989 10%. 1989 34.8%p, 2001 39.6%p. < -1> 3), 10% 72.2%, 27.8%
35. 5% 58.1%, 1% 31.5%. < -6> (2001 ) ( : %) 0 49.9 50 89.9 90 100 90 94.9 95 98.9 99 100 100.0 6.0 32.7 61.4 13.3 21.9 26.2 CD 100.0 4.3 53.5 42.2 17.3 18.7 6.2 100.0 0.8 9.4 89.8 8.9 22.5 58.4 100.0 0.5 11.4 88.1 9.9 25.3 52.9 100.0 0.9 20.5 78.6 17.9 32.6 28.1 100.0 3.3 36.4 60.3 17.6 29.1 13.6 100.0 7.2 46.5 46.2 15.6 17.9 12.7, 100.0 0.3 13.0 86.6 12.1 28.3 46.2 100.0 4.1 17.1 78.8 5.3 33.1 40.4 100.0 2.5 25.3 72.2 14.1 26.6 31.5 : Kennickell, Arthur B.(2003), p. 21. 4), 42.9%, 10% 57.1%. < -7> (2001) ( : %) 0 79.9 80 89.9 90 100 31.4 11.5 57.1 : http :/ / www.federalreserve.gov/ pubs/ oss/ oss2., 10%
36. 69.8% 10%, 72.2% 57.1%.,,,.. < -2> / / (2001).., 10%, 2001. 1) 2003 4 10%. 4
37 3. 2003 4 6 50, 65. 5% 32 5, 1% 6 5. < -8> (2003) ( : ) 1 2 3 4 5 6 7 4 2,505 3,076 3,211 4,720 1,387 291 108 6,502 15,298 : http :/ / kosis.nso.go.kr. < -9> ( : ) 2001 2002 2003. 9. (0 90%) 5,851,655 5,851,514 5,852,502 0 75% 4,876,379 4,876,262 4,877,085 75 90% 975,276 975,252 975,417 ( 10%) 650,184 650,168 650,278 5% 325,092 325,084 325,139 1% 65,018 65,017 65,028 6,501,839 6,501,682 6,502,780 2). 3,,
38., 2000 1,424, 80% 788, 10 20% 2,331, 10% 5,611. < -10> (2000) ( : ) 0 80 80 90 90 100 2,408.6 1,632.3 3,663.5 7,362.9 984.2 844.6 1,332.6 1,752.1 1,424.4 787.7 2,330.9 5,610.8 : (2002). 2000 2001 2003, 2003, 1,430, 80% 667. 10 20% 2,482, 10% 6,731. < -11> (2003 ) ( : ) 0 80 80 90 90 100 3,279.2 2,254.2 4,987.7 10,024.3 1,849.7 1,587.4 2,504.5 3,292.9 1,429.5 666.7 2,483.2 6,731.4 (1 )
39 200., 52.1%.,,.,.,,.,,. 2003 9 1,013 8,860, 514 4,780, 499 4,080. < -12> ( : 10, %) 1980 21,200 6,344 14,856 17.8 1985 62,885 27,014 35,871 17.3 1990 195,584 89,383 106,201 22.5 1995 466,891 214,645 252,246 17.2 2000 798,516 329,339 469,176 7.4 2001 878,732 398,732 479,999 2.3 2002 980,876 501,505 479,371-0.1 2003.9 1,013,886 514,478 499,408 - : http :/ / ecos.bok.or.kr.
40, ( ),, ( 3 )....,,. 2001 85.7%, 2002 87.5%, 2003 9 85.5%., 85.5%. < -13> ( : 10, %) 2001 2002 2003.9 (A) 341,673 439,060 439,948 (B) 398,732 501,505 514,478 / (A/ B) 85.7 87.5 85.5 : http :/ / ecos.bok.or.kr. 867, 439 9,480, 427 610., 60.1%( 2.9%, 57.2%), 19.5%, 8.5%, 6.0%.
41 < -14> (2003 9 ) ( : 10, %) 25,422-25,422 2.9 495,634-495,634 57.2 168,921-168,921 19.5 4,893-4,893 0.6 73,978-73,978 8.5 51,688-51,688 6.0-402,303-402,303 0.0-1,814-1,814 0.0 14,874-14,874 1.7-22,989-22,989 0.0 31,599 12,842 18,757 3.6-427,061 - - 867,009 439,948 427,061 100.0 : = -. 3) ) 2003 9. (1993 1998) (1997 2000) (, 2001;, 2003)., (downw ard bias)., 1998 10% 42.7%, 39.8% 2), 29.9%,
42 48.3%. 30%p.,.,,. 3) 2003 9 427 30.2%, 129 3,995. 10% 69.8%, 298 887, 5% 57.7%, 246 4,143, 1% 32.7% 139 6,490. < -15> ( : ) 2001 2002 2003. 9. (0 90 ) 1,246,273 1,271,636 1,293,995 0 75 547,044 558,177 567,991 75 90 699,229 713,459 726,004 ( 10%) 2,870,951 2,929,378 2,980,887 5% 2,373,265 2,421,564 2,464,143 1% 1,344,987 1,372,359 1,396,490 4,113,111 4,196,817 4,270,612 2) 5% 28.5%, 26.5% 29.6%p, 32.2%p., 1% 11.8%, 10.4 % 19.7%p, 22.3%p. 3), 2001 10% 23.2%, 30.5%.
43 < -3>, 2003 9 1 6,567, 2,211. 10% 1 4 5,775, 5% 7 5,787, 1% 21 4,753. < -16> 1 ( : ) 2001 2002 2003. 9. (0 90 ) 2,130 2,173 2,211 0 75 1,122 1,145 1,165 75 90 7,170 7,316 7,443 ( 10%) 44,093 44,991 45,775 5% 73,003 74,490 75,787 1% 206,863 211,078 214,753 6,326 6,455 6,567
44 < -4 > 1 ) 3. 2,, 2,700,,. 10%, 2002 2000. 2000 2001 2003 2003 9 4). 4) (1 10 ),. 2002
45 2000, 1 3,036, 80% 2,142, 10 20% 3,664, 10% 8,749.. 58.3 61.9%, 10% 38.5%., 10% 41.4 %, 7.3%, 10.1%,. < -17> (2000 ) ( :, %) 0 80 80 90 90 100 1,640.2 1,283.3 2,770.6 3,364.0 (54.0) (58.3) (61.9) (38.5) 921.9 549.8 1,194.8 3,625.7 (30.4) (24.1) (26.7) (41.4) 165.9 99.6 225.1 636.5 (5.5) (5.0) (5.0) (7.3) 168.2 161.0 158.0 236.5 (5.5) (10.1) (3.5) (2.7) 139.7 48.0 125.8 886.3 (4.6) (2.4) (2.8) (10.1) 3,035.9 2,141.7 4,474.4 8,748.9 (30.4) (24.1) (26.7) (41.4) :. : (2002). 2001 5.1%, 2002 11.2%, 2003 1 9 10% 3.2%, 80 90 7.1%, 0 80 8.3%.,.
46 9.9%, 2003 9. 3,933, 80% 2,774, 10 20% 5,796, 10% 1 1,333., 1 1.., (undersampling),. < -18> (2003) ( : ) 0 80 80 90 90 100 3,932.5 2,774.3 5,795.9 11,332.8 ) 5 (2004 2008) 10% 1. 10% SCF 1992 2001, 10% 65.2%, 7.24 %. 10% 7.24 %, 2005 343, 2006 368, 2007 394, 2008 423., 1 2005 5 3, 2006 5 7, 2007 6 1
47, 2008 6 5. < -19> ( : ) 2004 2005 2006 2007 2008 3,196,704 3,428,145 3,676,343 3,942,510 4,227,947 1 4.9159 5.2718 5.6535 6.0628 6.5018 < -5> < -6> )
48,,.,.. 2.,.,,. 2001 2003 2003 5). LIMRA Intern ational McKinsey & Com p any 1:1 10. 708 6. 5) ACNielsen,, 2003.
49 < -20> ( :, ) emerging affluent 122 21 44 25 50 young affluent 147 30 54 50 1 mature affluent 108 55 70 50 1 young high net worth 115 30 54 1 3 mature high net worth 132 55 70 1 3 very high net worth 84 30 70 3 : LIMRA International(2002b), p. 30. 5,, 507. < -2 1> ( :, %) 5 10 10 20 20 30 30 50 50 170 156 82 70 29 507 33.5 30.8 16.2 13.8 5.7 100.0. (Fina ncia l Pla n Se rvice) 1) ) 54%, 46%.,
50 68.5%, 31.5%. (84.8%), (57.1%). < -7> : LIMRA International(2002b), p. 10. 89.5%,. 20 21%, 30 43%. < -8>
51 27.8%, (56.7%), (51.1%), (39.7%).. < -9> 60.4 %, 85.1%, 50.8%. ),.,,,,,.,,,,
52,,,... < -22> ( : %) 90 93 78 78 80 73 67 57 73 60 63 51 63 62 42 47 60 53 33 30 54 44 36 26 47 60 46 31 37 50 36 44 34 44 11 35 40 31 45 32 29 32 28 20 28 38 15 43 16 17 16 21 : LIMRA International(2002b), p. 11. 6) (55.6%), (46.5%), (39.8%), (35.3%), (21.1%).,,,,, 6) 1 2
53.. < -10> 2) ) 93% 1, 1 1.7. 3 2.7, 2.4., 45% PFA 7). 44% PFA,, PFA 3%, 8%. 7) primary financial advisors(pfa).
54 < -11> PFA : LIMRA International(2003a), p. 10. PFA, PFA. (certified financial planner: CFP) PFA 43%, 30%, 16%., 4%, 3%, 2%. < -12> PFA : LIMRA International(2003a), p. 11.
55 ) PFA,, CFP PFA,,. 40%, 38%, CFP 31%, 21%, 64 %, 24%. < -13> : LIMRA International(2003a), p. 14. 51%,, 23%, 26%., 23%.,.
56 < -24> ( : %) 26 51 23 : LIMRA International(2002b), p. 16.,. 3 75% PFA, 1 3 66.7% PFA.. 50 64, 65. < -25> ( : %) 40 40 49 50 64 65 31 23 35 21 3 5 6 10 3 14 11 12 8 13 13 22 55 45 35 35 : LIMRA International(2002b), p. 21.,, 1990
57. ),,, PFA. 96%, 82%, CFP 81%.,,.. < -14> FP ) PFA 62%, PFA. 56%, 6%, 38%
58. < -15> PFA : LIMRA International(2003a), p. 19. PFA, 45%. 44%,,,. PFA, 3 18%, 3 5 26%, 6 10 25%, 10 31%. 50% PFA 5 PFA.
59 < -16> PFA : LIMRA International(2003a), p. 18. ), 50%. 1/ 3, 1/ 4... 1).,
60. 96%, 2.1, 55%, 1.6. 51% 2.2, 47% (full service brokerage firm s). < -26> ( : %, ), 96 2.1 46 36 55 1.6 39 39 51 2.2 43 41 fu ll-service brokerage firm s 47 1.4 39 40 d iscou n t brokerage firm s 31 1.2 36 39 financial planing firm s 24 1.1 47 34 3 1.5 - - : LIMRA International(2003a), p. 24. 2) (prim ary financial in stitution : PFI) 61%. 10%, 6%, 4 %.
61 < -17> : LIMRA International(2003a), p. 27., PFA, PFA. < -27> PFA ( : %) PFA PFA 53 84 6 0 3 1 fu ll-service brokerage firm s 13 2 discou nt brokerage firm s 1 0 financial planning firm s 15 8 1 3 8 2 : LIMRA International(2003a), p. 19.
62.,.,,., 16.8%, 12.8%, 27.0%.. < -18>, (ch ecking account),,.,,.,
63 (fin ancial p lannin g firm ) PFA,. < -28> checking account / full-service brokerage firm ( : %) financial planning firm s 51 58 33 40 39 47 49 71 28 1 7 23 42 27 38 57 72 66 37 39 49 43 32 28 20 16 40 19 33 29 PFA 19 6 21 12 56 64 : LIMRA International(2003a), p. 28.. 78.1%. 28.2%, 17.6%, 15.3%, 38.7%..
64 < -19> 3) 48% (retirem ent accou nts), 93%. 31 6, 401(k), 403(b) 80%, IRA, Keogh 72%. 52%,, 17%, 14 %, 9%, 6%, 3%, 1%.,,,,,,.
65 < -29> ( : %, $) 93 316,300 48 401(k), 403(b) 80 224,200 33 IRA, Keogh 72 164,700 15 98 497,600 52 91 85,600 17 65 319,300 14 60 140,600 9 25 192,400 3 44 105,100 6, 8 214,000 1 20 204,800 4 : LIMRA International(2002a), p. 12. 69%,, 3. 28%, 30%, 20%, 8%. < -20> : LIMRA International(2003a), p. 25.
66,, 44.7%, 20.2%, 15.9%, 9.1%, 9.0%, 8) 1.0%.,. 20,,, 20. < -21> 4). 37%,. 47%, 45%, 8%. 8),,.
67 < -22> : LIMRA International(2003a), p. 32., (security).,,,. 9),.,., (save m on ey),,,,. 9) 50% PFA 5,.
68,.., fu ll-service brokerage firm s 52%, 48%, financial planning firm s 42%, 40%, discou nt brokerage firm s 30%, 13%. < -23> : LIMRA International(2003a), p. 39. full-service brokerage firm s,., (60.0%), (44.9%), (41.8%).
69. < -24> : 1+2.. 1). LIMRA, 75%, 50%, 88%, 67%.., (17%) (22%). (w ealth transfer).
70. < -30> ( : %) 67 49 27 88 : LIMRA International(2002a), p. 23.,. 83% 1.9, 77% 1.8, 76% 1.8, 75% 2.4.,,,,,,,,., 3. < -25>
71 14.8%, 6.3%, 3.7%. + 77.1%, 75.5%, 74.0%. < -26> : 3. 74.0%. 30%., 44 48%..,,. financial advisor
72.,,. < -31> ( : %) 32 31 18 15, 44 46 47 48, 24 23 35 37 100 100 100 100 : LIMRA International(2003c), p. 29. 2) PFA, PFA.,, CFP,, PFA. PFA., CFP 1 41%, 21%, 20% 2. PFA 51%, 46%.
73 < -27> (s econda ry advisors) : LIMRA International(2003a), p. 17. 3),,.,,.,,. CFP,, 1,,,.
74 < -28> :. : LIMRA International(2003a), p. 30.. 38.3%, 21.7%, 18.3% 10). < -29> 10) ' ' 28.3%, ' ' 5.0%, ' ' 2.5%, ' ' 0.8%.
75, (85.1%) (50.8%). ' ' 34.6%, ' ' 27.1%, ' ' 14.7%, ' ' 10.8%., 51.1%, 51.3%, 15.5%. < -30> 3),,. (insu rance) (fin ance),
76,.,.. 60.4 %,,.,,,,..,,.,.,,.,,,.
77. 1..,.,., (< -1 >). < -1>.,.
78,. UBS, Credit Su isse, Deutsch e Bank... (high risk) (high retu rn) 1)., FP(Financial Planning)., Wealth Man agem ent,,. 2. PB (Wrap Account) 1) J.P.Morgan & Chase, Merrill Lynch, Citigroup. 100 1998 21.6 2001 26.2 (7 ), 2006 38.5. UBS (2001 4,280 ),.,, 2002.
79 AM (Asset Managem ent) VIP.. PB 1991 1995. IMF, 2).,, 1,, 10, 5,, 3). ( 100 ), 50, 4)., PB PB, 2) 2002 6,,,,,,, 20 50%, 20 40%. 3),, 2002. 4).
80,,. PB PB (Private Banker) 5)., PB,,,, /,.,,,,.,.,. < -1>, Financial Plann er Private Banker, (Life Stage),,,. 5).
81 < -1>,.. Wrap Account (2001 2 6 ) (< -2> ).. 6)., LG (Brokerage). 2004 1, 6) (2004 2 ),.
82 17 < -2> (%) 3000 0.75 ( 3) 3000 0.5~0.8 0.3~0.4 1000 1.5~2.5 3000 3 2.8 1 3 3.2 5000 0.75 0.01 LG WM 3000 0.75 0.025 3000 1 0.8 5 0.7 0.6 w in 1000 3 0.01 3000 3 2.8 3 3.2 CJ Wrap 3000 3.2 5000 0.5~0.7 :. :, 2004 2 19. 11, 11 10,950. 1 2,257, 8,213 67.0%, (19.0%) (5.0%). 2004 1, 4,871, 1 6,857 11 2,217 ( 11.6%).
83,,. 9,645 78.7% (2,612 ), 10 70.1%., 10,655 ( : 97.3%), 1 77.3%.,, (Asset Managem ent) 7)., PB., FA., Wrap SMA.,, 3% MMF., 7) (56.1%), (19.0%), (1.4%), CP(1.2%), (61.6%).
84. (Asset Manager).,,,,. < -2> (Asset Man agem ent).. (Relationship). (Comm ission) (Fee).
85. 1)., Life Plann er (Financial Plann er).. ( ). S, 2003 10 FP 7~8. CRM 5,000, VIP 9,500, Sam sun g Advisor. Comm ission, (Cost).
86, FP Advisor. 8).,, CFP, +.. ( ) VIP PB VIP. D VIP 7 94 VIP. 100 VIP, VIP. I VIP. ( ) S D. D. 2003 9 VIP 8), FP.
87.,, VIP,,. VIP.. 2).,. 9).. PB,. 9) ( 1 ), A 24,000, B 3,200, C 3,000, 1%.
88,, 3...,.., 10).,..... 10)., (Fee) (Commssion),.
89,,,,,.. < -3>,. < -3>
90. 1.,...,..,, 1991 PB,,..,,,... 5 FP( ), 1).
91 < -1> FP...,. < -2> 2003, 20 6 5, 140 1) FP,,,, VIP.
92, 7% 2008 200.. < -2> ( ).,. Com mission Fee.,,,,.
93 2..,. < -3> Personal Bankin g VIP, (Asset Managem ent).... Bessm er Tru st( ) / Life Care, AXA Financial Plannin g., (AXA Advisor) Wealth Man agem ent,.
94 < -3 > 50, 2).,,,., 2), Private Banking -, 2002.10.23.
95. Private Banking, Asset Managem ent (relation ship)., (< -3>),.,. 3 ( ). ( ) (Life-care) 3)., (comm ission) (fee), pu sh p ull.. SWOT, 3),, 3. (Asset Management).
96. < -1> (relationship). 4)..,,,..,.,.. 4),,.
97 < - 1> SWOT (Strength s) (Weakn esses) (Opp ortu nities) (Threats) 3...,.,., /. (front office) (back office).
98,. (Vilfred o Pareto) 80% 20% 20:80..,.,,. SWOT,.,,.,. SWOT,.,
99...,,. /...,.,. 5).,. 5).
100., (prim ary) (secon dary). (fee),.,. 3.,,.,,..,.,,. (fee).
101 < -4> 1) :. 10,,. (relationship ),.,,,
102 6)..,.,,. 2) :,.,,,.,.,. 6).
103,.,.,.., (fee). (cross-selling), (comm ission).,.,.., (life-care)..
104.,.. 10. VIP 10%,. 5 1...,., 1.,.,....,
105.. < -5>,. 10,. 50,..
106., AXA Financial..,.,..... 7).. 1),.. CRM 7),.
107.,..,.,. 2) PB FP(Fin ancial Planning). PB FP,.. 2003 10 8),.,, 8),.
108 9). 10)..,.,.,,,,,, 11). 3)..,,.,,,, 9), 2003.12.29. 10),. 11) (2003), Wealth Management,.
109,, (total life care)... (BCG), 45% (< -2> ). 25%.. < -2> P B 45 % 20% 25 % -, cu stody - 0.5~1.5 % - hu rdle rate 10~20% 10% - ( ) - - - off-sh ore cu stody - tru st/ estate p lan nin g/ m an agem ent - retirem ent planning - p erson al taxation - /, :, PB,, 2003.
110 4). 12). 13).,,,, 14).. ( ), ( ), ( ) 12) SMA,. MMF. 13),.,. 14).,.
111.,.,,.,, 15)..,..... (accounts). AXA Advisors 15),.
112., Mu tu al Fu nd Investm ent Account, AXA Asset Account for Individu al, CapAdvantage, Classic Strategies, Capital Visions, AXA Asset Account for Bu sin ess.,,,,.,., 16).,,,. 17),.,. 16) 11 ( ), 16 ( ). 17) 40 4..,,,,,,.
113 < -3> AXA Advisors Mutu al Fund Brokerage Mutu al Fund Investment Account Premier Brokerage for Individu al AXA Asset Account for Individu al Fee-Based Brokerage Cap- Advantage Sep arately Managed Account Classic Strategies Mutual Fund Wrap Account Capital Visions Premier Brokerage for Bu siness AXA Asset Account for Bu siness, (fees) commission commission commission : http :/ / www.axaonline.com.
114.., 7%, 2005 343, 2006 368 2008 423..,.,..,,.,.,
115.,,,,.,,,..,,.,.,,,,.,.
116 (2002),,,, 10 ( 583 ). (2003),,,, 4 ( 589 ). (2002),,,, 11 ( 584 ). (2003),,,, 7 ( 592 ). (2003),,,, 2 ( 587 ). (2003),,,, 3 ( 588 ). (2003),,,, 9 ( 594 ). (2003),,,, 5 ( 590 ). (2003),,,, 11 ( 596 ). (2002), JP,,, 9 ( 582 ). (2003), HSBC,,, 10 ( 595 ). (2003), UBS,,, 6 ( 591 ). (2003), Wealth Management,. (2004),.
117, 2004 2 19. (1999),,. (2003),, Issu e Pap er., 2002 10 23. (2003), SHIN HAN PRIVATE BAN K 1.,,. (2001),. (2003), : 1997,. (2002), 2000. (2002),. (2002),., :, 2003 12 27. (2003), Private Banking,. (2002),. ACNielsen,, 2003. Boston Con sulting Group (2002),. Aizcorbe, An a M., Ken nickell, Arthu r B., an d Kevin B., Moor (2003), "Recent Ch an ges in U.S. Fam ily Finances: Evid ence from the 1998 and 2001 Survey of Con su m er Finances, Federal Reserve Bulletin, Janu ary. DATAMON ITOR(2002), UK Private Banking 2003: M apping and investigating banking services to the wealthy. (2003), The Future of the W ealth M anagemen t Business M odel.
118 Esp erti, Robert A., Ren n o L., Peterson (2000), 21st Century W ealth: Essential Financial Planning Principles, An Esp erti p eterson Institute Book. Kenn ickell, Arthu r B.(2003), A Rolling Tide: Changes in the Distribution of W ealth in the U.S., 1989-2001, Fed eral Reserv e Boar d. LIMRA (2003), "Reconn ecting with Afflu ent Clients", LIM RA 's M arketfacts Quarterly, Fall, pp. 98 101. LIMRA Intern ation al(2002a), Financial Situation of the Aff luent. (2002b), Financial Plans-Real and Imagined-Held by the Affluent. (2003a), Financial A dvisors and Institutions Serving the Aff luent. (2003b), Finances of the Aff luent :2001. (2003c), Retirement and the Aff luent. Merrill Lynch, Cap Gemini Ern st & You ng(2003), W orld W ealth Report. Pricew aterhou secoop ers Consulting(2002), N orth A merican Private Banking/ W ealth M anagement Survey. http :/ / ecos.bok.or.kr http :/ / ww w.axaonlin e.com http :/ / ww w.fed eralreserve.gov http :/ / ww w.hankyung.com http :/ / ww w.nso.go.kr
(KID I) 96-1 /, 1996.4 96-2 /, 1997.2 96-3 : /,, 1997.3 96-4 /,,, 1997.3 96-5, /,,, 1997.3 96-6 /,,, 1997.3 96-7 (I) : /,,, 1997.3 96-8 : /,,, 1997.3 96-9 /,,, 1997.3. 97-1 /,,,, 1997.5. 97-2 98-1 : /,,, 1997.11 M&A : M&A /,, 1998.1 98-2 /,,, 1998.2 98-3 /,,, 1998.2 98-4 98-5 ( ) : /,, 1998.3 /,,, 1998.3 98-6 : /,, 1998.3 98-7 /,, 1998.6 98-8 /,,, 1998.10 99-1 ( ) : /,, 1999.2 99-2 /,,, 1999.3
99-3 : /,, 1999.3 99-4 /,,,, 1999.3 99-5 (Survival Analysis) /,, 1999.3 99-6 : /,, 1999.7 99-7 /,, 1999.12 99-8 /,, 1999.12 2000-1 /,, 2000.3 2000-2 ART /, 2000.3 2000-3 /, 2000.3 2000-4 /,. 2000.3 2000-5 /,,, 2000.3 2000-6 /, 2000.6 2000-7 /,. 2000.8 2000-8 /,. 2000.9 2000-9 10 /. 2000.11 2000-10 /. 2000.12 2001-1 /,, 20001.1 2001-2 OECD /,,, 2001.1 2001-3 /,, 2001.1 2001-4 /,, 2001.3 2001-5 /,,,, 2001.3 2001-6 /,, 2001.4 2001-7 CRM : CRM /, 2001.8 2001-8 /,, 2001.10 2001-9 /,, 2001.10
2001-10 /, 2001.12 2001-11 /, 2001.12 2002-1 /,,, 2002. 3 2002-2 /,, 2002. 3 2002-3 /,,, 2002. 5 2002-4 /,, 2002. 5 2002-5 RBC /,,, 2002. 10 2002-6 /,, 2002. 10 /,,, 2002-7 2002. 12 /,,, 2002-8 2002. 12 2003-1 /,, 2003. 3 2003-2 /,,, 2003. 3 2003-3 /,, 2003. 3 2003-4 RAS /,, 2003. 7 2003-5 /,, 2003.11 2003-6 /,,, 2003.12 96-1 /,, 1996.2 96-2, 1996.2,, 96-3 /,,, 1996.10 96-4 /,,,, 1996.12 96-5 /, 1997.3 97-1 (IIS) ( 33 ), 1997.7 97-2 (PIC) ( 18 ), 1997.9
98-1 ( I ) /,, 1998.2 98-2 /,,, 1998.3 98-3 /, 1998.3 98-4 M&A /,,, 1998.8 98-5 MAI /,, 1998.8 98-6 /,,, 1998.10 98-7 ( ) : /, 1998.11, 99-1 ( ) : /, 1999.1 99-2 99-3 /,, 1999.3 /, 1999.3 99-4 /, 1999.6 99-5 : /,, 1999.7 99-6 /,,,, 1999.7 99-7 : /, 1999.7 99-8 /,, 1999.8 99-9 /, 1999.11 99-10 /, 2000.2 2000-1 /, 2000.3 2000-2 /, 2000.3 2001-1 /, 2001.1 2001-2 / 2, 2001.1
2001-3 /,, 2001.3 2001-4 /, 2001.3 /,,, 2001-5 2001.6 2001-6 (I) / 1, 2001.11 2001-7 (II) /, 2001.11 2002-1 /, 2002.3 2002-2 /,,, 2002.9 2003-1 2003 /, 2003.3 2003-2 /,,, 2003.3 97-1 /,,, 1997.10 97-2 '98, 1997.11 98-1 '99, 1998.11 99-1 2000, 1999.11 99-2 : - /, 1999.12 2000-1 2001, 2000.10 2001-1 /,, 2001.1 2001-2 2002, 2001.11 / 2001-3,, 2001.12 2002-1 2003, 2002.11 2003-1 /,,,, 2003.7 2003-2 2004 /, 2003.12
1 / W. Klein, Martin F. Grace, 1997.6 2 /, 1998.3 3 1, 1998.11 4 2, 1999.12 Harold D. Skipper, Robert D. Farny,, J. E. Johnson, Insurance Business Report 1, 1997.5 2 OECD /,, 1997.10 3 /,, 1997.11 4 /, 1997.12 5 IMF /, 1998.3 6 /, 1998.3 7 /,, 1998.5 :,,, 8 /,,, 1999.2 9 (IT) : /, 1999.3 10 /, 1999.3 11 IMF /,, 1999.3 12 /,, 1999.10 13 21 /,, 1999.12 14 WTO /, 2002.4, 15 5 /, 2002. 9 16 2010 /, 2003.5 17 /, 2003.5 18 /,, 2003.8
Environment Changes in the Korean Insurance Industry in Recent Years : 1 Institutional Improvement, Deregulation and Liberalization / Hokyung Kim, Sango Park, 1995.5 2 Korea Insurance Industry 2000 / Insurance Research Center, 2001.4 3 Korea Insurance Industry 2001 / Insurance Research Center, 2002.2 4 Korea Insurance Industry 2002 / Insurance Research Center, 2003.2 5 Korea Insurance Industry 2003 / Insurance Research Center, 2004.2 CEO Report 2000-1 /,, 2000.5 2000-2 /, 2000.6 2000-3 /, 2000.10 2000-4 /, 2000.11 2001-1 /,, 2001.8 2001-2 /,, 2001.8 2001-3 /,, 2001.10 2002-1 /, 2002.4 2002-2 PL PL /, 2002.6 2002-3 /, 2002.6 2002-4 5 /, 2002.9 2002-5 CI(Critical Illness) /, 2002.10
2002-6 /, 2002.10 2003-1 /, 2003. 2 2003-2 2003 /, 2003. 3 2003-3 /, 2003. 6 2003-4 /, 2003. 7 2003-5 /, 2003. 7 2003-6 OECD /, 2003. 8 2003-7 /,,, 2003.12 2004-1 /, 2004. 2 2004-2 /, 2004. 2 2004-3 /, 2004. 2 2004-4 /, 2004. 2
300,000 150,000 150,000 - (10~15 / ) (5~10 / ) (3~5 / ) - (3-4 ) ( ) - - - - (10~15 / ) (5~10 / ) (3~5 / ) - (3-4 ) ( ) - - ( 3 4 30,000) ( 50,000) ( 20,000) : : 368-4230,4407 : 368-4099 - : (067-25-0014-382) / (110-55016-257) : - : 6937009 (www.kidi.or.kr) Know ledge Center 1 :,,,,,, :
(m ardis@kid i.or.kr) (khlee@kidi.or.kr) 2004-1 2004 3 35-4 (02) 368-4000 (02) 2267-4112 ISBN 89-5710- 009-1 93320 10,000