Fri, Jan 07, 2005 - Page 10 News List

Bankers promote wealth management services

By Jackie Lin  /  STAFF REPORTER

An employee of the Taiwan Business Bank, dressed up as the God of Wealth, hands out paper money tokens at the 2005 Financial Product Expo yesterday. The expo, which started yesterday, is being held in Exhibition Hall No. 1 of the Taipei World Trade Center and runs until Sunday.

PHOTO: SEAN CHAO, TAIPEI TIMES

Who says only millionaires need wealth management? As long as you have NT$3,000 or NT$5,000 in your pocket, you may need a plan to manage personal finance and accumulate wealth, banking executives said yesterday.

"Wealth management should be commonly accepted and practiced by the general public," said Daniel Tsai (蔡孟峰), president of Taishin International Bank (台新銀行).

"As fluctuating interest rates often lead to savings losses from a long-term point of view, we hope professional wealth management suggestions can reach as many people as possible through this exposition," he added.

For the first time, the nation's 13 financial holding companies and nearly 100 banks, and insurance, securities and investment companies have gotten together to hold a four-day exposition to introduce new financial products and share the latest investment trends with consumers.

The fair, open to the public for free, opened at the Taipei World Trade Center Hall I yesterday and will run until Sunday.

Addressing the opening ceremony yesterday morning, Financial Supervisory Commission Chairman Kong Jaw-sheng (龔照勝) said the financial segment, as the service industry's flagship sector, should tap the nation's high savings rate to develop the burgeoning wealth management market.

The savings rate in Taiwan stands at 26 percent, much higher than the US' 14 percent, the UK's 18 percent, and 20 percent in Germany, Kong said.

To instill financial knowledge in the general public, the commission is scheduled to run nationwide seminars starting at the end of this month to better communicate with consumers and help resolve their investment questions.

It will also suggest that the Ministry of Education integrate financial texts into high school curriculums, Kong said.

Since the first financial holding company was established more than three years ago, financial institutions have placed greater emphasis on this niche market.

Charles Lo (羅聯福), vice chairman of Chinatrust Commercial Bank (中國信託), said promoting wealth management businesses and employing individual marketing will serve as two key factors to determine which financial institutions can survive the fierce competition.

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