2018年，受实体经济增长动力不足、上市公司业绩不佳、国内信用风险爆 发，中美贸易争端等多重不确定因素影响，资本市场持续低迷。经纪业务及投行 业务收入贡献持续下降，券商行业整体收入空间缩小。同时，在严监管趋势下， 部分资质不足的券商面临严峻的挑战。广发证券的优势业务受到市场和监管政策 的双重影响，下降速度较快，原有的业务结构和盈利模式面临重大考验。 行业竞争加剧和监管趋紧使得券商通道业务线面临能力升级的要求。投资者 机构化提速，对券商行业专业度和产品服务的丰富多样性提出了更高要求，高净 值客户的财富管理能力成为增强证券行业竞争力的关键因素。自2018年起，广 发证券开始进行私人银行财富管理业务试点，但由于各层级差异化服务内容不清 晰，缺乏系统的服务方式和工具，客户的需求未能得到满足，转型之路进展缓慢。 因此，如何贴合高净值客户的需求，从全生命周期的角度去探索高净值客户的财 富管理，是论文研究的核心问题。 论文采取规范分析与统计调查相结合的研究方法，以资产配置理论和生命周 期理论为依据开展研究，首先，通过对广发证券高净值客户财富管理业务的剖析， 找出公司目前业务发展中存在的问题。然后，通过问卷调查的方式探寻高净值客 户的产品和服务需求，并从青年期、中年期和老年期三个阶段解析客户财富管理 需求。最后，分别针对青年期、中年期和老年期三个生命周期阶段高净值客户的 期望设计相适宜的财富管理策略，包括投资理财规划、保险规划、非金融增值服 务和高端医疗保险及附加服务。 论文进一步提出，公司应通过丰富并完善产品服务体系、培养专业人才队伍、 利用金融科技创新服务模式、运用客户关系管理提高客户贡献度、推动业务协同 以及打造品牌认知度这六个方面对财富管理策略的有效实施提供保障。 基于通过客户关系的维护，客户终身都会为公司带来价值这一论断，论文以 高净值客户不同生命周期阶段的需求为出发点，对广发证券高净值客户的财富管 理跨越式发展进行了较为系统的剖析及对策研究，由此，论文基于全生命周期视 角的研究成果，不仅可以有效突破广发证券高净值客户财富管理的发展瓶颈而良 性发展，而且将为证券行业同业的财富管理实践提供有益的借鉴。 关键词：证券业，高净值客户，财富管理，全生命周期 MBA学位论文 作者：王宜景 广发证券高净值客户全生命周期的财富管理策略研究 II RESEARCH ON THE WEALTH MANAGEMENT STRATEGIES OF GUANGFA SECURITIES HIGH NET WORTH CUSTOMERS IN THE WHOLE LIFE CYCLE Abstract In 2018, due to the lack of growth momentum of the real economy, the poor performance of listed companies, the outbreak of domestic credit risks, and the uncertainties of Sino-US trade disputes, the capital market continued to be sluggish. The contribution of brokerage business and investment banking business income continued to decline, and the overall revenue space of the brokerage industry narrowed. At the same time, under the trend of strict supervision, some securities firms with insufficient qualifications face severe challenges. The superior business of GF Securities is affected by both the market and regulatory policies, and the decline rate is fast. The original business structure and profit model are facing major tests. Increasing competition in the industry and tightening regulations have made the channel business lines of securities firms face the requirement for capacity upgrades. The rapid institutionalization of investors has put forward higher requirements for the professionalism of the securities industry and the rich diversity of products and services. The wealth management ability of high net worth customers has become a key factor in enhancing the competitiveness of the securities industry. Since 2018, GF Securities has begun a private banking wealth management business pilot. However, due to the unclear content of differentiated services at all levels and the lack of systematic service methods and tools, the needs of customers have not been met, and the transition has progressed slowly. Therefore, how to meet the needs of high-net-worth customers and explore the wealth management of high-net-worth customers from the perspective of the entire life cycle is the core issue of the research. The dissertation adopts a research method combining normative analysis and statistical investigation, and conducts research based on asset allocation theory and life cycle theory. First, by analyzing the wealth management business of high-net-worth clients of GF Securities, we find out the company's current business MBA学位论文 作者：王宜景 广发证券高净值客户全生命周期的财富管理策略研究 III development problem. Then, the product and service needs of high net worth customers are explored through questionnaire surveys, and the wealth management needs of customers are analyzed from the three stages of youth, middle age and old age. Finally, we designed appropriate wealth management strategies for the expectations of high-net-worth clients in the three life cycle stages of youth, middle-aged and elderly, including investment and financial planning, insurance planning, non-financial value-added services and high-end medical insurance and additional services. The thesis further proposes that the company should contribute to wealth through six aspects: enriching and improving the product and service system, cultivating professional talents, using fintech innovative service models, using customer relationship management to increase customer contribution, promoting business collaboration, and building brand awareness. Effective implementation of management strategies provides assurance. Based on the conclusion that through the maintenance of customer relationships, customers will bring value to the company for life. Based on the needs of high-net-worth customers at different life cycle stages, the paper makes a systematic study of the leap-forward development of wealth management for high-net-worth customers of GF Securities. Analysis and countermeasure research. Based on this, the research results based on the perspective of the whole life cycle can not only effectively break through the development bottleneck of high-net-worth clients' wealth management and benign development, but also provide a useful reference for the wealth management practice of the securities industry peers. Keywords: securities business, high net worth customers, wealth management, whole life cycle MBA学位论文 作者：王宜景 广发证券高净值客户全生命周期的财富管理策略研究 IV 目 录 中文摘要 ........ I Abstract ......... II 第一章 前言 .. 1 1.1 研究背景与问题 1 1.1.1 研究背景 ..... 1 1.1.2 核心问题 ..... 2 1.2 研究内容与方法 2 1.2.1 研究内容 ..... 2 1.2.2 研究方法 ..... 2 1.3 论文框架与技术路线 ....................... 3 1.3.1 论文框架 ..... 3 1.3.2 技术路线 ..... 4 1.4 研究意义与创新 5 1.4.1 研究意义 ..... 5 1.4.2 论文的创新点 ............................ 6 第二章 财富管理的理论研究综述与标杆借鉴 ....... 8 2.1 概念界定 ............ 8 2.1.1 高净值客户 . 8 2.1.2 财富管理 ..... 8 2.2 基础理论 ............ 9 2.2.1 客户关系管理理论 .................... 9 2.2.2 资产配置理论 .......................... 10 2.2.3 生命周期理论 .......................... 10 2.2.4 客户终身价值理论 .................. 11 MBA学位论文 作者：王宜景 广发证券高净值客户全生命周期的财富管理策略研究 V 2.3 高净值客户财富管理的研究综述 . 12 2.3.1 国外研究现状 .......................... 12 2.3.2 国内研究现状 .......................... 13 2.3.3 研究述评 ... 14 2.4 高净值客户财富管理标杆实践和启示 ........................ 15 2.4.1 欧美国家的实践 ...................... 15 2.4.2 国内行业标杆的实践 .............. 16 2.4.3 总结和启示 .............................. 16 第三章 广发证券高净值客户财富管理业务的现状与问题 ................ 18 3.1 公司简介 .......... 18 3.1.1 基本概况 ... 18 3.1.2 业务简介 ... 19 3.1.3 主营业务发展状况 .................. 19 3.2 高净值客户财富管理业务现状 ..... 22 3.2.1 客户结构 ... 22 3.2.2 产品与服务 .............................. 22 3.2.3 管理架构与流程 ...................... 24 3.3 高净值客户财富管理业务的问题与归因 .................... 25 3.3.1 现存问题 ... 25 3.3.2 问题的成因 .............................. 30 第四章 广发证券高净值客户全生命周期财富管理需求分析 ............ 32 4.1需求调查的设计与实施 .................. 32 4.1.1 确定调查目标 .......................... 32 4.1.2 确定调查对象 .......................... 32 4.1.3 调查方法设计 .......................... 32 4.1.4 调查的实施 ...........