摘要
摘要
我国资本市场自1990年发展至今，证券行业及财富管理市场都发生了深刻变
革。一方面，随着行业平均佣金率下滑，证券市场呈现出严重的红海竞争格局，
证券公司传统经纪通道业务模式不再具有竞争力甚至已无法满足证券公司生存
发展需求，各证券公司逐步由传统经纪业务开始向财富管理转型探索，监管部门
也陆续出台鼓励证券公司转型的政策。另一方面，居民财富的积累及财富意识的
增强为我国财富管理市场打开了巨大发展空间。后疫情时期，我国经济社会和资
本市场都面临着新的挑战。证券公司需要积极探索，在传统的经纪通道业务基础
上进行转型，满足投资者的财富管理需求，同时更好地发挥投资中介和资源配置
职能。
K证券云南分公司是K证券于2016年在云南设立的分支机构，主要进行当地
市场开拓及业务布局。公司前期主要以经纪业务为主，通过对业务发展现状的分
析得出，公司地区竞争力不足，收入利润发展缓慢，传统经纪通道业务占比过大
且由于佣金下滑使得收入水平呈下降趋势。进一步来看，公司存在客户服务及产
品体系不健全、专业人才队伍建设不足，绩效考核导向性缺乏等问题。中小券商
在证券行业明显的“马太效应”下，如果不尽快布局新的业务模式，将难以在激烈
的市场竞争中存活，经纪业务向财富管理转型十分必要。K证券云南分公司对财
富管理已进行了初步探索，需要更深一步进行研究和优化。
文章在对理论和文献研究的基础上，通过对公司转型的外部宏观环境、机
遇与威胁及内部优势与劣势的研究，进行SWOT矩阵分析并得出转型方向。再通
过对国内外证券公司经纪业务转型模式进行对比研究，梳理出成功经验和转型
路径，即K证券云南分公司应紧密围绕客户需求这一核心逻辑，满足客户全方位
财富管理需求。提出了包括优化组织架构、夯实客户服务、打造完善的资产配
置体系、加强产品销售的全流程管理、加强线上平台建设等几项策略，并结合
公司实际情况，提出了相应的保障措施。力图帮助企业走出特色转型道路，提
升企业在当地市场的盈利能力及竞争力。
关键词：经纪业务；财富管理；业务转型
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Abstract
Abstract
From the development of China's capital market in 1990,tremendous changes
have taken place in the securities industry and wealth management market.On the one
hand, with the decline of the average commission rate of the industry,the market
presents a serious Red Sea competition pattern.The old brokerage channel business
model of securities companies is no longer competitive and can not even meet the
survival and growth needs.Securities companies have gradually begun to explore the
transformation from former business to wealth management,and the authorities have
release files to encourage the transformation of companies. On the other hand,the
accumulation ofresidents' wealth andthe awakeningof wealth management
consciousness have create a huge room for China's wealth management market.In the
post epidemic period,China's economic,social and capital markets are facing new
challenges. Securities companies need to actively explore the transformation based on
the old channel,meet the wealth management needs of investors,and give better play
to the functions of investment intermediary and resource allocation.
K securities Yunnan branch is a branch of K securities established in Yunnan in
2016, mainly engaged in localmarket development and business layout. The
company mainly focuses on brokerage business in the early stage.Through the
analysis situation of business development,the company's regional competitiveness is
insufficient,the growth of income and profit is modest,the share of old business is too
great,and the income level is declining owing to commission reductions.After further
analysis,the customer and product system are not good.The establish of staff team is
not enough,and the guidance of performance appraisal is lack.Under the "Matthew
effect" of the securities industry,weak securities companies will be difficult to subsist
if they do not layout a new business model as soon as possible.It is imperative to
transform their brokerage business to wealth management.Ksecurities Yunnan
branch has made a preliminary exploration on wealth management,which needs
further research and optimization.
On the basis of theoretical and literature research,this paper studies the internal
andexternal environment,makesaSWOTmatrixanalysis andobtainsthe
transformation direction. Then,through the comparative study of the change modes of
the company at home and abroad, this paper obtain the better path,that is,K securities
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Abstract
Yunnan branch shouldfocus on the core logic of customer needs to meet customers'
all-roundwealth managementneeds.Put forwardseveralstrategies, including
optimizing the organizational structure,consolidating customer service, creating a
perfectasset allocationsystem,enhancethe processmanagementof product
sales,same with the construction of online platforms,and propose some measures in
combination with the actual situation of the company.Try to help enterprises walk out
of thecharacteristic transformationpath andimprove theirprofitabilityand
competitiveness in the local market.
Key words: Brokerage business;Wealth management;Business transformation
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