一、 研究背景與目的
在全球財富管理邁向「顧問導向」之際，台灣市場仍深受「銷售導向」影響，手續費收入高度依賴保險商品，形成顯著的收入結構偏差。本研究旨在剖析此偏差的成因與風險，並以台新金控為核心個案，探討在 2024 年後利率反轉與監管強化環境下，金融機構轉型顧問模式的困境與路徑。
二、 研究方法
本研究採混合研究法：第一階段透過量化分析，檢視 2020 年至 2024 年台灣金控業及台新、國泰、富邦、永豐等四家代表金控之財報數據。第二階段進行質化深度訪談，共訪談 12 位有效樣本，對象涵蓋台新金控與同業之分行理專（5 位）、分行經理（3 位）以及總行產品與數位金融主管（4 位），藉此釐清績效考核（KPI）制度與組織文化對銷售行為的影響。
三、 核心發現
結構高度依賴保險：數據顯示台灣金控保險手續費佔比長期逾七成。台新金控 2023 年保險佔比達 72%，雖然 AUM 持續增長，但獲利動能依然高度與保單銷售掛鉤，結構僵固性明顯。KPI 制度的導向偏差：12 位受訪者指出，現行獎酬制度是偏差根源。保險商品佣金貢獻遠高於基金與配置規劃，使理專在業績壓力下被迫優先推銷高佣金保單，導致「資產配置」流於形式。專業斷層與系統侷限：訪談發現理專專業度多侷限於產品銷售，缺乏跨資產配置素養；同時，現行 AI 數位工具多用於「產品推薦」而非「資產組合檢視」，未能有效提升客戶覆蓋率。
四、 結論與建議
研究指出，轉型瓶頸不在於科技導入，而在於誘因機制的改革。建議如下：重構獎酬機制：降低單一保險權重，並將「AUM 淨增長」與「資產配置均衡度」指標納入 KPI 核心比重。落實財管 2.0 差異化：針對高端客群推動資產管理費（Fee-based）模式，建立專業建議付費觀念。優化顧問賦能系統：將 IT 介面從「銷售儀表板」轉向顯示客戶風險偏離度的「顧問診斷儀表板」。

I. Research Background and Objectives While the global wealth management industry is shifting toward an "advisory-based" model, the Taiwanese market remains heavily influenced by a "sales-oriented" approach. This has resulted in a significant structural bias in fee income, which is characterized by an over-reliance on insurance products. This study aims to analyze the underlying causes and risks of this bias. Using Taishin Financial Holdings as a primary case study, this research explores the challenges and potential strategic paths for financial institutions transitioning toward an advisory model amid interest rate reversals and tightening regulations post-2024.

II. Research Methodology This study employs a mixed-methods research design. The first phase involves a quantitative analysis of financial reports from the Taiwanese financial holding industry and four representative institutions (Taishin, Cathay, Fubon, and SinoPac) from 2020 to 2024. The second phase consists of in-depth qualitative interviews with 12 valid subjects, including relationship managers (5), branch managers (3), and executives from the head office’s product and digital finance departments (4). These interviews aim to clarify the impact of Key Performance Indicator (KPI) systems and organizational culture on sales behavior.

III. Core Findings
Persistence of Structural Dependency on Insurance: Quantitative data indicate that insurance commission income consistently accounts for over 70% of wealth management fees across the industry. In 2023, Taishin Financial Holdings' insurance fee proportion reached 72%. Despite growth in Assets Under Management (AUM), profit momentum remains tethered to insurance sales, reflecting significant structural rigidity.Distortionary Effects of KPI Systems: The 12 interviewees identified the current incentive mechanism as the root cause of the structural bias. High commissions on insurance products compared to mutual funds and portfolio planning pressure relationship managers to prioritize high-commission policies, rendering "asset allocation" a mere formality.Professional Gaps and Systemic Limitations: Qualitative findings reveal that the expertise of relationship managers is often narrowed to insurance products, with a lack of cross-asset allocation proficiency. Furthermore, existing AI tools are predominantly used for "product recommendation" rather than "portfolio review," failing to enhance the overall value of the advisory service.

IV. Conclusions and Recommendations The study concludes that the bottleneck of transformation lies not in technology adoption but in the reform of incentive mechanisms. The following strategies are proposed:Restructuring Incentive Mechanisms: Reduce the weight of single insurance products in performance reviews and increase the importance of "Net AUM Growth" and "Asset Allocation Balance" to at least 40% of the KPI.Implementing Differentiation in Wealth Management 2.0: Transition toward a "fee-based" asset management model for high-net-worth clients to establish the concept of paying for professional advice.Optimizing Advisory Empowerment Systems: Transform IT interfaces from "Sales Dashboards" into "Advisory Diagnostic Dashboards" that visualize deviations in client risk profiles and asset portfolios.

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