客戶經理和私人銀行外部資產管理兩模式確實在許多方面大有相似。但您資金管理者的利潤來源正是一大關鍵要素，也是兩模式的分別之處。我們將探討以上的細節，以幫助您確認哪種模式更適合您的投資需求。
私人銀行模式
設想一下：高淨值個人或家庭在某一司法管轄區（如新加坡或香港）的私人銀行開立帳戶。隨後，銀行為客戶安排了一比特客戶經理人（RM）負責處理與賬務相關的全部事宜。這是銀行的傳統做法。
The RM taps into the bank resources to sell its products to the client, which generates revenue for the bank. Resources from the bank may include consultancy, asset allocation, portfolio management, bank services, and insurance, to name a few.
Another product is the investment research. This is called “sell-side” research because they are written to help sell the bank’s products or services to the client. The research is typically done by a team of analysts at the bank.
The RM takes these research ideas and packages them into products for the client. That can be direct brokerage, for example, where they buy into the stock or bond and a commission is charged, or it can be the sale of structured products created by the bank.
RM的一部分報酬取決於他所能賣出的銀行產品。銀行為他們製定了年度收入和帳戶數量增長目標。這是一個很重要的注意事項，我們稍後會討論其中原因。
The RM is remunerated in part by how much bank “product” he or she can sell. They are assigned a yearly revenue and account growth targets. This is an important note to make, for a reason we’ll get into later.
RM每月領取基礎薪水，薪水與銀行收入之間的差額通常作為獎金發放。囙此，RM在銀行中的排名越高，銀行為其製定的收入目標就越高。從而在年復一年中，其實現這些目標的壓力就越大
This can be considered a conflict of interest and may do a disservice to the client. Is an RM obliged to serve the private bank and its sell its products, or to serve the best interests of the client? Naturally, we expect all RMs to put their clients first, but to assume that this is always the case would be imprudent.
We’ve seen high-profile stories in the media where the worst-case scenario plays out; the client’s portfolio is unable to withstand a market shock, and the bank issues a margin call forcing the client to sell off his assets in adverse market conditions at low prices.
These preventable incidents can cause the client major losses through the mismanagement of their wealth and ruin the relationship with the bank.
But there are some excellent RMs who pay attention to detail, who understand their client’s needs and risk profiles, and are trusted for their expert and fair financial advice. It is important to have an RM who serves your needs and can add value to your finances, not theirs.
外部資產管理人模式（EAM）
The external asset management (EAM) model seeks to eliminate the inherent conflicts of interest in how private banks operate with their clients. The model started in Switzerland a few decades ago and is becoming increasingly popular in Asia.
In an EAM model, the private bank continues to act as custodian of the client’s assets and provides the trading platform, but the provision of investment advice is then subbed out to an independent asset manager. The client issues a limited Power of Attorney to the manager, who works for the client, not the bank.
Eu Capital operates independently under the EAM model. We have no bias towards any banks. Instead, our team advises based on the client’s needs. We advise our clients to choose a well-capitalised bank that charges reasonable brokerage fees, and we conduct our own primary “buy- side” research—we research to buy value investments for you in the markets, not sell you products.
As managers of both investment and risk, independence is paramount. Only through independence can we seek the value of a good investment decision. In this Information Age where the markets present us with a never-ending stream of often conflicting news and opinions, an independent mind is best placed to investigate, calculate, analyse and decide.
我們的目標很簡單：簡化流程，豐收回報。剩下的事情就順其自然吧。