分享政大教授在金融時報（Financial Times）旗下的亞洲市場觀察訪問，英文原文如下。

簡言之，我長期倡議應該將銀行理財專員的薪酬，從總銷售金額（Gross Sales）抽傭制，改為資產存量（Asset Under Management, AUM）抽成制，才能解決理財專員與客戶間的利益衝突。

為什麼？當他只要一直鼓吹你進進出出就能抽傭賺錢時，那他會傾向賣他比較好賺的，還是對你資產增長比較有利的？但如果他是以你的資產存量部位大小抽成，那他是不是會更在意你的資產增長？

交易摩擦（如交易稅，手續費）的長期侵蝕效果是很恐怖的，鐵杵磨成繡花針。更何況一般人是從繡花針開始磨，然後磨成鐵屑。

#自制力學堂

Robin Chou, Professor of Finance at Taiwan’s National Chengchi University’s College of Commerce, says the FSC's commission ban will not be very successful if the regulator only forbids funds from paying sales commissions to banks but does not regulate how banks incentivise their sales representatives internally.

He adds that he has long been advocating for an AUM-based compensation for sales representatives but does not expect this change to be forthcoming.

“Some banks have told me that no one will dare to be the first one to evaluate their sales reps on an AUM basis, because whoever does it first will face an exodus in talent. After all, under the new model, sales reps’ compensation income will surely fall, at least in the short term,” he says.

“I understand these banks’ concerns, but I also think that the bank that dares to pilot this model will secure the stickiest customers in the long term. They may even attract some customers who have been ‘hurt’ by other banks,” Chou adds.

Unlike some overseas markets such as the U.K., Taiwan does not have any rules requiring fund sales representatives to disclose the make-up of their commission.

In fact, some sales representatives may still receive “soft compensation” from fund companies, such as expensive training sessions and trips to overseas resorts, according to Chou.

《槿週刊第四期》之來自斑馬魚的復仇
　
美國企業迎來破產潮，阿槿最近忙著掃出清貨和玩手遊，顧不上發刊，請見諒哪。本想繼續廢下去，但是來了幾個博恩粉，說不揭露業配也沒什麼，幹嘛大驚小怪的。
　
真是嚇壞本宮了，不發刊進行機會教育良心過不去啊！
　
博恩夜夜秀節目公開坦承，韓國瑜、蔡英文兩位總統候選人有支付費用上節目，屬商業合作。該兩期節目都有上傳至 YouTube，根據 YouTube 規定：
　
“您可以在影片內容中加入付費產品刊登位置、代言內容或其他須向觀眾公開說明的內容。您在加入這類內容時必須通知 YouTube，方法是在「進階設定」中勾選「這部影片含有付費宣傳內容」旁的核取方塊。“
　
代言內容定義——指專為廣告客戶或行銷商製作的內容，傳遞的訊息會讓消費者認為能代表內容創作者或代言者的個人意見、想法或經驗。
　
YouTube 規範全文：
https://support.google.com/youtube/answer/154235?hl=zh-Hant
　
檢舉一波，博恩夜夜秀就掰掰惹（揮小手帕）。
　
從前 YouTube 不太管業配的事情，但是奈何美國聯邦貿易委員會（FTC）太強大。FTC 明確規範網紅們 "Disclose when you have any financial, employment, personal, or family relationship with a brand."
　
任何金援、雇用關係、個人關係、親屬關係，有法律責任做利益揭露。又，拿了公關品也要揭露喔！
　
FTC 貼心做了懶人包：
https://www.ftc.gov/system/files/documents/plain-language/1001a-influencer-guide-508_1.pdf
　
博恩粉們一定會說，人家是台灣節目關美國屁事。呃，YouTube 母公司 Alphabet Inc. 是美國本土企業，誰叫你要用人家的平台呢？FTC 也說了 "If posting from abroad, U.S. law applies if it’s reasonably foreseeable that the post will affect U.S. consumers."
　
影片會影響美國觀眾母湯喔。真人真事：博恩 feat. 韓國瑜膝蓋走路影片，紐約某韓粉反覆看了好幾遍說真有才華（我的婚姻好難）。
　
在靠北 FTC 管太寬之前，請瞧瞧咱美利堅共和國的 FEC 對選舉宣傳多嚴苛：
https://www.fec.gov/help-candidates-and-committees/advertising-and-disclaimers/
　
相比，有沒有覺得台灣網紅和政客都過很爽？且民眾包容心無限大。我舉雙腳支持博恩業配，但是不揭露商業合作是違規又違法喔。被說成是「不過是有點道德瑕疵罷了」，嗯，我也不知該說啥好。
　
--
　
這期公益區留白，本文即是公益。義務幫死去的斑馬魚們討回公道。

【每日國際選讀】
#文末挑戰多益選擇題📝
台灣副本，中美科技前哨戰
Taiwan Firm to Build Chip Factory in U.S.

開啟「接收通知」和「搶先看」每天吸收雙語時事新知
來讀華爾街日報獨家

🇹🇼Taiwan Semiconductor Manufacturing Co., the world’s largest contract manufacturer of silicon chips, said Friday it would spend $12 billion to build a chip factory in Arizona, as U.S. concerns grow about dependence on Asia for the critical technology.
全球最大的矽片代工製造商台灣積體電路製造股份有限公司（簡稱：台積電）將宣布在亞利桑那州設立一家先進晶片工廠的計劃，與此同時美國正日益擔憂在這種關鍵技術方面對亞洲的依賴。

-contract manufacturer: 代工廠商
-dependence: 依賴
-critical: 關鍵的、致命的

🇹🇼TSMC said the project, disclosed earlier Thursday by The Wall Street Journal, has the support of the federal government and the state of Arizona. It comes as the Trump administration has sought to jump-start development of new chip factories in the U.S. due to rising fears about the U.S.’s heavy reliance on Taiwan, China and South Korea to produce microelectronics and other key technologies.
台積電這項建廠計劃可能耗資數十億美元。目前，由於越來越擔心美國在生產微電子產品和其他關鍵技術方面嚴重依賴台灣、中國大陸和韓國，川普政府（Donald Trump）已經在爭取啟動美國的新晶片工廠建設。

-disclose: 揭露
-jump start: 採取行動、推動
-reliance: 依賴、依靠，相較於dependence，reliance多了信任的成分
-microelectronics: 微電子產品

🇺🇸Politically, the announcement could be a win for President Trump who has been campaigning to get companies to build in the U.S. He has also been looking to make sure that Republicans retain their majority in the U.S. Senate. Arizona Sen. Martha McSally is among the Republicans facing a tough challenge in this November’s election.
從政治角度講，台積電的建廠計劃對美國總統川普來說可能是一個勝利，川普一直在爭取企業在美建廠。另一方面，他也在努力確保共和黨人能夠在參議院保持多數席位。一些共和黨參議員將在今年11月的選舉中面臨嚴峻挑戰，其中包括亞利桑那州共和黨參議員Martha McSally。

campaign: 競選活動
look to: 指望
retain: 保留、持有

未完待續...
建廠行動在政治上還有哪些意涵呢？
加入文末每日國際選讀計畫，解鎖完整語音導讀版

——
原文連結請看留言
——


❓多益模擬題❓:
The company is trying to _______ its ________ techniques by disclosing part of the skills initially. 這間公司嘗試透過主動揭露部分技術來保有其關鍵科技。

A. attain, valuable
B. gain, supportive
C. retain, critical

【每日商業英文計畫，熱烈招生中！】
華爾街日報訂閱超值方案 📰
專屬 #臉書社團，浩爾 #每日語音導讀
「留言+1」，就送你 #優惠碼 及 #導讀試聽！

《我在哈佛學的領袖技能》工作坊 : Invitation - 2020年2月8日或15日 (星期六)《Leadership Workshop》9am to 1pm

我曾經在哈佛讀過三年(2012/13/14)教授 Robert Steven Kaplan 的領袖課程。Changed my life!

農曆新年後，連我自己18年創業經驗，我希望和你分享我在哈佛學到及應用了什麼 (幸運地，我公司過去幾年的同事們 turnover 都是近0)，可能令你的領袖能力亦有所啟發。

題目: 六步提升你的領袖能力 (6 Steps to Become A Better Leader) based on Harvard Professor Robert Steven Kaplan's teaching and his 3 books.
日期: 2020年2月8日或15日 (星期六)
時間: 9am to 1pm
地點: Classified Cafe and My Office at New World Tower, 16 Queens Road Central, HK.
人數: 每場限20位，
對象: 免費，但只適合工作經驗5至10年以上的管理人士參與。
教材: 講廣東話，內容是英文
Agenda:
(1) Speed dating, self intro and expectations.
(2) Split into teams of 2 or 3 people.
(3) Go thru the leadership framework by Prof. Robert Steven Kaplan (現任美國達拉斯 Dallas 聯邦儲備銀行行長卡普蘭)
(4) Ask those questions and answer in teams.
(5) 回答你任何對做生意的問題，takeaway value and let's all be friends.

報名方法: 請WhatsApp你的卡片給Suki/Monica +852 9218 5223

我之前關於 Prof. Robert Steven Kaplan 的領袖影片:

https://youtu.be/YVplfngE9KM

https://youtu.be/PhPBbbq9oc0

https://youtu.be/Oloo1uA3UvE

Note: 如果之後你覺得此 workshop 有用，希望你可以考慮捐款 support 我 brother-in-law (Derrick Pang) 創立的 Lifewire.hk 慈善組織，幫助患有罕見疾病的兒童。

http://www.lifewire.hk/tc/support-lifewire/How-To-Donate.html

#哈佛領袖技巧工作坊，#Leadership_Workshop

............................................

Leadership Framework (by Harvard Prof. Robert Steven Kaplan)

A. STRATEGIC DIRECTION AND KEY CHOICES

(1) Ownership Mindset (Leadership is not about position, is mindset)
(2) What Do You Believe In?
(3) Have You Acted On It?
(4) Add Value To Others
(5) Vision (Where? Why? Distinctive?)
(6) Priorities (3 or 4)
(7) Alignment
- People
- Task
- Organization
- You

With active communication of vision and priorites everyday.

..........................................................................

B. DEVELOPING YOURSELF AS LEADER

Understanding yourself:
A. Assess your own strengths and weaknesses
- Write down your own
- Find others write on yours too
B. Finding your passion
C. Value, ethics, morals
D. What is your story? Be authentic

Why leaders fail?
A. Open to learn?
B. Ask questions?
C. Do you listen?
D. Fight through isolation
E. Ok feeling vulnerable

The leader as role model
A. Do you act as role model?
B. What are the two to three key messages you want to send to people?
C. Do your behaviors match your words
D. How do you plan to improve on your weaknesses, and build on your strengths?

Tools to become better leader:
A. Support group
B. Keep a journal (to do, ideas, knowledge, etc)
C. Face to face communication
D. Interview people (how u do it?)
E. Think one level up.
..........................................................................

C. BUILDING RELATIONSHIP (YOU CAN'T DO IT ALONE)

(1) Build Relationship
. Mutual Understanding
. Mutual Trust
. Mutual Respect
(2) Self disclosure
(3) Inquiry
(4) Advice seeking

Build Relationship Exercise:
A. Write down something about yourself that the other person probably doesn't know. Have the other person do the same.
B. Write down a question you like to ask the other person that would help you understand him or her better. The other person do the same. Ask them.
C. Write down an area of deep self doubt. Disclose to other person and ask for advise.

........................................................................

D. GETTING AND GIVING FEEDBACK

Giving and getting feedback
A. Seek feedback and seek coaching .
B. Actively coach others. Coach up and coach down. Are your advice specific, timely, actionable?
- Coaching is watching vs mentoring is telling.
C. Not year end review alone. It will be a verdict. Review frequently.

Communication with peers:
A. Ask why do you work here? What's great?
B. What do you hate about here?
C. Can you suggest what action to improve above?

......................................................................

E. ACTIVE MANAGEMENT OF TIME

Managing time
A. Do you know how you spend your time?
B. Does it match the key priorities?
C. 1, 2, 3.
(1) One is related to priorities and must be done by you
(2) Two is related to priorities but can be done by someone else (at least partly)
(3) Three is not related to priorities

....................................................................

F. EVALUATION AND RE-ALIGNMENT

A. Design of company still align with vision and priorities?
B. Blank sheet of paper exercise, what should you / we do? If so, what's stopping you?

END