2007年12月28日

投資信託手数料　価格破壊の現状

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山崎　元（経済評論家・楽天証券経済研究所客員研究員）

　以下のテーマに関して、ネット証券の社員でもある筆者は、利害関係者であることをあらかじめお断りしておく。

　もっぱら手数料が高過ぎるがゆえに魅力的な投資対象となりえなかった日本の投資信託に、やっと価格破壊の波が押し寄せてきた。現状では、手数料がまだ「十分に低い」と思えるところまでは下がっていないが、ネット証券を先導役として投信の廉売競争が始まったように思える。

　まず、販売手数料を販売会社が自由に設定できるケースでは、販売手数料をゼロとする「ノーロード化」は少し前から始まっている。これに加えて、自由に設定できないファンドの場合、販売手数料の一部をキャッシュバックするかたちでの割引が、複数のネット証券で始まっている。今のところ、販売手数料の半額を返すとする会社が多いようだが、一部の会社にあっては全額を返すキャンペーンをやっているところもある。

　たとえば投信を100万円買うとして、銀行や証券会社の店頭で購入すると３万円（３％）の販売手数料を取られるかもしれないのに対し、これとまったく同じファンドが、１万5000円や、場合によっては無料で買えるのだ。差が1.5％であるとしても、長期金利１年分以上の差がつくのだから、手数料の高い窓口で投信を買うのは利口でない（注：単純化のためにいずれも消費税を無視している）。

　投信の場合、同じ基準価額で買う以上、どこで購入しても顧客は同じ投資効果を得られるので、手数料差の影響はきわめて大きい。

　ネット証券としては、特に投資に不慣れでセールスマンの言葉を頼って購入しがちな銀行の投信購入客に手数料割引の存在を早く知らせたい。この点に関しては、広報戦略の巧拙が問われることになるが、顧客側のメリットがハッキリしているので、テレビなど注目度の高い媒体を使って集中的に訴えてもいいのではないか。

　一方、ネット証券各社は今のところ、他社の出方を見ているように見えるが、各社共に投信の扱い商品を増やしており、同じファンドを複数のネット証券で売ることが珍しくなくなるので、販売手数料の競争は早く進むかもしれない。投資家の立場としては、来年の早い時点で、ネット証券の場合は投信の購入手数料ゼロが常識になってほしいが、さてどうか。

　投信の手数料では、販売手数料もさることながら、保有期間を通じてずっとかかる信託報酬が問題だ。信託報酬は、典型的な株式積極運用型のファンドの場合、年率1.5％程度が多い。これを、運用会社が0.7％、信託銀行が0.1％、販売会社が0.7％（代行手数料という名目で運用会社からキックバックされる）といった調子で分配する。販売会社としては、販売手数料の割引は、投信の預かり残高を増やして代行手数料を得ることが目的だ。

　しかし、投資家にとっては、この信託報酬の影響がいかにも大きい。目下のところ、一般人に対して投信を勧める際、指数連動型のパッシブ・ファンドかＥＴＦ（上場型投資信託）しか選択肢がないが、それは、これらのファンドの信託報酬が格段に低いからだ。

　投資家サイドでは、信託報酬の価格破壊も期待したいところだ。こちらのほうは一部に信託報酬の２割程度の割引（キャッシュバック）をしようとする会社があるようだが、競争がまだ進んでいない。

　ともあれ、投信は購入窓口による一物一価が成立していない商品であることを覚えておこう。

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