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机器人投资顾问，在我国更习惯被称为“智能投顾”。

这个概念一经提出，一直备受追捧，很多金融机构投入大量财力、人力筹备智能投顾业务。但在前两个月左右，有新闻报道一些银行的智投业务下线了。经了解发现，几乎业内所有的智能投顾类业务都下线了。公告上说的原因都是“为了落实监管要求”。

在我国的智能投顾是指什么呢？就相当银行开发了一套系统，系统通过一系列算法，根据你的风险偏好，投资目标，资产状况等自动为你做出投资建议。

听起来是还不错的产品，监管为何要暂停呢？主要还是因为监管机构尚未出台有关智能投顾的相关细则。在没有出台智能投顾的相关细则以前，为了避免出现因为不准确的投资建议而造成客户损失，只能从严管理。这在一定程度上也是为保护投资者利益而做的选择。

因为就当下而言，投资者本身的专业水平是否足以让他们理解、并从智能投顾中找到适合自己的投资服务，还是未知数。主要还存在以下几个问题：

第一，投资者教育不够。在银行或一些理财平台会给投资做一些测试，以此作为投资者投资水平或抗风险能力的证明，但是线上做题，和真正投资时的行为，是完全两回事。做题时选择自己可接受亏损为10%以内，但现实中有可能亏到20%还收不住手的人比比皆是。

第二，智能投顾会给投资者提供一些方案组合建议，但前提是投资者要有足够的判断力，知道智能投顾推荐的产品是否真的适合自己。而很多投资者目前并不具备这个能力。

第三，智能投顾的专业性和监管手段尚未完善。特别是智能投顾的投资逻辑是否为广大投资者所认可？如何将专家经验、市场经验等进行沉淀，依然需要一些技术和时间。

尽管目前在中国开展智能投顾的条件尚未成熟，但是长期来看，随着互联网金融的快速发展，机器人投资顾问迟早也会在中国推广、普及开来。在财富管理已经领先全球的瑞士在这方面不仅有足够的经验，同时在金融科技、智能投顾等方面的探索也早已开展。围绕这个大家关注的趋势，IfFP财富管理专业培训中心特别邀请瑞士金融规划师协会主席——Reto Spring先生，和大家分享关于机器人投资顾问的一些看法，以及目前在欧洲、瑞士智能投顾业务的开展模式与思考。

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以下为老师分享内容

Robo-advisors charge low portfolio management fees and offer a range of services and a variety of portfolio options. Thanks to artificial intelligence they might include in the near future individual advice for personal finance and tax strategies. Will they one day completely replace financial planners?

机器人投资顾问收取较低的投资组合管理费，即可提供一系列服务和多种投资组合选择。借助人工智能，在不久的将来，机器人投资顾问可能会为个人提供个人财务和税务策略方面的建议。机器人投资顾问将来会完全取代财务规划师吗?

Personal consultation is still the gold standard, so access to human advisors can therefore be added for a fee with almost all robo advisors. A recent study from Germany looked at 40 robo-advisors to see how accurately they matched customer profiles, what performance and loss protection they delivered, and - last but not least - what service the people behind the robo-advisors provided (IVA July 2022). However, because three quarters of all providers received awards and the short-term performance figures were overweighted, the test is not very meaningful.

由于人工咨询仍将是主流，通过付费即可同时咨询机器人投资顾问和人类顾问。德国最近的一项研究考察了40位机器人投资顾问，主要考察它们匹配客户档案的准确性、它们提供的性能和防损措施，以及（最后但同样重要的）它们背后的人类提供的服务（IVA，2022年7月）。但是，由于四分之三的供应商都获得了奖励，而且高估了短期性能数据，所以该研究并没有多大意义。

However, it was found that over 75% already operate sustainably or at least allow the selection of an ESG portfolio. In terms of service, i.e. also the possibility of human advice, there were large differences and no provider achieved the maximum score. The costs were on average 1% of the invested sum - the market leaders in the USA charge fees that range from 0 to 0.25%. Stock saving is not yet as widespread in Germany, which is why there is still a lot of potential here. The situation is different in Switzerland, where saving in equities is more widespread and costs have already fallen to 0.25% - 0.5%.

然而，研究发现，75%以上的供应商都在可持续运营，或至少允许选择ESG投资组合。在服务方面，也就是人工咨询的可能性方面，存在差异很大，所有供应商都未获得最高分。平均成本占投资总额的1%——美国的市场领导者收取的费用为0到0.25%。德国尚未普及股票储蓄，因此这里仍有很大潜力。瑞士的情况不同，在瑞士，股权储蓄更为普遍，其成本已降至0.25%-0.5%。

In addition to the trend toward sustainability, there is a tendency for providers not to rely on purely passive strategies but to actively manage portfolios. However, it remains to be seen whether the promised benefits will prove themselves over the long term and justify the additional costs. In the area of traditional funds, most reputable studies have shown for years that an active manager does not succeed in forecasting and sustainably beating the market over the long term.

除了可持续发展趋势外，还有一种趋势是，供应商不依赖纯粹的被动策略，而是积极管理投资组合。然而，承诺的好处能否长期兑现，并证明额外的成本是合理的，仍有待观察。在传统基金领域，多年来很多著名的研究已表明，主动型经理无法成功预测市场并长期战胜市场。

The inflows into passive investments have confirmed this picture for years. Therefore, a future strategy of robo advisors could also be to offer customers an additional (fee-based) service that goes beyond the pure investment process. For example, a provider could differentiate itself from the competition by arranging for financial planning or tax advice from certified advisors. Or by offering general educational content on "financial wellness" as an additional service.

多年来，流入被动投资领域的资金已证实了这一点。因此，机器人投资顾问未来也可能会为客户提供额外的（收费的）服务，而超越纯粹的投资过程。例如，供应商可安排注册顾问提供财务规划或税务建议，进而在竞争中脱颖而出。供应商也可提供关于“财务健康”的一般教育内容作为附加服务。

Provided there are open interfaces, there should also be nothing to prevent the inclusion of other assets, so that customers could use their own "financial cockpit" online. Financial planners would be well advised not only to familiarize themselves with the new technology, but also to actively use it as a useful tool in their advisory services. After all, their customers are already using it!

如果有开放的接口，并且可容纳其他资产，客户就可在线使用自己的“金融控制器”。财务规划师不仅应熟悉新技术，还应积极将其用于有效提供咨询服务，因为客户也在使用此类新技术!