智能投顾的功能定位与监管进路

智能投顾是涵盖投资管理全价值链的服务模式,融合广义智能化投资顾问的各项特征,并有所延展,具有个性设计、风险分散、理性决策、平衡调整的功能优势。实践中,智能投顾面临合规风险、画像风险、算法风险、信用风险等方面的功能异化。由于概念界定和市场环境的不同,我国智能投顾的监管无法复制美国的模式,应当走本土化道路,注重从功能的角度进行穿透式监管。具体路径包括分类实施准入监管,推进放开综合账户;严格把关问卷设计,加强提高风险意识;有效开展算法监控,探索构建试错机制;明确强化信息披露,合理考量责任追究。

Function Orientation and Its Supervision Path of Robo-Advisor

Robo-advisor is a service model covering the whole value chain of investment management.It integrates various characteristics of general intelligent investment adviser and extends them,which has the advantages of individual design,risk diversification,rational decision making and balance adjustment.In practice,the Robo-advisor faces compliance risk,portrait risk,algorithm risk,credit risk and other aspects of functional alienation.Due to the difference in concept definition and market environment,China's Robo-advisor supervision cannot replicate the American model,so we should take the road of localization and pay attention to penetrating regulation from the perspective of function.The specific path includes implementing access supervision by classification and promoting the opening of comprehensive accounts;checking the questionnaire design strictly and enhancing the risk awareness;carrying out algorithm monitoring effectively and exploring trial and error mechanism;strengthening information disclosure clearly and considering liability investigation reasonably.