疫情冲击下国际智能投顾业务模式比较及对证券行业财富管理的启示

Comparison of International Robot-advisor Business Models and Its Enlightenment to Wealth Management in Securities Industry Under the impact of the epidemic

突发的新冠肺炎疫情催生了金融服务的线上化需求,大数据、云计算、人工智能等金融科技(FinTech)改变了传统以投顾服务为主的财富管理模式,智能投顾是金融科技在投资管理和投资顾问领域的创新和应用,其本质是完整的投顾服务,即投资建议+交互服务。智能投顾源于美国,发展历程经历了在线投顾、机器人投顾、人工智能投顾等阶段,本文对国际上自动化的资产配置模式、自动化的大数据分析量化投资模式、以人工为主的投资策略与社交理财模式、人机结合即顾问协助型智能模式等进行了比较透视,在此基础上对国际投行如嘉信理财智能投顾发展模式和成熟经验进行总结剖析,为疫情冲击下国内券商转型财富管理开展智能投顾提供了经验借鉴。未来"人机结合"模式尤其是自动化的资产配置类和量化投资模式将成为智能投顾主流,基于我国证券行业智能投顾业务现状、问题及发展方向,从加快智能投顾系统平台底层技术开发、加强智能投顾监管、推动智能投顾相关资质牌照合规化、加强区块链技术在智能投顾的应用等方面提出政策建议。

The outbreak of a novel coronavirus pneumonia epidemic has generated the demand for online financial services.Big data,cloud computing,artificial intelligence and other financial technologies(Fintech)have changed the traditional wealth management model based on investment advisor services.Robo-advisor is the innovation and application of Fintech in the field of investment management and investment advisor.Its essence is completely investment advisor service,namely investment advice+interactive service.Robo-advisor originated in the United States,and its development process has experienced the stages of online investment,robot investment,artificial intelligence investment.This paper makes a comparative perspective on international Robo-advisor business models such as automated asset allocation model,automated large data analysis and quantitative investment model,artificial-based investment strategy and social financial management model,human-machine integration,i.e.consultant-assisted intelligent model,etc.On this basis,the development model and experiences of international investment banks such as Charles Schwab’s Robo-advisor are summarized and analyzed,which provides experience reference for the domestic securities firms to transform wealth management and carry out Robo-advisor under the impact of the epidemic.In the future,the"human-machine integration"model,especially the automated asset allocation and quantitative investment model will become the mainstream of Robot-advisor.Based on the current situation,problems and development trend of Robo-advisor business in China’s securities industry,this paper puts forward some policy suggestions on speeding up the development of underlying technology of Robo-advisor system platform,strengthening the supervision of Robo-advisor,promoting the compliance of relevant qualification licences of Robo-advisor,and strengthening the application of block chain technology in Robo-advisor.