機器人投顧：Wealthfront個案研究

Abstract

機器人投顧(Robo-Advisor)，或稱智能投顧，係金融與科技融合發展的其中一項，以現代投資理論之量化資產配置模型，輔以現代網路技術發展如大數據、雲計算、移動網路等，將過去專業投資機構如私人銀行等提供予專屬高淨值資產階層之投資理財規劃服務，透過新資訊網路技術建立通路及降低成本，將專業投資服務提供予過去無法觸及的中低淨資產客群。 本研究以知名業者Wealthfront為個案研究對象，蒐集有關機器人投資顧問有關之報導、研究、公司文件等進行分析研究其特色、採用模型技術、資產類別分類選擇、核心資產配置方式及服務流程等，提供投資人採用機器人投資顧問服務前之參考基準，或作為未來發展機器人投資顧問服務之借鏡。

Robo-Advisor, commenced after Global Financial Crisis, is one of the Financial Technologies (FinTech) that applies information and internet technology to the financial industry. Robo-Advisor is a kind of investment advisor service over internet partly or fully, combines Modern Portfolio Theory, information technology such as Big Data, Cloud Computing, Mobile Internet etc. It provides the professional investment advisor service to individual clients with mid or low asset value directly. This paper focuses on the case of Wealthfront, a pioneer and leading company in Robo-Advisor industry. It clarifies how Wealthfront runs the B-L model, the thoughts and structures of asset classes being selected and classified, portfolio selection methodology for individual client, and whole service procedure. This study would provide technical reference to those who plan to develop their own Robo-Advisor service or use the services.