第一項 自動化投資顧問服務相較於傳統投顧對於消費者更佳
對於自動化投資顧問服務多數的批評為自動化投資顧問服務相較於人類表 現更差，其建議往往是「千篇一律」，缺少針對個人之建議51。亦有認為自動化 投資顧問服務之建議與自然人投資顧問相同，甚至更佳，如自動化投資顧問服務 相較於自然人投顧更能有效率地進行再平衡、稅虧減免等。某些傳統投顧所為之 投資建議亦非常基本，自動化投資顧問服務非但可達成相同標準，收費亦更為合 理，亦無自然人所擁有之情緒。
究竟熟優熟劣？本文不欲妄下結論，或許該由財經專家藉由績效判斷，如以 Betterment 於網站所稱其可以在每年獲利中高於一般投資人 2.66%之獲利觀察52， 或許與投資顧問手續費收取後之獲利差距不多，但是自動化投資顧問服務所提供 的服務為全年 24 小時不間斷服務，且不可能對資產較少客戶「大小眼」，對於 部分消費者仍有一定吸引力。
第二項 科技公司之自動化投資顧問服務目前尚無法取代傳統金融機 構投顧
自動化投資顧問服務之發展究竟何去何從？科技公司所發展之自動化投資 顧問服務究竟是否得撼動由金融機構所盤據資產管理市場？就美國目前主要科 技公司所創之自動化投資顧問服務之資產管理規模觀察，2010 年所推出第一家 自動化投資顧問服務之業者－Betterment，目前資產管理規模為 100 億美金53，
51 E.g., Stephen J. Huxley & John Y. Kim, The Short-Term Nature of Robo Portfolios, Advisor Persp.
(Sept. 12, 2016),
http://www.advisorperspectives.com/articles/2016/09/12/the-short-term-nature-of-robo-portfolios (last visited: June 16, 2018); Herry Light, (March 5, 2016). Here's Why the Most Talked-About Way to Invest Right Now Could Be a Huge Mistake, fortune. Also available at
http://fortune.com/2016/03/05/robo-adviser-wealthfront-betterment-charles-schwab.
52 Betterment website, https://www.betterment.com/why-betterment/(last visited: June 16, 2018).
53 Betterment L.L.C, Uniform Application for Investment Adviser Registration and Report by Exempt
較 7 月相比成長近 10 億美金；Wealthfront 之產管理規模為 82 億美金 54，較 7 月相比成長近 20 億美金；Personal Capital 之產管理規模為 43 億美金55、 AssetBuilder 之產管理規模為 7 億美金 56、SigFig 之產管理規模為 1 億美金57、 WiseBanyan 之產管理規模為 9 千萬美金 58。雖然所管理資產逐年增加，但相較 於傳統金融機構所設之自動化投資顧問服務相比較仍僅其佔一小部分。
較具盛名之金融機構 Charles Schwab 與 Vanguard 為最先推出自動化投資顧 問服務。傳統金融機構 BlackRock 收購自動化投資顧問服務 FutureAdvisor59； Fidelity Investments 和 TD Ameritrade 分別於 2016 年推出了 Fidelity Go 和 TD Ameritrade Essential60；在 2017 年初 Merrill Lynch 亦提供其新服務 Merrill Edge Guided Invest；Wells Fargo 與 Goldman Sachs 亦爭相佈局自動化投資顧問服務61。
Reporting Advisers (Form ADV) (2017). Also available at
https://adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=149117.
54 Wealthfront Inc., Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Advisers (Form ADV) (2017). Also available at
https://adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=148456.
55 Personal Capital Advisors Corporation., Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Advisers (Form ADV) (2017). Also available at
https://adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=149117.
56 Assetbuilder, Inc., Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Advisers (Form ADV) (2017). Also available at
https://adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=142665.
57 Sigfig Wealth Management L.L.C., Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Advisers (Form ADV) (2017). Also available at
https://adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=158823.
58 Wisebanyan, Inc., Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Advisers (Form ADV) (2017). Also available at
https://adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=150953.
59 Samantha Sharf, BlackRock to Buy FutureAdvisor, Signaling Robo-Advice Is Here to Stay, Forbes (Aug. 26, 2015), https://perma.cc/2GJ8-HWX2 (lasted visited: Mar.14.2017).
60 TD Ameritrade Joins Robo-Club, Barron’s (Nov. 2, 2016),
http://www.barrons.com/articles/td-ameritrade-joins-robo-club-1478082291 (lasted visited:
Mar.14.2017); Anne Tergesen, Robo Adviser Betterment Stokes Concern Over Brexit Trading Halt, Wall St. J. (July 2, 2016),
https://www.wsj.com/articles/robo-adviser-betterment-stokes-concern-over-brexit-trading-halt-146740 3366 (lasted visited: Mar.14.2017).
61 Goldman Sachs Eyeing a Robo-Advisor, Barron’s (Mar. 21, 2017),
http://www.barrons.com/articles/goldman-sachs-eyeing-a-robo-advisor-1490120240 (lasted visited:
Mar.14.2017); Janet Levaux, Merrill Edge Launches Robo-Advisor with a Twist, ThinkAdvisor (Feb. 8, 2017), http://www.thinkadvisor.com/2017/02/08/merrill-edge-launches-robo-advisor-with-a-twist (lasted visited: Apr. 14,2017); Wells Fargo to Roll Out Pilot Robo Adviser in First Half of 2017, Reuters (July 20, 2016),
Schwab 於 2015 年 3 月推出 Schwab Intelligent Portfolios (SIP)，其提供其客戶免 費投資於 ETF 及資產分配。Vanguard 隨即在同年 5 月推出 Personal Adviser Services 平台，並輔以視訊、電話人工服務，在 2015 年底共有 310 億美元的資 產管理規模62，到 2016 年底達到將近 510 億美元 63，遠遠超過科技公司所創立 之自動化投資顧問服務總和。
傳統金融機構相較於科技公司經營自動化投資顧問服務似乎較具競爭力，諸 如 Charles Schwab 與 Vanguard 等公司在品牌上較具知名度，因此不需投入大量 資金於營銷上。自 2015 年以後，科技公司所創之自動化投資顧問服務增長率已 有下降之趨勢，有認為傳統金融機構所創立之自動化投資顧問服務將完全支配市 場64。
http://www.reuters.com/article/us-wells-fargo-wealth-robo-adviser-idUSKCN1002E9 (lasted visited:
Apr. 14,2017).
62 Vanguard Advisers, Inc., Vanguard Personal Adviser Services Brochure: Form ADV Part 2A, at 4 (2016). Also available at
http://adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID.=407 134.
63 Id. at 4.
64 Michael Kitces, B2C Robo-Advisors Are Dying As Growth Rates Crash, Kitces.com: Nerd’s Eye View, (May 2, 2016),
http://www.kitces.com/blog/best-opportunistic-rebalancing-frequency-time-horizons-vs-tolerance-band -thresholds (lasted visited: Apr. 14,2017).