1.
앞서 자산관리서비스의 괴리(Gap)와 축소방안은 영국의 사례입니다. 주목한 점은 온라인자문업, 로봇어드바이저에 대한 권고였습니다. 이와 같은 맥락으로 이해합니다만 미국 FINRA의 보고서입니다. Automated Financial Advice가 아니라 ‘Digital Investment Advice’라고 명명하였습니다.
FINRA Reports on Effective Practices for Digital Investment Advice
보고서는 ‘디지탈투자자문’의 역사를 간단히 소개합니다. 1990년대 말부터 시작한 투자분석도구들이 2005년이후 보편화되었고 2008년 금융위기이후 로보어드바이저로 나아갔다고 합니다. 보고서는 로보어드바이저를 ‘client-facing tools’이라고 명명합니다.
In the late 1990s, the landscape of investment tools available directly to investors began to expand. Some firms started to make asset allocation tools available online. The landscape expanded further in 2005, when NASD Interpretative Material (IM) 2210-6 became effective, allowing broker-dealers to make “investment analysis tools” available to investors. FINRA defined an investment analysis tool to be an “interactive technological tool that produces simulations and statistical analyses that present the likelihood of various investment outcomes if certain investments are made or certain investment strategies or styles are undertaken.”
Following the 2008 financial crisis, a number of new entrants began offering a wide range of digital financial tools directly to consumers, including investment advice tools. Many of these firms had their roots in the technology industry and brought new perspectives on the role of technology in financial services. The client-facing digital investment tools these firms developed offer aspects of the functionality previously only available to financial professionals. The degree of human involvement in client-facing tools varies substantially. Some firms rely on a purely digital interaction with clients while others provide optional or mandatory access to a financial professional.
일반적인 자산관리의 업무흐름입니다.
로보어드바이저는 이상의 흐름 전체를 자동화한 서비스입니다.
2.
디지탈투자자문 서비스에서 가장 중요한 것은 로봇입니다. 로봇은 곧 알고리즘을 말합니다. 로보어드바이저를 통하여 투자자문을 받을 때 서비스의 품질을 좌우하는 것은 알고리즘입니다. 따라서 알고리즘에 대한 정보를 얼마만큼 투명하게 제공하느냐가 투자자(소비자)의 선택에 매우 중요합니다. FINRA은 로보어드바이저 서비스를 제공하는 기업들의 프토폴리오를 분석하였습니다.
월스트리트 저널이 Putting Robo Advisers to the Test에서 분석한 결과도 크게 다르지 않습니다.
자산별로 다른 숫자입니다. 이 때문에 FINRA는 아래 두가지가 중요하다고 생각합니다.
These examples highlight the importance of firms 1) understanding the methodological approaches embedded in the algorithms they use, including the assumptions underlying the potential scenarios on expected returns, and the biases or preferences that exist in those approaches and 2) assessing whether these methodological approaches reflect a firm’s desired approach. These considerations apply both to the internal development of digital advice tools and third-party digital advice tools that firms acquire or private-label.
이에 따라 FINRA의 권고는 다음과 같습니다.
Algorithms are core components of digital investment advice tools. They use various financial models and assumptions to translate data inputs into suggested actions at each step of the advice value chain. The methodology by which the algorithm translates inputs into outputs should reflect a firm’s approach to a particular task, e.g., profiling an investor, rebalancing an account or performing tax-loss harvesting. If an algorithm is poorly designed for its task or not correctly coded, it may produce results that deviate systematically from the intended output and that adversely affect many investors.
For this reason, it is essential that firms effectively govern and supervise the algorithms they use in digital-advice tools. At the most basic level, firms should assess whether an algorithm is consistent with the firm’s investment and analytic approaches. For example, a number of clientfacing digital investment advice tools are based on precepts from Modern Portfolio Theory and use a passive, index-based approach to investing based on the risk tolerance of the client, while others incorporate active management of investment portfolios. Not surprisingly, the outputs and investment advice from algorithms developed based on these approaches are likely to be different.
3.
국내 로보어드바이저 서비스도 크게 다르지 않을 듯 합니다. 그래서 ‘알고리즘공시제도’를 두어야 합니다.
알파고의 영향으로 여의도에 '인공지능 로봇'이 활보하고 다닙니다. 궁금하네요. 인공지능을 쓰는 것은 자유이지만 왜 인공지능인지를 구체적으로 설명해야 하지 않을까요? '알고리즘 공시제도'라도 만들었으면 합니다..
— smith Kim (@smallake) March 17, 2016
