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2018年第一季度,哪两家智能投顾表现最好?

传统金融的互联网化国际资讯基于互联网平台的金融业务

2018年第一季度,哪两家智能投顾表现最好?

BackEnd Benchmarking最新机器人投顾报告显示,该领域内两名相对较新成员第一季度表现排名前三。

2017年5月SoFi在线借贷平台推出的SoFi财富管理服务拔得头筹;TIAA个人投资机器人社会责任投资组合TIAA SRI占得第三;夹在二者中间的是Schwab Intelligent Portofolios。

以上三个机器人投顾在第一季度应纳税平衡投资组合(股票债券六四开)上都没有赚钱,但比其他数字投顾和整体股票市场(标普500指数跌了0.76%)表现好。相较之下,SoFi投资组合损失了0.14%,TIAA SRI损失了0.45%。

报告解释道:"2018年第一季度国内股票市场呈现动荡态势",6个交易日终盘涨幅或跌幅达2%及以上。投资国际股票市场较多的组合比如SoFi的投资分布更可能表现优良。

Schwab Intelligent Portofolios表现突出是因为它在固定收入资产上的分配,后者包括高收益率债券和国际债券。一年期和两年期投资表现中,Schwab也因为固定收入资产投资而占据第一位。

债券投资中,第一季度表现良好的有FutureAdvisor(第二名)和SoFi(第三名)。SoFi的优异表现来自于其投资的一高收益市政债券。

股票投资中SoFi也在第一梯队,是唯一在三类目中都在前梯队的机器人投顾。SoFi CEO是Anthony Noto,他是推特前首席运营官,也曾是高盛总经理。

股票投资方面,SigFig表现最佳,后两位打平分别是TIAA SRI和United Income。SigFig和SoFi的投资组合最注重新兴市场股票。总体上机器人投顾增加投资国际股票,减持美国股票。TIAA SRI也增持了新兴市场股票。

两个新机器人投顾服务,摩根士丹利的Access Investing和富国银行的Intuitive Investor第一季度也是他们的首个全季度。报告中对它们以及USAA和United Income都做了分析。

报告称摩根士丹利的机器人提供"投资选择广泛",包括影响、机器人和生物科技主题投资组合,"投资产品具有竞争力"。

富国银行的机器人因为规划工具强大且易使用收获赞许,但报告也提到其收费及最低账户资金限制较高,分别为50个基点和1万美元;摩根士丹利的机器人服务只需35基点和5000美元。

USAA收费也为50基点但账户最低资金为2000美元。United Income多数账户也收费50基点,最低资金为1万美元,但和富国银行一样提供实时咨询服务。摩根士丹利和USAA的机器人投顾服务只提供实时客户服务而不是咨询服务。

报告提到今年下半年将出现更多的数字咨询服务,来自"孵化型金融公司"比如摩根大通和高盛。这月早期UBS已推出自己的机器人服务。

二月,带有金融性质的零售商Overstock.com推出了数字咨询服务。

Two relative newcomers to the robo-advisor space are among the industry’s top three performers in the first quarter,  according to the latest Robo Report from BackEnd Benchmarking.

SoFi Wealth Management, which launched in May 2017 as an offshoot from the SoFi online lending platform, took first place; TIAA SRI, the socially responsible investment portfolio of its TIAA Personal Portfolio robo, placed third; and sandwiched between the two was Schwab Intelligent Portfolios.

All three robos lost money in the first quarter in their taxable, balanced portfolios, split roughly 60/40 between stocks and bonds, but they performed better than other digital advisors and the overall stock market, which was down 0.76%, for the S&P 500. Their losses ranged from 0.14% for SoFi and 0.45% for TIAA SRI.

“Volatility returned to domestic equity markets in the first quarter of 2018” with six trading days ending with gains or losses of 2% or more, the Robo Report explains. Portfolios with larger allocations to international equities, such as SoFi’s, tended to fare better than others.

Schwab Intelligent Portfolios excelled largely because of its fixed income allocation, which included high-yield bonds and international debt, according to the Robo Report. It placed first for fixed income performance not only for the first quarter of 2018 but for the one-year and two-year trailing periods.

Other top performers for bond portfolios in the first quarter were FutureAdvisor, which placed second, and SoFi, taking third place, supported by its majority allocation to a single high-yield muni bond fund, according to the Robo Report.

SoFi also ranked third for its equity portfolio performance in the first quarter, making it the only robo-advisor to take top honors in all three categories. The robo startup is led by CEO Anthony Noto, a former former chief operating officer of Twitter and former managing director at Goldman Sachs.

SigFig placed first for equity performance in the first quarter followed by TIAA SRI and United Income, which tied.

Both SigFig and Sofi had some of the highest allocations to emerging market equities, which reflected a broader trend among robo-advisors to increase allocations to international equities while reducing exposure to U.S. stocks, according to the Robo Report. The TIAA SRI portfolio also increased its allocation to emerging market stocks.

The first quarter was also the first full quarter for two new robo-advisors: Morgan Stanley’s Access Investing and Wells Fargo’s Intuitive Investor, which are profiled in the Robo Report along with USAA and United Income.

The report calls the Morgan Stanley robo “a compelling offering,” due to its “breadth of investing options,” which include impact, robotic and biotech-themed portfolios.

It applauds Wells Fargo’s robo for the strength of its planning tools and easy navigation but notes its relative high fees and account minimums: 50 basis points and $10,000 compared to Morgan Stanley’s 35 basis points and $5,000 minimum.

USAA also has a 50 basis-point fee but a lower $2,000 minimum, and United Income charges 50 basis points for most accounts and requires a $10,000 minimum but also provides access to live advisors, as does Wells Fargo. Morgan Stanley’s robo and USAA’s provide access to only live customer support rather than advisors, according to the Robo Report.

The report notes that more digital advisory services are expected to launch later this year from “incumbent financial firms” like JPMorgan and Goldman Sachs following UBS’ move earlier this month.

In February, Overstock.com, an incumbent retailer with a finance hub, introduced its digital advisor.


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