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国际资讯基于互联网平台的金融业务

智能投顾可能并没有你想象的那么好

国际资讯基于互联网平台的金融业务

智能投顾可能并没有你想象的那么好

此前,Better Finance机构卧底了多家过去10年间出现且与传统投资顾问公司无关的智能投顾平台,其中包括来自7个欧盟国家的11家平台、4家美国和一家加拿大平台。

最终调查报告显示,这些智能投顾平台多数都存在费用不透明、投资组合和回报差异"难以解释"的多重问题。

违反Mifid规定

分析师说,一些智能投顾呈现投资表现数据的方式带有误导性,违反了有关监管条例。

报告指出:"依靠过往数据来预测投顾未来表现是不恰当的。这种方法本身不可靠,而且Mifid II清楚写明'这种预测不是未来表现的可靠指示',因此,欧盟二级立法要求在预测未来表现时警告投资者这种不可靠性。此份调查中的大部分智投平台都没有列出此种警告。"

作者说他们"强烈反对"未来表现预测而且"考虑某个投资组合或是某个可比较基金的过往表现更有用,可以让潜在投资者做出更加知情的决定。"

透明度堪忧

报告指出,一半受调查的平台在呈现最终投资建议时(5家美国平台中的4家,欧洲11家中的4家)没有列出费用,只有31%的明确说明最终回报包括费用。

剩下的69%并不是只列出了总体回报,但没有明确说明费用有无囊括在计算中。

报告称:"网站上公布的费用信息常常令人困惑或者甚至是有误导性,而且通常要费一番功夫在网页的犄角旮旯里才能找到。但并不是所有平台都是这样,Nutmeg、Yomoni、Growney和Investify的网站上关于费用的详细信息可以方便获得。"

表现预期与资产配置差异

Better Finance卧底调查记者选择的身份是一名千禧一代和一名婴儿潮人士。研究者设定了短期投资期间,他们猜想短期投资表现各个平台不会差异太大。

但不同平台给出的投资回报预期(本金1万英镑/美元/欧元)差异明显,最低的是880欧元(776英镑、1026美元)(Ellevest),最高则是8300欧元(Wealthsimple)。

研究团队无法解释这样的差异为何存在。

同样研究者们也无法解释在权益投资分配方面的差异,最低的投资32%于权益ETF,最高89%。

他们最重要的发现之一就是投资组合中权益占比与给出的预期投资回报间不相关。

研究者说这对投资者"十分具有误导性"。

回应

CISI称该报告点出了对客户教育的需要。

CISI财务规划官Jacqueline Lockie评价说:"面对情况和风险偏好相同的顾客,即使智能投顾推荐的投资组合相差不大而且主要由ETF构成,费用却相差十分大。报告还显示了相同身份背景信息的客户被不同平台推荐了权益比例相差巨大的投资组合。

因此我们作为专业财务规划师需要做的就是加强客户对财务规划和智能投顾的认识,同时简化产品和投资的方式,帮助所有投资者更好理解投资和产品并且分享最佳措施。"

Better Finance是一家机构协会,宗旨是加强欧洲的金融服务并强化消费者权利。

受调查的公司是Ellevest、Sigfig、 Wealthsimple、 Betterment、Easyvest、Investify、Growney、Yomoni、Whitebox、Quirion、Vaamo、Indexa Capital、Moneyfarm、Scalable Capital和 Nutmeg.

European robo advisers have been severely criticised in a report which found fees obscured as well as "inexplicable" portfolio and performance differences.

The mystery shopper survey by Better Finance targeted robo players that have entered the market in the past 10 years and are not connected to established providers.

Platforms surveyed included 11 platforms from seven different EU countries and four US platforms and one Canadian.

Fees - Mifid breach

Analysts said the way some robo advisers presented their performance data was misleading and in breach of regulations.

"The reliance on past performance data in the estimate of future performance scenarios is unfortunate," the report states.

"In addition to being inherently misleading, Mifid II clearly states that: '…such forecasts are not a reliable indicator of future performance'.

"For this reason, a clear warning of this unreliability is required by EU secondary legislation to accompany future performance forecasts. Such warnings are unfortunately missing from a majority of the robo advice platforms included in this study."

The authors said they "strongly disagreed" with the use of future performance scenarios, and found "the inclusion of the past performance of a proposed portfolio, or of a comparable fund, to be far more useful, enabling the potential investor to take informed decisions."

Transparency

According to the researchers, half of the platforms did not present information on fees when presenting final investment advice (four out of five in the US and four out of 11 in Europe), and only 31% explicitly state that final returns include fees.

The remaining 69% of platforms did not limit themselves to presenting gross returns, but simply did not specify whether fees were included in the calculation of future performance.

"The information on fees disclosed on the websites is often confusing or even misleading and often accessible only after some digging into the more obscure corners of the website," it reads.

"However, this is not the case for all robo advisors, since detailed information on fee allocation, can easily be found on platforms such as Nutmeg, Yomoni, Growney and Investify.

Performance forecast and asset mix divergence

The research team expected fewer differences between the platforms considering the short horizons given by the mystery shoppers - a fictitious millennial and a baby boomer.

The differences in terms of returns on investment between the different platforms (or how much the investor would make on top of his initial €/$/?10,000) are significant, starting from €880 (?776, $1,026) (Ellevest) and reaching up to €8,300 (Wealthsimple).

The research team could find no explanation as to how such huge differences (almost 1,000%) in expected outcomes could exist.

Similarly, researchers could find no explicable reason for the difference in equity allocation ranging from 32% to 89% in equity ETFs.

The most important element the research team observed is that there was a clear disassociation between the equity allocation in the portfolio and the expected investment gain for the investor.

Researchers said this made them "highly misleading" for investors.

Reaction

According to the CISI, the survey highlighted the need for client education.

Commenting on the study, Jacqueline Lockie, CISI head of financial planning, said: "Clients with the same situation and risk appetite saw costs vary widely even where the portfolios recommended very similar and composed mostly of ETFs.

"The same client research showed wide variation in equity allocation which varied from 20-80% equity asset allocation with same client profile.

"Therefore anything we can do as financial planning professionals to look at ways of improving investor education both in financial planning and robo advice as well as simplifying the way products and investments work to aid better understanding for all alongside sharing share best practice is to be applauded."

Better Finance is an association of national member organisations aimed at improving financial services in Europe and strengthening consumer rights.

The firms surveyed were Ellevest, Sigfig, Wealthsimple, Betterment, Easyvest, Investify, Growney, Yomoni, Whitebox, Quirion, Vaamo, Indexa Capital, Moneyfarm, Scalable Capital and Nutmeg.

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