Bloomberg reported that at a time when investors are flocking to low-cost, easy-to-use automation services, BlackRock, the US bond fund management company, has issued an announcement a few days ago to urge regulators to increase their review of smart investment advice. BlackRock (also known as Blackrock) - the world's largest asset management company, uses a suite of software to manage $8 trillion in assets for more than 1 million customers worldwide.
The New York-based company said in a report released today that regulators should ensure that digital consultants have a good understanding of customers before providing services and have a clear disclosure of the recommendation algorithm. In addition, BlackRock said that these digital consulting services should also analyze fee disclosures and explain how companies protect customer data and prevent cyber attacks.
“As an individual user, when you sign up for digital consultancy services and experience three different products, you actually get three different answers,†Barbara Novick, vice president of BlackRock, said in an interview. “In these service systems There are no auditing rules and standards in place for regulation, so we may not necessarily need to disclose how the digital advisors practice in establishing rules, but these need to be discussed together.â€
At present, many world-class asset management companies, including BlackRock, have launched a computer investment consulting platform to gain more millennial users and other investors, and take up more market share in the new competition. Last year, Pioneer Group and Schwab Financial launched their own automated investment services, and this year Fidelity Investment Group also launched a new system version for small white investors.
Intelligent investment consultants use computer algorithms to reduce the threshold and cost of recommending investment and financing. These services generally recommend investors to exchange-traded funds or trading open-end fund (ETF) portfolios, which happen to be BlackRock's leading providers. Of course, there are still some intelligent investment services that will provide investors with automatic tax loss services to minimize taxation costs.
Novick said that digital consultants should be based on the existing rules of the investment industry, but the report conducted an in-depth study of emerging technical issues and found that the traditional rules did not play a role in it.
Regulators in the United States, Europe, and Asia have started to review digital financial services. The United States Securities and Exchange Commission (SEC) and the Financial Industry Supervisory Authority issued a joint warning in May 2015 to remind investors to choose better automated investment tools.
Last year, BlackRock acquired Digital Asset Management startup FutureAdvisor, helping securities companies and wealth managers provide service efficiency to acquire more new customers faster. The Group also followed similar steps and acquired Financial Guard LLC last month.
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