金融科技（FinTech）興起，大數據及演算法日益成熟，早已顯著地改變金融系統的服務模式，並且直接威脅傳統金融機構的服務價值，此為全球共有的現象，因為金融科技利用科技的力量專注於消費者需求，提供更具效率的服務。
以理財顧問服務來說，傳統的投資理財顧問集中服務高淨值客戶，數位化的自動化投資理財顧問(Robo-Advisor)則能以較低的成本，提供大量未被滿足的大眾有品質的投資建議及管理服務；另一方面也能提供高淨值的投資人更具效率的服務。
本文採取文獻分析法及個案研究法之研究方法，針對傳統理財顧問及自動化投資理財顧問，進行商業模式以及各國之間法律規範之比較分析。並以歐美洲發展成熟之個案公司以及與台灣環境較為相似的亞洲區個案公司做為參考對象，分析台灣金融市場的供需現況與法令規範，欲從中了解到自動化投資理財顧問在台的發展趨勢。

With the rise of fintech, big data and algorithms are becoming more and more popular. They have greatly changed the service mode of the financial system, and directly threatened the service value of traditional financial institutions. This is a global phenomenon, because FinTech uses the power of technology to focus on consumer needs and provide more efficient services.
In terms of financial advisory services, traditional investment and financial advisory services focus on high-net-worth clients, on the other hand, robo-advisor can provide a large number of unsatisfied public quality investment recommendations at a lower cost and management services; on the other hand, it can also provide more efficient services for high-net-worth investors.
This article adopts the research methods of the literature analysis method and case study method, and conducts a comparative analysis of business models and legal norms between countries for traditional financial consultants and automated investment financial consultants. Taking the mature case companies in Europe and America as well as the case companies in Asia that are more similar to Taiwan's environment as reference case study, and then analyze the supply and demand status of Taiwan's financial market and legal regulations, in order to understand the development trend of robo-advisory in Taiwan.

目 錄 IV
1. 緒 論 1
1.1. 研究背景 1
1.2. 研究目的與動機 5
1.3. 研究方法與流程 7
1.4. 論文結構 7
2. 文獻探討 9
2.1. 投資管理 9
2.2. 金融科技 14
2.3. 金融監管與法規政策 18
3. 國際個案公司探討 21
3.1. 歐美洲的個案公司 21
3.2. 亞洲的個案公司 28
3.3. 小結 33
4. 台灣市場分析與發展 35
4.1. SWOT分析 36
4.2. 投資項目分析 46
4.3. 投資者分析 50
4.4. 與人工投資顧問之差異 52
4.5. 市場發展與未來展望 54
5. 結論與建議 58
5.1. 研究結論 58
5.2. 研究貢獻 60
5.3. 未來研究建議 63
6. 參考文獻 64

1.金融監督管理委員會FSC
2.臺灣證券交易所TWSE
3.臺灣投信投顧公會SITCA
4.Accenture: global distribution and marketing consumer study: https://www.accenture.com/_acnmedia/Accenture/next-gen-3/DandM-Global-Research-Study/Accenture-Financial-Services-Global-Distribution-Marketing-Consumer-Study.pdf#zoom=50
5.Arner D et al (2015) The evolution of fintech: a new post-crisis paradigm. The University of New South Wales (UNSW) and the University of Hong Kong, UNSW Law Research Paper No. 2016-62, Hong Kong, Sydney
6.Baker, H. Kent, and Victor Ricciardi. Investor behavior: The psychology of financial planning and investing[M]. John Wiley & Sons, 2014.
7.Bank of Japan
8.BCG Perspectives :Global wealth 2015. : https://www.bcgperspectives.com/content/articles/financial-institutions-growth-global-wealth-2015-winning-the-growth-game/?chapter=2
9.Betterment : https://www.betterment.com/portfolio/
10.CB Insights (Dec 2016) The Race for AI. : https://www.cbinsights.com/blog/top-acquirers-ai-startups-ma-timeline/
11.Charles Schwab : https://intelligent.schwab.com/public/intelligent/insights/whitepapers/investor-profile-questionnaire.html
12.Chen, Angela H-L., Kuangnen Cheng, and Zu-Hsu Lee. The behavior of Taiwanese investors in asset allocation. Asia-Pacific Journal of Business Administration 3.1 2011: 62-74.
13.Cocca T D. Potential and Limitations of Virtual Advice in Wealth Management. The Capco Institute Journal of Financial Transformation (Vol. 44): 45–57, 2016.
14.Dan Keppel. Best Robo-Advisor Ultimate automatic wealth management. CreateSpace Independent Publishing Platform, 2016
15.Ernest & Young Report: Banking in Asia Pacific: Size matters and digital drivers competition : http://www.ey.com/Publication/vwLUAssets/EY-banking-in-asia-pacific/$FILE/EY-banking-in-asia-pacific.pdf
16.Fein M L. Robo-Advisors - A Closer Look. SSRN Journal, 2015
17.Financial Supervisory Committee Regulations of bank and financial holding company investing FinTech firms. : http://law.banking.gov.tw/Eng/FLAW/FLAWQRY03.aspx?lsid=FL078705&keyword=10460003280.
18.Finextra White Paper Sep 2016 : The Future of Advisory. : https://www.finextra.com/finextra-downloads/surveys/documents/e47ab3d0-30bc-4ea6-994f-c67f701da9c4/fin_wealth_epamv5_090516.pdf
19.FSC White paper 2016 : http://www.fsc.gov.tw/
20.Gopalan S, Jain G, Kalani G, Tan J (2012) Breakthrough IT banking. McKinsey Q 26:30–35
21.Goldman Sachs: Millennial coming of age. : http://www.goldmansachs.com/our-thinking/pages/millennials/
22.Helms M M, Nixon J (2010). Exploring SWOT analysis–where are we now? A review of academic research from the last decade. Journal of strategy and management, 3 (3):215-251
23.Jung D, Dorner V, Weinhardt C, Pusmaz H (2017) Designing a Robo-Advisor for Risk-Averse, Low-Budget Investors. Electronic Markets.
24.KPMG 2019 Fintech Report: https://assets.kpmg/content/dam/kpmg/xx/pdf/2019/07/pulse-of-fintech-h1-2019.pdf
25.KPMG FinTech 100 report. : https://home.kpmg.com/xx/en/home/insights/2016/10/ventures-kpmg-fintech-fs.html
26.KPMG Report: Robo Advising, Catching up and getting ahead. : https://home.kpmg.com/content/dam/kpmg/pdf/2016/07/Robo-Advising-Catching-Up-And-Getting-Ahead.pdf
27.Lamberti, H. J., & Büger, M. (2009). Lessons learnt: 50 Jahre Informationstechnologie im Bankgeschäft am Beispiel der Deutschen Bank AG. Wirtschaftsinformatik, 51(1), 31-42.
28.Lam, J W. Robo-Advisors: A Portfolio Management Perspective. Yale College, 2016
29.Ludden C, Thompson K, Mohsin I. The Rise of Robo-Advice: Changing the Concept of Wealth Management, 2015
30.Markowitz H (1952) Portfolio selection. The Journal of Finance (Vol. 1): 77–91.
31.Meola A, Robo Investing Reviews: Performance & Fees Comparison. http://www.businessinsider.de/bis-robo-investing-reviews-performance-and-fees-comparison-2017-1
32.Miklos Dietz, Somesh Khanna, Tunde Olanrewaju and Kausik Rajgopal. Cutting through the noise around financial technology: http://www.mckinsey.com/industries/financial-services/our-insights/cutting-through-the-noise-around-financial-technology, Feb 2016
33.Nicoletti B, The Future of FinTech. Cham: Springer International Publishing, 2017
34.Nüesch, R., Alt, R., & Puchmann, T. (2015). Hybrid customer interaction. Business & Information Systems Engineering, 57(1), 73.
35.PWC How FinTech is shaping Financial Services. : http://www.pwc.com/gx/en/advisory-services/FinTech/pwc-fintech-global-report.pdf
36.PWC Wealth Mgmt Report. : https://www.pwc.com/jg/en/publications/pwc-wealth-management-sink-or-swim-why-wealth-management-cant-afford-to-miss-the-digital-wave.pdf
37.Sironi, Paolo. FinTech Innovation: From Robo-advisors to Goal-based Investing and Gamification. John Wiley & Sons Limited, 2016.
38.Traff J D, The Future of the Wealth Management Industry: Evolution or Revolution? MBA Submission, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/104548, 2016
39.Wealthfront. : https://research.wealthfront.com/whitepapers/investment-methodology