The Analysis Of China's Robo-advisor Industry Development And Product Design

With the continuous development of science and technology,in the financial sector,with the breakthrough of financial technology namely Fintech,many traditional business operation and profit models are subjected to great changes.The application of the RoboAdvisor is the forefront.Robo-Advisor is a kind of method in which the process of the customer asset management is automatic and artificial intelligent.It evaluates data through the customer's risk preference,ability to bear risk,and calculates the suitable investment portfolio using intelligent algorithms.This paper first analyses the characteristics of the domestic Robo-Advisor industry,driving factors and development trend systematically,then in detail discusses the portfolio theory foundation of product design including traditional mean-variance model,capital asset pricing model and BL asset allocation model.And based on the mean-variance model,the thinking of modeling of BL asset allocation model joined with investors view is emphatically expounded.Finally,in the concrete implementation of product design,this paper uses vector autoregressive model(VAR)to build the relationship between the macroeconomic factors and the yields of different types of funds,which greatly reduces the subjectivity of the model parameters,and designs a reasonable Robo-Advisor products.This paper provides some new ideas for the development of new products in China's Robo-Advisor industry.