Following industry suggestions that robo advisors may be violating investment laws, SEC Commissioner Kara Stein is publicly questioning whether a fiduciary duty applies to automated advice – and whether existing laws should be revised to account for the digital wealth management platforms.
“The commission is now challenged with thinking through what it means to regulate a robo advisor,” Stein told an audience at Harvard Law School this week in a lecture sponsored by Fidelity. “This concept did not even exist when most of the laws applicable to investment advisers were drafted.”
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