内容概况：随着金融科技的飞速发展，智能投顾逐渐成为投资领域的一股新势力。2024年，全球智能投 顾资产管理规模达到1.80万亿美元，同比增长31.16%。传统投顾模式高度依赖投资顾问个人的专业能 力，服务成本高昂，导致业务门槛居高不下，难以满足广大中小投资者的需求。相比之下，智能投顾通 过引入人工智能和大数据技术，建立起了融合投资算法和投后自动化管理为一体的模型。它能够快速获 取客户的投资偏好等信息，进而为客户量身定制个性化投资策略，实现投资管理的自动化。这不仅大大 提高了服务效率，还显著降低了投资顾问的门槛，使得投顾业务真正成为普惠金融的一部分。 一、行业概述 智能投顾（Robo-Advisor）是指利用大数据分析、量化模型和算法，根据投资者的个人收益和风险偏好 提供匹配的资产组合建议，并自动完成投资交易过程，再根据市场变化情况动态调整，让组合始终处于 最优状态的财富管理服务。它通过人工智能技术，基于投资者的自身状况以及风险偏好，将经典的投资 组合理论、行为金融学、效用理论等多种理论融入算法设计，对市场数据进行及时高效的分析处理，从 而提供自动化、智能化投资管理服务。按服务模式分类，智能投顾主要分为全自动化 ...

Core Viewpoint - The article emphasizes the importance of enhancing the investor experience in public funds as a key goal in the regulatory framework, highlighting the buyer advisory business as a crucial element for the development of China's asset management industry, drawing lessons from the mature U.S. advisory market [1][2]. Industry Market - The U.S. advisory industry has seen robust growth driven by increasing household assets, rising pension management needs, and a growing number of public fund products, leading to a strong demand for advisory services [2][10]. - The number of advisory firms has increased from over 6,500 in 2000 to more than 21,000 by 2024, with SEC-registered advisory firms reaching 15,906 by the end of 2024 [10][11]. Business Development - The client base has expanded significantly, with individual clients growing from fewer than 4.54 million in 2000 to over 58 million by 2024, reflecting a compound annual growth rate of 11.2%, compared to 3.0% for institutional clients [3][24]. - The primary business models include portfolio management and financial planning, with a growing trend towards advisory recommendations and pension consulting [3][29]. - Fee structures are predominantly based on assets under management, performance-based fees, hourly charges, and fixed service fees, with commission-based fees declining due to competitive pressures [3][32]. Investment Behavior - Equity investments (listed stocks and ETFs) are the most significant asset class in advisory portfolios, followed by fund assets, which have been increasing in proportion [4][35]. - The rise of robo-advisors has gained attention, with a mixed model of "human + technology" being favored over purely automated approaches [4][37]. Competitive Landscape - The competitive landscape has evolved, with a clear establishment of leading firms, while competition remains fierce among mid-tier firms [4][43]. - The top 10 advisory firms have increased their market share from 16% in 2003 to 24.2% by 2024, indicating a consolidation trend in the industry [43][45]. Case Studies of Leading Advisory Firms - Vanguard Advisers focuses on individual clients, combining traditional and digital advisory services, managing over $300 billion by the end of 2024 [51]. - Betterment, established in 2009, has become a leading robo-advisor with a management scale of $56.4 billion, emphasizing low investment thresholds and a diverse service offering [53][54].