在金融科技创新领域，法律制度的生命力在于对金融创新实践的承认、共识和规范化，而非以既有的制度来格式化市场和实践对新型交易模式的需求。智能投顾规制的主要问题在于全权委托型智能投顾，不管是将其纳入投资顾问业务，还是纳入资产管理业务进行规制，都是可选择的路径。如果选择将其纳入投资顾问业务，那么需要资本市场高层级立法的支持。如果选择将其纳入资产管理业务，那么必须采用全权委托账户管理的规范方案，而不能采用信托型资产管理规范方案。四部委《关于规范金融机构资产管理业务的指导意见》中对智能投顾的规制逻辑是不清晰且令人费解的，应当予以修改和完善。

In the field of fintech innovation,the vitality of legal system lies in the recognition,consensus and normalization of financial innovation practice,rather than formatting the need of market and practice for new pattern of transaction with existing systemThe problem of regulation over roboadvisers mainly focus on the discretionary account form of itIt is optional to include it in either investment advice or assets managementIf it is chosen to be part of the investment advisory business,it needs the support of capital market highlevel legislationIf it is chosen to be included in the asset management business,the scheme of discretionary account management must be adopted,rather than the fiduciary assets management schemeThe regulation logic for roboadvisers in the new asset management rules is unclear and confusing,which should be revised and improved