The Division of Examinations (“Division”) has recently observed a significant increase in the number of investment advisers choosing to provide automated digital investment advisory services to their clients. The purpose of this Risk Alert is to raise awareness of certain compliance issues the Division observed while conducting examinations of advisers providing, or claiming to provide, robo-advisory services, including advisers that operate, recommend, or sponsor discretionary investment advisory programs.

View the Risk Alert: Observations from Examinations of Advisers that Provide Electronic Investment Advice