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ARTICLE · 23 JUNE 2022

Panel Discussion Regarding Ethical Artificial Intelligence And "Roboadviser" Fiduciary Responsibilities

Mayer Brown
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On March 10, 2022, the Investor Advisory Committee ("IAC") of the SEC held a morning panel that discussed the ethical issues and fiduciary responsibilities relating to the use of artificial intelligence.

United StatesCorporate/Commercial Law
Bradley Berman
Bradley Berman
Anna T. Pinedo
Anna T. Pinedo
Marc x.w. Leong
Marc x.w. Leong
Nicole Veru
Nicole Veru
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On March 10, 2022, the Investor Advisory Committee ("IAC") of the SEC held a morning panel that discussed the ethical issues and fiduciary responsibilities relating to the use of artificial intelligence ("AI") in the development and deployment of "roboadvisers" to provide investment recommendations. Generally, a "roboadviser" is an asset management service that uses portfolio management algorithms or artificial intelligence to provide investment advice to customers, thereby facilitating lower costs, account minimums, and fees as compared to services provided by human investment advisers.11 The panel provided updates on the current use of AI in roboadvising, discussed the technical differences and tradeoffs between AI-powered advice versus recommendations provided by a human adviser, examined how roboadvisers may be subject to bias and blind-spots, and reviewed new developments in the larger-related industry.

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