In this study, the legal problems and Improvements of the Robo-Adviser are focused on the related issues to the introduction of the Robo-Advisor.
However, if the intention of introducing Robo-Advisor is to look at the fundamental purpose of providing investment advisory services to the public, it should not pursue economic efficiency and institutional convenience in the initial process of introducing new technology. First, the convenience and stability of the public should be secured in order for Robo-Advisor to become a popular investment advisory service. Therefore, government authorities should provide fair and responsible regulatory measures to bring stability and convenience of financial markets.

Robo-Advisor is a system that automatically implements the whole process of investment advice and financial management by utilizing the artificial intelligence technology that has the learning ability of the algorithm without human intervention. In the future, the financial services industry will see an increase in applications of analytical solutions based on artificial intelligence, an increase in demand for digital tools, and an increase in automation of artificial intelligence processes in back-office. It is expected that the use of Robo-Advisor will increase in the gradual front-office area.

Recently, the trend of Robo-Advisor has been actively proceeded with a hybrid business model fused with various fields such as IT technology and financial engineering. And the commercialization of Robo-Advisor is expected to accelerate as the application of artificial intelligence grows faster. In response to these changes, major overseas governments are progressively applying various regulations and new attempts to cope with numerous changes in the asset management field, such as regulation of commercialization of new technology, guideline of algorithm, cyber security, reasonable fee model.
In the United States and Australia, specific guidelines and additional legislation are being prepared. In particular, the investment advisory business is based on a special trust relationship between the investor and the investment adviser. Therefore, it is regulated to strengthen the duty of fiduciary to the Robo-Advisor firms, and regulation is introduced by applying a wide range of suitability principles for investor protection.

Above all, the Robo-Advisor that utilizes artificial intelligence has a wide range of influences, so characteristics of the Robo-advisor should be grasped, and the agenda for the ambiguous use of the concept of artificial intelligence should be secured the attribution of responsibility and safety due to the autonomy of artificial intelligence.
Therefore, in order to solve the issues related to securing the reliability and similarity of the Robo-Advisor utilizing artificial intelligence, it is necessary to prioritize the establishment of the basic law on the legal status and ethical status of the Robo-Advisor. Regulatory measures should also be established to verify the safety and transparency of the Robo-Advisor.

This study suggests that regulation of financial service of Robo-Advisor should be established in four aspects.
First, Robo-advisor need qualifications and training requirements to ensure that they are competent as financial investment Business entity. And regulations require the explicit enactment of rules for adherence to disclosure requirements, including regulations on the application of prudent investment principles and disclosure obligations, and for regulations that disrupt market order. Third, it is required to establish concrete application criteria of investors’ profiling based on the principle of suitability of financial investment business entity. Finally, the regulations on the adequacy of the algorithms that drive the Robo-Advisor and the verification of the processes should be specifically proposed, and measures should be taken to fully consider the equality of the users.

Robo-Advisor are still in the early stages of introducing the system, and there is still policy implications and various technology convergence in the IT industry is underway, so continuous monitoring, additional research, and diverse efforts are needed. In addition, the cultural level at which financial market trading are secured and various issues across the society should be fully reflected.