April 2017
Meet HAL, Your New Robo-Adviser: SEC Regulatory Guidance For Robo-Advisers

“Hello, Dave. You're looking well today.”

In the iconic science fiction movie, 2001: A Space Odyssey, the HAL 9000 computer courteously greeted his astronaut human companion Dave Bowman. HAL was a Heuristically programmed ALgorithmic computer that was designed to control the systems of the Discovery One spacecraft on which Dave and his fellow astronauts traveled. HAL went on to eliminate members of the crew and attempted to eliminate Dave. For several decades the fear of artificial intelligence (AI) was perpetuated by movies like 2001: A Space Odyssey and The Terminator. In late 2013, the fear of artificial intelligence garnered new attention when two Oxford academics released a paper claiming that 47 percent of current American jobs are at ‘‘high risk’’ of being automated within the next 20 years.  

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