On February 23, 2017, the Securities and Exchange Commission (SEC) published information and guidance on the use of robo-advisers, “which are registered investment advisers that use computer algorithms to provide investment advisory services online with often limited human interaction.” Each of the SEC’s Division of Investment Management and Office of Investor Education and Advocacy published information on the use of robo-advisors. Due to the “unique issues raised by robo-advisers,” the Division of Investment Management issued guidance for investment advisers that contains “suggestions on meeting disclosure, suitability and compliance obligations under the Investment Advisers Act of 1940.” The Investor Bulletin issued by the Office of Investor Education and Advocacy provides information individual investors should consider when using robo-advisors, which includes the level of human interaction important to the investor, the information that the robo-adviser uses in formulating recommendations, the robo-adviser’s approach to investing and the fees and charges involved. Release. Guidance. Investor Bulletin.