With increasing digitalisation, a growing number of institutions are offering financial services online. This book discusses the legal obligations when investment advice or portfolio management services are provided through an automated system, so-called ‘robo advice’. In the first chapter, different types of robo advice are categorised and described. The second chapter focuses on the regulatory classification and the authorisation requirements of such a service. In the third chapter, statutory provisions for robo advice, particularly duties of conduct and organisational obligations, are analysed. Where legal requirements fail to address the specific characteristics of this digital service, the last chapter develops regulatory proposals de lege ferenda.