Artikel
Who are robo-advisor users?
The purpose of this study is to explore the demand for robo-advising services by analyzing the participants’ behavioral characteristics and investment patterns. With the 2015 Financial Industry Regulatory Authority Investor data, we found that robo-advisor users were younger investors with high risk tolerance, whose self-assessment of financial knowledge is comparatively higher than their actual knowledge, and were independent decision-makers. By controlling for those behavioral attributes of robo-advisor users, we also found that robo-advisor users were reluctant to invest in individual stocks, while they showed the largest preference for investing in pooled investment products such as Exchange Traded Funds. Implications of this study’s findings can be beneficial to financial planning practitioners, academics, and regulators.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Journal of Finance Issues ; Volume: 18 ; Year: 2019 ; Issue: 2 ; Pages: 33-50 ; Chicago: Academy of Finance
- Klassifikation
-
Wirtschaft
Household Saving; Personal Finance
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Behavioral Finance: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets‡
- Thema
-
Robo-advisors
Fintech
Financial Planning
Financial Literacy
Investing
Risk Tolerance
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kim, Seongsu David
Cotwright, Marty
Chatterjee, Swarn
- Ereignis
-
Veröffentlichung
- (wer)
-
Academy of Finance
- (wo)
-
Chicago
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Kim, Seongsu David
- Cotwright, Marty
- Chatterjee, Swarn
- Academy of Finance
Entstanden
- 2019
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