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Who uses robo‐advising and how?

Author

Listed:
  • Vishaal Baulkaran
  • Pawan Jain

Abstract

Using propriety data from a large Indian robo‐advisory firm, we show that users of robo‐advisory services are relatively young, predominantly male, married, small investors, and professionals. We show that the majority of small retail investors utilize a systematic investment plan (SIP). Additionally, we document that there are differences in demographic characteristics, occupation, and geographic location of investors in utilizing SIP versus one‐time lump sum investments. Furthermore, we find that daily user account creation increases during periods of high market volatility.

Suggested Citation

  • Vishaal Baulkaran & Pawan Jain, 2023. "Who uses robo‐advising and how?," The Financial Review, Eastern Finance Association, vol. 58(1), pages 65-89, February.
    • Handle: RePEc:bla:finrev:v:58:y:2023:i:1:p:65-89
    DOI: 10.1111/fire.12324
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    References listed on IDEAS

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    1. Karina Sachpazidu & Katarzyna Niewinska, 2025. "Individual Investors’ Expectations vs. Brokerage Firms’ Perceptions: A Consistency Analysis in the Context of Client Relationship Management," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 992-1015.
    2. Nicole Maria Namyslo & Dominik Jung & Timo Sturm, 2025. "The state of robo-advisory design: A systematic consolidation of design requirements and recommendations," Electronic Markets, Springer;IIM University of St. Gallen, vol. 35(1), pages 1-29, December.
    3. Zhu, Hui & Vigren, Olli & Söderberg, Inga-Lill, 2024. "Implementing artificial intelligence empowered financial advisory services: A literature review and critical research agenda," Journal of Business Research, Elsevier, vol. 174(C).
    4. Chujun He & Zhonghao Huang & Xiangguo Li & Ye Luo & Kewei Ma & Yuxuan Xiong & Xiaowei Zhang & Mingyang Zhao, 2025. "Hierarchical AI Multi-Agent Fundamental Investing: Evidence from China's A-Share Market," Papers 2510.21147, arXiv.org.

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