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Robo-Advising

In: The Palgrave Handbook of Technological Finance

Author

Listed:
  • Francesco D’Acunto

    (Carroll School of Management, Boston College)

  • Alberto G. Rossi

    (Georgetown University)

Abstract

In this chapter, we first discuss the limitations of traditional financial advice, which led to the emergence of robo-advising. We then describe the main features of robo-advising and propose a taxonomy of robo-advisors based on four defining dimensions—personalization, discretion, involvement, and human interaction. Building on these premises, we delve into the theoretical and empirical evidence on the design and effects of robo-advisors on two major sets of financial decisions, that is, investment choices (for both short- or long-term horizons) and the allocation of financial resources between spending and saving. We conclude by elaborating on five broadly open issues in robo-advising, which beget theoretical and empirical research by scholars in economics, finance, psychology, law, philosophy, as well as regulators and industry practitioners.

Suggested Citation

  • Francesco D’Acunto & Alberto G. Rossi, 2021. "Robo-Advising," Springer Books, in: Raghavendra Rau & Robert Wardrop & Luigi Zingales (ed.), The Palgrave Handbook of Technological Finance, pages 725-749, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65117-6_26
    DOI: 10.1007/978-3-030-65117-6_26
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