Journalartikel

Jahr der Veröffentlichung: 2020

Zeitschrift: Journal of Behavioral and Experimental Finance

Bandnummer: 25

ISSN: 2214-6350

eISSN: 2214-6369

DOI Link: https://doi.org/10.1016/j.jbef.2020.100275

Verlag: Elsevier

Abstract: 
Using representative US investor data, we investigate whether automated financial advisors, also referred to as robo-advisors, reduce investors' demand for human financial advice offered by financial service providers. Our results provide a strong negative relationship between using robo-advisors and seeking human financial advice. We show that the substitution effect of robo-advisors is especially driven by investors who fear to be victimized by investment fraud. Our findings suggest that robo-advisors seem to offer a valid alternative for seeking investment advice, especially among those investors who worry about potential conflicts of interest that appear in the context of human financial advice. (c) 2020 Elsevier B.V. All rights reserved.

Harvard-Zitierstil: Brenner, L. and Meyll, T. (2020) Robo-advisors: A substitute for human financial advice?, Journal of Behavioral and Experimental Finance, 25, Article 100275. https://doi.org/10.1016/j.jbef.2020.100275

APA-Zitierstil: Brenner, L., & Meyll, T. (2020). Robo-advisors: A substitute for human financial advice?. Journal of Behavioral and Experimental Finance. 25, Article 100275. https://doi.org/10.1016/j.jbef.2020.100275