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Erschienen in:
Consulting Research: A Scientific Perspective on Consulting Kapitel lesen Erstes Kapitel lesen

2019 | OriginalPaper | Buchkapitel

Robo-Advisory: Opportunities and Risks for the Future of Financial Advisory

verfasst von : Dominik Jung, Florian Glaser, Willi Köpplin

Erschienen in: Advances in Consulting Research

Verlag: Springer International Publishing

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Abstract

Without professional advisors, taking financial risks is a challenging task for most private households (retail investors). Across countries, digital financial advisory services, in particularly robo-advisors, are becoming more popular in retail and private banking. These tools support their users in financial decision-making, like risk-measurement, portfolio selection, or rebalancing. Recent studies suggest that in the long-term, they could supplement human financial advisory. This work illustrates the key concepts of this (r)evolution, and discusses strengths, weaknesses, opportunities and risks of robo-advisory. The results suggest that robo-advisors have a huge potential to shape the future of the financial advisory industry, despite the fact that there is still a lot of potential yet to be exploited.

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Vorheriges Kapitel Transformation of Consulting for Software-Defined Businesses: Lessons from a DevOps Case Study in a German IT Company
Fußnoten
1
The Markets in Financial Instruments Directive (MiFID) is a regulation set up by the EU seeking to improve the competitiveness of EU financial markets, by creating a single market for investment services and activities, and to ensure a high degree of harmonized protection for investors in financial instruments (European Securities and Markets Authority 2007).
 
2
The pros and cons of using questionnaires are outlined during the SWOT analysis in the next chapter.
 
3
A tracking error describes the difference in return between the index fund and the index itself.
 
4
To name some of the most prominent assets used, one of the stock ETFs Betterment uses is the ‘Vanguard U.S. Total Stock Market Index ETF’ and one of the bond ETFs is BlackRock’s ‘iShares Short-Term Treasury Bond Index ETF’ (see Betterment portfolio structure https://​support.​betterment.​com/​customer/​en/​portal/​articles/​2347714-what-bond-etfs-are-used-in-the-betterment-portfolio?​_​ga=​2.​194102186.​600542314.​1497271052-1668747052.​1496058254, last accessed on 10.07.2017).
 
6
For a compact summary on the function principles and limitations of mean-variance analysis see Lam (2016).
 
7
It is not possible to buy the exact same security as this would be a ‘wash sale’ and not permitted in the U.S. (see https://​www.​sec.​gov/​answers/​wash.​htm, last accessed on 10.07.2017).
 
8
Long-term (>1 year holding time of the investment) tax rate on capital gains is higher than the short-term tax rate in the U.S. Therefore tax-arbitrage can be done by not realizing capital gains before a holding time of 1 year (Lam 2016).
 
10
The Financial Industry Regulatory Authority is regulatory institution in the U.S. mainly concerned with participants in securities trading (see www.​finra.​org/​about, last accessed 16.07.2017).
 
11
The SEC (U.S. Security Exchange Commission) is an independent exchange supervisory authority in the U.S. overseeing securities trading in the U.S. (see https://​www.​sec.​gov/​Article/​whatwedo.​html).
 
12
Broker-dealers are individuals or firms doing both executing investments on their clients’ behalf (broker) and trading for its own account (dealer).
 
14
 
Literatur
Baker T, Dellaert B (2017) Regulating robo advice across the financial services industry. ERIM report series research in management in Erasmus Research Institute of Management. https://​repub.​eur.​nl/​pub/​98312. Accessed 10 Jul 2017
Dorfleitner G, Hornuf L, Schmitt M, Weber M (2017) FinTech in Germany. Springer, ChamCrossRef
Glaser F, Iliewa Z, Jung D, Weber M (2018): Towards designing Robo-advisors for inexperienced investors with experience sampling of time-series data, In: Proceedings of the Retreat on NeuroIS 2018, Vienna.
Helms MM, Nixon J (2010) Exploring SWOT analysis – where are we now? A review of academic research from the last decade. J Strateg Manage 3(3):215–251CrossRef
Jung D, Dorner V, Weinhardt C, Pusmaz H (2017) Designing a robo-advisor for risk-averse, low-budget investors. Electron Mark
Jung D, Dorner V, Glaser F, Morana S (2018a) Catchword robo-advisory – digitalization and automation of financial advisory, business and information systems engineering (BISE)
Jung D, Erdfelder E, Glaser F (2018b) Nudged to win - Designing robo-advisory to overcome decision inertia. In: Proceedings of the 26th European Conference on Information Systems (ECIS 2018)CrossRef
Praeg C-P, Schmidt C, Bauer W (2015) Trendstudie Bank und Zukunft – Aufbruch zu neuen Kundenerlebnissen und Services in der digitalen Oekonomie. Fraunhofer, Stuttgart
Praeg C-P, Schmidt C, Bauer W (2016) Trendstudie Bank und Zukunft 2016 – Neue Wege gehen. Fraunhofer-Institut für Arbeitswirtschaft und Organisation (IAO). Fraunhofer, Stuttgart
Sironi P (2016) FinTech innovation: from robo-advisors to goal based investing and gamification. The Wiley Finance Series. Wiley
Metadaten
Titel
Robo-Advisory: Opportunities and Risks for the Future of Financial Advisory
verfasst von
Dominik Jung
Florian Glaser
Willi Köpplin
Copyright-Jahr
2019
Verlag
Springer International Publishing
Buch
Advances in Consulting Research

Print ISBN: 978-3-319-95998-6

Electronic ISBN: 978-3-319-95999-3

Copyright-Jahr: 2019

DOI
https://doi.org/10.1007/978-3-319-95999-3_20