Robo-advisors: A systematic literature review

•We systematically review articles on robo-advisors (2017–2022).•The review is valuable for scholars because it sheds light on the main streams of research on robo-advisors and provides a set of areas worthy of investigation.•The review is a useful toolkit to asset managers, banks, and other financi...

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Bibliographic Details
Published in:Finance research letters 2024-04, Vol.62, p.105119, Article 105119
Main Authors: Cardillo, Giovanni, Chiappini, Helen
Format: Article
Language:English
Subjects:
Asset managers
Financial industry
FinTech
Literature review
Robo-advisors
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Summary:•We systematically review articles on robo-advisors (2017–2022).•The review is valuable for scholars because it sheds light on the main streams of research on robo-advisors and provides a set of areas worthy of investigation.•The review is a useful toolkit to asset managers, banks, and other financial companies interested in implementing or expanding robo-advisor operativity.•The review provides important supervisory and regulatory insights because of the potential impact that robo-advisors may have on the bank business model and efficiency, Using a systematic literature review, our study analyzes articles on robo-advisors between 2017 and 2022. Our review identifies four relevant research streams: early classification of robo-advisors, behavioral topics, performance, and algorithm modelization. Finally, we propose relevant research questions for each stream, providing scholars with new research angles. Our considerations are also valuable for asset managers, banks, and other financial companies since adopting robo-advisors affects their business models through clients’ preferences and cost structure.
ISSN:1544-6123
1544-6131
DOI:10.1016/j.frl.2024.105119