This research project is going to examine and evaluate a new phenomenon of the financial advisory services market, the so called Robo-Advisors (RA). They represent the next stage of the evolution in the financial advisory and wealth management industry.
RA are a new type of financial adviser or portfolio manager, which work solely online and with minimal human intervention and they stepped right into competition with human wealth managers. In a generation that grew up with the internet, computers and mobile devices, RA have the potential to start their triumph procession making many jobs of professional human financial consultants obsolete. The main objective of this research project is to sketch an overview of possibilities and disadvantages of Robo-Advisors in the future and give an outline to the academic research that will be needed in the future.
This thesis is one of the first academic papers in English language, examining RA and their possible impact on the industry. As a field study, it delivers a broad overview of a large amount of topics describing the various characteristics of a fully automatic asset management system, and the competitive situation with human consultants or asset managers.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Context and purpose of the study
- Significance of the study
- Research question and objectives
- Structure of the research project
- Critical review of literature
- Introduction and general comments
- Definition of the term Fintech and Robo-Advisor
- Target audience of Robo-Advisors
- Investing with Robo-Advisors
- Questionnaire
- The common investment model via ETFs
- Diversification
- Rebalancing
- Cost of Robo-Advisor
- Service of Robo-Advisors
- Investment behaviour
- Typical mistakes in investing
- Investment behaviour during stock crisis
- Professional consultants and their services
- Abilities and services of human advisors
- Disadvantages of human advisors
- Conclusion of the literature review
- Methodology
- Research Paradigm and Methodology
- Research design and method
- Expert interviews
- Selection of candidates
- Type of interview and data collection
- Online questionnaire about Robo-Advisor
- Reasons for the questionnaire
- General facts
- Structure and content
- Ethical considerations
- Findings
- Outcomes through the expert interviews
- Outcomes through the online questionnaire
- Analysis and discussion
- Limitations of the primary data collection methods
- Chances in the future
- Market potential
- Technical development potential
- Cost and its impact
- Possible risks
- From start-ups to global players
- Competition and profits
- Robo-Advisors in crisis
- What Behavioural Economics tells us
- The fight against customer loss
- Risk or opportunity
- Robo-Advisors and professional consultants
- Conclusions and recommendations
- Conclusion of the main findings
- Limitations of the research project
- Recommendations and future research
- Reflection on learning
- Concrete experience – What was learned
- Reflective Observation – How learning took place
- Abstract learning concept and generalization
- Testing the implications in the workplace
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This research project explores the potential impact of Robo-Advisors on the services of professional financial consultants and the financial industry. The study aims to assess the challenges and opportunities presented by these automated investment platforms and to analyze their potential to disrupt traditional financial advisory practices. The study aims to provide a comprehensive understanding of the current state of Robo-Advisors, their features, benefits, and limitations. The study also seeks to identify the key factors that will influence their adoption and impact on the financial industry in the future. Here are some key themes explored in the research project:- The rise of Robo-Advisors and their impact on the financial industry
- The target audience of Robo-Advisors and their investment preferences
- The services offered by Robo-Advisors and their comparison to traditional financial consultants
- The potential risks and opportunities associated with the adoption of Robo-Advisors
- The future of financial consulting in the age of Robo-Advisors.
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter sets the context for the research project, outlining the purpose and significance of studying the influence of Robo-Advisors on the financial industry. It introduces the research question and objectives, and provides a brief overview of the research project's structure.
- Critical review of literature: This chapter presents a comprehensive analysis of existing research on Fintech, Robo-Advisors, and their implications for investment behavior and the financial services industry. It examines the target audience, investment models, and services offered by Robo-Advisors, as well as the role of professional consultants in the financial landscape. It also explores the challenges and opportunities presented by Robo-Advisors for both individual investors and financial institutions.
- Methodology: This chapter outlines the research methodology employed in the study, including the research paradigm, design, data collection methods, and ethical considerations. It details the selection of expert interviewees, the structure and content of the online questionnaire, and the rationale behind these choices.
- Findings: This chapter presents the key findings from the data collected through expert interviews and the online questionnaire. It explores the perspectives of financial professionals on the rise of Robo-Advisors and their impact on the industry. The chapter also analyzes the responses from investors regarding their experiences with Robo-Advisors and their views on the future of investment services.
- Analysis and discussion: This chapter provides a critical analysis of the research findings, discussing the limitations of the data collection methods and identifying key themes and trends observed in the data. It explores the potential chances and risks associated with the growth of Robo-Advisors, and discusses their implications for both financial institutions and individual investors. The chapter also examines the potential impact of Robo-Advisors on the role of professional financial consultants in the future.
Schlüsselwörter (Keywords)
This research project focuses on the impact of Robo-Advisors on the financial services industry. It examines the interplay between traditional financial consulting practices, automated investment platforms, and the evolving needs of investors in a rapidly changing digital landscape. Key terms and concepts explored include Fintech, Robo-Advisors, investment behavior, diversification, portfolio management, financial consulting, automation, disruption, and the future of finance. The study draws upon insights from both academic literature and primary data collected through expert interviews and an online questionnaire.
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- Patrick Reverchon (Autor), 2017, What Influences May Robo-Advisors Have on the Service of Professional Financial Consultants and the Financial Industry?, Múnich, GRIN Verlag, https://www.grin.com/document/378460
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