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Financial robo-advisors: A scoping review and future research directions
Mid Sweden University, Faculty of Human Sciences, Department of Economics, Geography, Law and Tourism. (Centre for Research on Economic Relations)ORCID iD: 0000-0002-3321-3366
Mid Sweden University, Faculty of Human Sciences, Department of Economics, Geography, Law and Tourism. (Centre for Research on Economic Relations)ORCID iD: 0000-0001-5731-0489
Univ Utrecht, Utrecht Sch Econ, Utrecht, Netherlands.;Tech Univ Dresden, Fac Business & Econ, Dresden, Germany..
De Vinci Higher Educ, De Vinci Res Ctr, Paris, France.;Prague Univ Econ & Business, Fac Finance & Accounting, Prague, Czech Republic..
2026 (English)In: Journal of Behavioral and Experimental Finance, ISSN 2214-6350, E-ISSN 2214-6369, Vol. 49, article id 101158Article in journal (Refereed) Published
Abstract [en]

Financial robo-advisors (FRAs) enable households with a limited amount of money to participate in financial markets without time or place constraints. While FRAs can help investors overcome behavioural biases, they also have disadvantages, such as reliance on a limited number of inputs and a lack of individualization. We conduct a scoping literature review of the nascent research on FRAs to synthesize previous research results. We identify two streams of literature: (1) asset management, which focuses on designing FRAs and improving the functioning of these machine advisors, and (2) behavioural finance, which investigates technology adoption and issues concerning biased advice. Among other topics, future research should address why FRAs do not appeal to less financially literate people, who would likely benefit more than others from using them.

Place, publisher, year, edition, pages
Elsevier BV , 2026. Vol. 49, article id 101158
Keywords [en]
Financial robo-advisors, Financial technology, Investment
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:miun:diva-56902DOI: 10.1016/j.jbef.2026.101158ISI: 001703212700001Scopus ID: 2-s2.0-105034548550OAI: oai:DiVA.org:miun-56902DiVA, id: diva2:2046222
Available from: 2026-03-16 Created: 2026-03-16 Last updated: 2026-04-14

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Nourallah, MustafaÖhman, Peter

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