The purpose of this study was to compare the demographic, attitudinal, and behavioral character- istics of U.S. consumers in their current and expected use of robo-advisory services, traditional financial planning services, or a combination of the two services. Findings showed a difference between those who used robo-advisory services and those who used traditional financial planning services. Overall, those who used a traditional financial planner were older and reported higher levels of net worth, while users of robo-advisors, on average, reported lower levels of net worth. In addition, those who used traditional financial planning services reported a larger percentage of their total net worth from an inheritance, whereas a lower percentage of net worth from an inheritance was reported by robo-advisor users. Results showed that users of robo-advisory services generally (1) had lower income, (2) had lower net worth, (3) had received no or less inheritance, and (4) were less impulsive financially.
CITATION STYLE
Fulk, M., Grable, J. E., Watkins, K., & Kruger, M. (2023). Who uses robo-advisory services, and who does not? Financial Services Review, 27(2), 173–188. https://doi.org/10.61190/fsr.v27i2.3390
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