The impact of robo-advice on financial advisors Final - revised March 2018.pdf (297.55 kB)
The impact of robo-advice on financial advisers: a qualitative case study
conference contributionposted on 2018-04-05, 10:28 authored by Crispin CoombsCrispin Coombs, Alex Redman
One of the most significant recent technological developments concerns the application of robotics and Artificial Intelligence (AI) to skill-intensive, knowledge-based jobs. The financial adviser is a role that has been identified as being under threat from automated robo-advice services. However, there are conflicting views on the future of human financial advisers. It has been argued that human financial advisers will soon become obsolete because robo-advisers are lower cost and make fewer mistakes. Conversely, it has been argued that financial investment is an emotional process that requires empathy and reassurance that cannot be provided by automated robo-advisers. In this exploratory study we use service encounter theory to explore the key elements of the financial adviser job role, identifying where human interaction with the client was considered to be valuable. Our findings suggest that roboadvisers are likely to augment rather than substitute human financial advisers.
- Business and Economics
Published in23rd UK Academy for Information Systems International Conference
CitationCOOMBS, C. and REDMAN, A., 2018. The impact of robo-advice on financial advisers: a qualitative case study. IN: Proceedings of the 23rd UK Academy for Information Systems (UKAIS) International Conference, Oxford, UK, 20-21 March 2018.
PublisherAcademy for Information Systems © The Authors
- AM (Accepted Manuscript)
Publisher statementThis work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/
NotesThis is a conference paper.