Abstract:
In this research, the influence of financial advice being provided by digital or technological means on investment decisions will be measured through an experiment to see whether portfolio allocation changes based on digital financial advice, with the advice being personalized for each participant througha survey filled out to determine risk preference. The dataset counts 113 completed responses, 55 receiving the treatment with digital personalized advice, or ‘robo-advice’, and 58 participants receiving the second treatment without any advice. The results of the research suggest that participants change their investment decision significantly after receiving robo-advice, moving closer to the direction that their personalized advice suggests.
