Are robo advisors robbing financial advisors A systematic literature review paper

Financial technology (FinTech) has been playing a crucial role presently in the area of behavioural finance. Robo advisory is being adapted on a larger scale by investor(s) to supplement the financial advisory services. This paper is intended to study the emerging role of robo advisory services in investment decision making and wealth management practices. The objective of this paper is to provide available literature on robo advisory services. A systematic literature review (SLR) technique has been adopted as the methodology for the current research. An effective review is necessary to lay a strong foundation for advancing knowledge (Webster and Watson, 2002). This review is limited to the keywords used which are related to the topic, the journals included and time period of papers published. The study included robo-advisory in the context of investment decisions and behavioural finance, along with artificial intelligence (AI), FinTech and regulation of robo-advisory. This work will help researchers in understanding the digital investment advice landscape with special focus on robo advisory services in the Indian context thereby enabling then recognising a right direction for future work.