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Potential and Limitations of Virtual Advice in Wealth Management

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Abstract

Technological developments and changing customer preferences are placing demands upon the classical way that private banking clients and wealth management are advised by banks. This article analyzes how the traditional advisory model, whereby the client adviser and the customer interact in the form of a personal dialogue, could be altered by means of virtual advisory models. Based on survey results by wealth management clients in Switzerland, Germany, and Austria, current preferences are analyzed in terms of advice characteristics, and future potential as well as obstacles to the virtual consultation are discussed. A hybrid advisory model offered by established wealth managers appears to be the most promising advisory model for the main customer segments in wealth management.

Suggested Citation

  • Cocca, Teodoro, 2016. "Potential and Limitations of Virtual Advice in Wealth Management," Journal of Financial Transformation, Capco Institute, vol. 44, pages 45-57.
    • Handle: RePEc:ris:jofitr:1581
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    Citations

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    Cited by:

    1. Yuehuan He & Oleksandr Romanko & Alina Sienkiewicz & Robert Seidman & Roy Kwon, 2021. "Cognitive User Interface for Portfolio Optimization," JRFM, MDPI, vol. 14(4), pages 1-15, April.
    2. Bhatia, Ankita & Chandani, Arti & Chhateja, Jagriti, 2020. "Robo advisory and its potential in addressing the behavioral biases of investors — A qualitative study in Indian context," Journal of Behavioral and Experimental Finance, Elsevier, vol. 25(C).
    3. Payam Hanafizadeh & Mohammad Mehrabioun, 2020. "A Systemic Framework for Business Model Design and Development -Part B: Practical Perspective," Systemic Practice and Action Research, Springer, vol. 33(6), pages 639-674, December.
    4. Yang, Xiaoping & Yang, Jingshan & Hou, Yilin & Li, Shuyang & Sun, Shiwei, 2023. "Gamification of mobile wallet as an unconventional innovation for promoting Fintech: An fsQCA approach," Journal of Business Research, Elsevier, vol. 155(PA).
    5. Dominik Jung & Verena Dorner & Florian Glaser & Stefan Morana, 2018. "Robo-Advisory," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 60(1), pages 81-86, February.
    6. Edouard Ribes, 2022. "Using classification techniques to accelerate client discovery: a case study for wealth management services," Working Papers hal-03887759, HAL.
    7. Cam-Duc Au & Lars Klingenberger & Martin Svoboda & Eric Frère, 2021. "Business Model of Sustainable Robo-Advisors: Empirical Insights for Practical Implementation," Sustainability, MDPI, vol. 13(23), pages 1-12, November.
    8. Nowak, Carl Justus, 2019. "Der Einfluss digitaler Finanzberatung auf das Anlageverhalten von Privatinvestoren," Junior Management Science (JUMS), Junior Management Science e. V., vol. 4(4), pages 478-492.
    9. Mike K. P. So, 2021. "Robo-Advising Risk Profiling through Content Analysis for Sustainable Development in the Hong Kong Financial Market," Sustainability, MDPI, vol. 13(3), pages 1-15, January.

    More about this item

    Keywords

    Banks; Internet; Innovation; Wealth Management; Robo Adviser;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O39 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Other

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