JournalofFinancialEconomics155(2024)103829ContentslistsavailableatScienceDirectJournalofFinancialEconomicsjournalhomepage:www.elsevier.com/locate/jfecRoboadvisorsandaccesstowealthmanagement✩MichaelRehera,∗,StanislavSokolinskibaUniversityofCaliforniaSanDiego,RadySchoolofManagement,UnitedStatesofAmericabBroadCollegeofBusiness,MichiganStateUniversity,UnitedStatesofAmericaARTICLEINFOABSTRACTDatasetlink:https://Weinvestigatehowaccesstorobo-advisorsimpactsthefinancialinvestmentandwelfareofless-wealthydata.mendeley.com/datasets/3f88g2cb7x/2investors.Weleverageaquasi-experimentwhereamajorU.S.robo-advisorsignificantlyexpandsaccessbyreducingitsaccountminimum,increasingparticipationbymiddle-classinvestorsbutnotthepoor.AbenchmarkJELclassification:modelcalibratedtoportfolio-leveldatarationalizesthisincrease:middle-classinvestorswantsophisticatedG11investingbutcannotachieveitthemselves.Theirwelfarerisesmoderately,drivenbyadvancedfeatureslikeG24multi-dimensionalglide-pathsandadditionalpricedriskfactors.Middle-ageinvestorsgainthreetimesmoreD3thanmillennials.Ourresultsrevealnovelmarginsofdemandforrobo-advisors,helpingexplaintheirsustainedO3growth.Keywords:FinTechFinancialadvicePortfoliodelegationInequality“Thewealth-managementindustrystratifiescustomersinamannermanagementmarket,thisscalinghastakentheformof“roboadvi-rather...
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