Page 603
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
Leaders in the Digital Age: A Systematic Review of Robo-Advisors in
Wealth Management
Tapsi Srivastava, Dr. Shishir Srivastava, Dr. Kritika Chawla
University of Lucknow, India
DOI: https://dx.doi.org/10.51244/IJRSI.2025.1210000054
Received: 13 October 2025; Accepted: 20 October 2025; Published: 03 November 2025
ABSTRACT
Robo-advisors (RAs), powered by artificial intelligence and automation, are transforming the landscape of
wealth management by offering financial advice that is cost-efficient, widely accessible, and free from human
bias. As adoption increases and the global market expands, it becomes crucial to examine how scholarly
research on this topic has progressed. This study undertakes a systematic literature review and bibliometric
analysis of 140 articles published in the Scopus database between 2019 and 2024 to evaluate the maturity,
thematic trajectories, and collaborative dynamics of research on robo-advisors. The findings indicate that while
the field is still in its early stages, it has gained notable momentum in recent years. Research outputs remain
concentrated within a limited set of journals and geographic regions, with the United States, Germany, and
India standing out as leading contributors. The analysis identifies four major thematic clusters: consumer
adoption and behavioral aspects, financial performance and regulatory issues, the integration of emerging
technologies, and specialized applications. Nonetheless, the field remains fragmented, with minimal
interdisciplinary collaboration and several underexplored dimensions, including long-term client outcomes,
ethical considerations, and regulatory frameworks. By charting the intellectual landscape and highlighting
research gaps, this study provides valuable insights for scholars, practitioners, and policymakers, while laying
the groundwork for more comprehensive exploration of robo-advisors in the context of wealth management.
Keywords: Robo-advisors, Wealth management, Artificial intelligence, Systematic literature review,
Bibliometric analysis, Consumer adoption, Regulatory frameworks
INTRODUCTION
Technological advancements, particularly around Artificial Intelligence, have significantly impacted various
sectors, including finance, marketing, operations, healthcare etc. The 2008 financial crisis led to a decline in
investors’ trust and confidence in human advisors, paving the way for the emergence of Robo-Advisors (RA).
The emergence RA has upended the wealth management space. RA are algorithm based financial advisors that
help the investors choose their portfolios using digital platforms without requiring human intervention (Fatima
and Chakraborty, 2024). These advisors have democratized market access, allowing retail investors to
participate even with modest capital. They also serve as service providers with the potential to grow investors’
wealth (Rico-Pérez and Raquel, 2022). According to a report published by Statista Research Department
(2024), the global 'Assets under Management' in the 'Robo-Advisors' segment of the fintech market is expected
to rise steadily between 2024 and 2028 by in total 532.2 billion U.S. dollars (+29.53 percent), reaching an
estimated 2.3 trillion U.S. dollars by 2028. This data underlines the continued relevance and growth potential
of RA in the investment sector.
RA are the advisors who can solve a complex investment problem digitally. They collect the data from the
investors using algorithms and based on that data, they create a suitable portfolio for the investors based on
their investment objectives, risk appetite and time horizon (Ramesh et al., 2023). After the portfolio is created,
it is managed by the Robo-advisor through the usage of different means such as that of periodic rebalancing,
executing trades, performing tax-loss harvesting and other services that can help the clients in minimising the
loss and maximizing the returns (Lilly et al., 2022). (Nain and Rajan, 2023) in their study revealed that the
adoption of RA is based on the three pillars: ease and convenience, time factor and transparency in operations.
Page 604
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
Adoption of robo-advisors have prominently led to the reduction in behavioural biases which may otherwise
occur in case of human advisors. This has eventually resulted in the positive outcome with minimal advisory
cost (Ramesh et al., 2023). This was also indicated during the times of COVID-19. In the years from 2019-
2020, RA have maintained such a portfolio with less risky funds in comparison to human advisors, that led to
the performance advantage which came from RA-managed assets (Liu et al., 2023). This indicates that RA are
the transformational force which are much needed for investment (D’Acuno and Rossi, 2023). However, the
research in this area is still in its infancy stage and therefore more studies are needed to understand the what,
why and how of robo-advisors.
This study examines the advancement of robo-advisors (RA) in the wealth management sector, analyzing
current developments and exploring emerging trends and future directions in the field. It has been analysed
from a systematic literature review of the documents in the Scopus database. The article initiating with the
database and methodologies used in it, primarily reflects upon the understanding and knowledge that is present
around the concept of RA.
RESEARCH FRAMEWORK
The review was conducted based on the following parameters to organise and support the data effectively:
Fig. 1. Research Framework (Source: Author’s preparation. Content from Martins and Ashofteh, 2023)
The data for the literature review in the study has been retrieved from the Scopus database, which is the most
extensive source for searchable citations and abstracts, with continuous expansion and updates (Chadegani et
al., 2013). The collected data has gone through a rigorous screening process for the purpose of an authentic
review study to answer the following research questions:
a) how mature is the research in the field of robo-advisors in wealth management sector and,
b) which journals and authors are most prolific in publishing research on robo-advisors in wealth
management, and what publication patterns or trends emerge across venues
c) are there distinct collaboration networks among authors in the field of robo-advisors, and how do these
networks influence the development of research themes?
DATA & METHODOLOGY
To extract data from the respective database, a search algorithm was selected, utilizing various keywords
which deemed to be pertinent to the subject matter under examination, "robo advi*"
1
OR "robo-advi*" AND
"wealth manag*" OR "portfolio manag*" OR construct* OR invest*.
1
We have used the * mark to make our search extensive and more comprehensive as it will tracks down all the possible forms of the
terms used.
Page 605
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
The acquired results were then filtered to include the studies from 2019 to 2024, focusing only on the recent
findings and other subjects that may be discussed at the moment. This enabled the obtained literature data
more pertinent and updated. Consequently, 311 results were obtained by integrating the relevant keywords and
year filter. Post the filtering of the data, it was essential to assess the relevance of the results by reading and
analysing the titles, abstracts and keywords of the retrieved studies. Few more filters were applied to eliminate
the subjects unrelated to the topic under review like computer science, engineering, mathematics, energy,
environmental science, medicine, physics and astronomy and other subject areas. This exclusion criteria
allowed the elimination of at least 99 articles deemed irrelevant to the current study and, focusing instead on
those which addresses the subject of robo-advisors and their inclusion in the wealth management. Additionally,
we also excluded books and book chapters as out focus was only to select and analyse research articles in our
study.
Furthermore, before initiating the process of Systematic Literature Review, backward citation was conducted
with prompting multiple keyword combinations. This helped in the inclusion of relevant documents relating
the subject matter which could have been missed.
Through this screening process, 140 results are considered relevant to the subject under analysis. The filtering
process is presented in Fig. 2 through the PRISMA flow diagram.
Fig. 2. Literature Review – PRISMA Flow Diagram (Source: Page MJ, et al. BMJ 2021;372:n71. doi:
10.1136/bmj.n71.)
RESULTS & DISCUSSIONS
In this section, we provide a descriptive analysis to answer the research questions. To facilitate this, relevance
of the important variables like sources, authors, significant countries were reviewed. To determine the
significance and relevance of the documents number of citations have also been analysed. The study is carried
out by using the VOS Viewer tool which allows the visualization of bibliometric networks.
Page 606
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
In the study total of 140 documents were taken into consideration for the further analysis. Table 1 depicts the
distribution of documents by type. Articles constitute most of the part with 69.29%, followed by conference
paper with 24% and review paper with 6% approximately.
Table 1. Literature summary (2019-2024)
Document Type
Count of Document Type
%
Article
97
69.29
Conference paper
34
24.28
Review
9
6.43
Grand Total
140
100.00
Related Work
The importance of reviewing related work can not be overstated. It helps the researcher understand the key
areas of the study under analysis and highlight the areas where more focus is required, serving as the
fundamental basis of the study. In this research, we identified and analysed 9 related works that focused on the
systematic literature review of Robo-advisors, sharing similar objectives to the current study (See Table 2).
This analysis revealed the need for a more focused review from the perspective of the investors, specifically
investigating whether Robo-advisors effectively manage investors’ wealth.
Table 2: Author’s compilation of the related work
Author
Year
Wagner F.
2024
Cheong S.F.; Keikhosrokiani P.;
Fadilah S.I.
2023
Altrock S.; Mention A.-L.; Aas
T.H.
2024
Zhu H.; Vigren O.; Söderberg I.-
L.
2024
Fahruri A.; Rusmanto T.;
Warganegara D.L.; Tjhin V.U.
2024
Martins M.N.; Ashofteh A.
2023
Rico-Pére H.; Arenas-Parr M.;
Quiroga-Garci R.
2022
Pal A.; Sharma S.S.; Gupta K.P.
2021
Page 607
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
The global crisis of 2008-09 highlighted the unreliability of solely depending on human financial advisors for
investment decisions, paving the way for emergence of robo-advisors (Pal et al., 2021). A review of the
existing literature reveals that research on robo-advisors is still at its nascent stage, indicating a need for further
exploration to study the impact of robo-advisors on the wealth management industry (Fahruri et al., 2024).
Continuous research has emphasised the necessity for additional studies in this financial domain. A notable
focus of researchers has been the interaction between human and robo-advisors (Rico-Pérez et al., 2022).
Studies have indicated that both conventional and robo-advisors share common determinants, such as client
profile, investment strategy, conflict of interest, fiduciary duty and mitigating the biases (Wagner, 2024).
Further, the studies have discussed the importance of human intervention in the automated services provided
by robo-advisors (Altrock et al., 2024; Zhu, 2024). In addition to studying the human interaction with the
robo-advisors, there’s also a critical need to study robo-advisors from the perspective of investors to
understand how this tool aids in better decision making (Martins and Ashofteh, 2023). Other works have also
explored the behaviours surrounding the adoption of robo-advisors as an investment tool, offering valuable
insights for current research (Cheong et al., 2023). Moreover, while robo-advisors help in mitigating the
behavioural biases of the investors, they may also lead them to a more passive investment approach
(Darskuviene and Lisauskiene, 2021).
Consequently, the review of related work emphasised the necessity for more focused studies to analyse the
investors’ perspective on RA and their role in enhancing decision making, thus laying the groundwork for the
current study.
Development of research on Robo-advisor in Wealth Management Sector
Fig. 3. Evolution of articles and authors in the field of Robo-advisors in wealth management
The line chart illustrates the research trends on the role of robo-advisors (RA) in wealth management from
2019 to 2024, focusing on two main metrics: the number of titles published and the total number of
contributing authors per year (See Fig. 3). Over this period, the count of research titles gradually increased
from 11 in 2019 to a peak of 39 in 2023, before declining to 18 in 2024. Similarly, the total number of authors
saw substantial growth, rising from 35 in 2019 to a high of 106 in 2023, and subsequently falling to 52 in
2024. This trend suggests an initial surge of interest in RA in wealth management, reaching a peak in recent
years, followed by a potential decline or consolidation in research activity in the latest period.
11
20
24
28
39
18
35
49
63
69
106
52
0
20
40
60
80
100
120
2019 2020 2021 2022 2023 2024
Research trend on RA in Wealth management
Count of Title
Sum of No of authors
Darskuviene V.; Lisauskiene N.
2021
Page 608
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
Publication Dynamics: Sources
Table 3 states the publication sources of the documents/articles. Sources having 2 or more publications have
taken into consideration. The table depicts that Sustainability (Switzerland) journal constitute the highest
number of publications with 7 in total, with 4 articles published, both, Journal of Behavioral and Experimental
finance and Lecture notes in networks and systems is constituting the next positions out of the total journals.
In respect to the relevance of the sources, number of times the journal has been cited is considered. As per Fig.
4, Finance research letter clearly stands out for its volume of citations, at 225. This journal is indexed at
Scopus, Social Sciences Citation Index (SSCI), SCImago Journal Rank (SJR) and SNIP with 28% acceptance
rate. Our review comprises two papers from Finance research letter. One of the papers, the potential use of
robo-advisors among the young generation: Evidence from Italy, wherein the authors, (Isaia and Oggero,
2022), emphasised the importance of advanced financial literacy in adoption of robo-advisors among the
Millennials and Gen Z. The other paper, Does ChatGPT provide better advice than robo-advisors? Authored
by (Oehler and Horn, 2024), states that the generative AI can be useful for both the human advisors as well as
for the robo-advisors as their services can minimise the cost with better investment advice. Consequently,
Technological forecasting and social change and Asia pacific journal of marketing and logistics stood on the
second and third position with volume of citations at 96 and 40 respectively.
Source
Documents
Sustainability (switzerland)
7
Journal of behavioral and experimental finance
4
Lecture notes in networks and systems
4
Communications in computer and information science
3
Journal of business research
3
Journal of wealth management
3
Asia pacific journal of marketing and logistics
2
Finance research letters
2
Financial innovation
2
Financial planning review
2
Journal of asset management
2
Journal of behavioral and experimental economics
2
Journal of financial services marketing
2
Law and financial markets review
2
Lecture notes in business information processing
2
Managerial finance
2
Technological forecasting and social change
2
Page 609
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
Table 3: Publication Sources with two or more papers
Fig. 4. Relevance of the sources
Fig. 5. Impact factor/ SJR of the sources
23
19
20
20
18
16
40
225
26
19
8
4
9
4
7
11
96
0 50 100 150 200 250
Sustainability (switzerland)
Journal of behavioral and experimental finance
Lecture notes in networks and systems
Communications in computer and information…
Journal of business research
Journal of wealth management
Asia pacific journal of marketing and logistics
Finance research letters
Financial innovation
Financial planning review
Journal of asset management
Journal of behavioral and experimental economics
Journal of financial services marketing
Law and financial markets review
Lecture notes in business information processing
Managerial finance
Technological forecasting and social change
Total cited times
Name of the Journal
Total Citations
3.3
4.3
0.17
0.2
11.3
0.31
0.96
7.4
6.9
0.8
1.5
1.6
2.9
0.2
0.34
0.44
12.9
0
2
4
6
8
10
12
14
Sustainability (switzerland)
Journal of behavioral and
experimental finance
Lecture notes in networks and
systems
Communications in computer
and information science
Journal of business research
Journal of wealth management
Asia pacific journal of
marketing and logistics
Finance research letters
Financial innovation
Financial planning review
Journal of asset management
Journal of behavioral and
experimental economics
Journal of financial services
marketing
Law and financial markets
review
Lecture notes in business
information processing
Managerial finance
Technological forecasting and
social change
Impact Factor/SJR
Page 610
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
Publication Dynamics: Authorship
Table 4 exhibits the top authors with 2 or more publications from the year 2019 to 2024. As per the table,
authors Ankita Bhatia and Arti Chandani stands at the top with 6 documents published out of the total during
the said period.
Regarding relevance of the authors, Fig. 7, outlines that the work of Francesco D'acunto has been the most
cited with 171 citations. Our study consists of two papers authored by D'acunto. The paper Robo-Advice:
Transforming Households into Rational Economic Agents, emphasised on the fact that robo-advisors is a
necessity rather than just an advisory tool as it can be useful for the reducing the wealth inequalities across the
varied dimensions of investors’ demographics (D'Acunto and Rossi, 2023). The other study, the promises and
pitfalls of robo-advising, authored by (D’Acunto et al., 2019), focused on the effects of usage of robo-advisors
based on diversification of the investors’ portfolio.
With 110 citations each, Ankita Bhatia and Arti Chandani, stand on the second position with respect to the
volume of citations.
Table 4: Top authors with 2 or more papers
Author
Documents
bhatia, ankita
6
chandani, arti
6
kobets, vitaliy
5
divekar, rajiv
3
nain, indu
3
rajan, sruthi
3
söderberg, inga-lill
3
ashrafi, dewan mehrab
2
atiq, rizwana
2
berger, benedikt
2
d'acunto, francesco
2
gupta, kriti priya
2
hess, thomas
2
horn, matthias
2
mehta, mita
2
nourallah, mustafa
2
oehler, andreas
2
rossi, alberto g.
2
Page 611
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
rühr, alexander
2
torno, albert
2
zhu, hui
2
Fig. 6. Visualisation of the top authors based on the number of publications
Fig. 7. Relevance of authors
5
41
31
110
110
171
38
18
31
19
26
41
4
22
19
4
3
31
13
7
9
0 20 40 60 80 100 120 140 160 180
ashrafi, dewan mehrab
atiq, rizwana
berger, benedikt
bhatia, ankita
chandani, arti
d'acunto, francesco
divekar, rajiv
gupta, kriti priya
hess, thomas
horn, matthias
kobets, vitaliy
mehta, mita
nain, indu
nourallah, mustafa
oehler, andreas
rajan, sruthi
rossi, alberto g.
rühr, alexander
söderberg, inga-lill
torno, albert
zhu, hui
Total cited times
Name of the author
Authors' Total Citations
Page 612
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
Publication Dynamics: Main Countries
Fig.8 represents the geographical relevance as per the articles published in each country. According to the
figure, United States have the highest number of publications at 26, followed by Germany and India with 21
and 20 publications, respectively.
Fig. 8. Visualisation of the top countries based on the number of publications
Top 10 Papers as per the number of citations
We have analysed top 10 studies that have received 40 or more citations. As it is evident from the table that
(D'Acunto et al., 2019) has been cited most frequently with 168 citations. Followed by (Flavián et al. 2022)
with 135 citations. Assessing the volume of citations becomes a necessity as it indicates the strength of the
work conducted by the researchers and their value in that specific area (Table 5).
The table also highlights that majority of the studies are being conducted since 2019 thus underscoring the
need for the current study.
Table 5: Work of top authors based on the number of citations
Authors
Title
Year
Source title
Cited
by
D'Acunto F.; Prabhala N.;
Rossi A.G.
The Promises and Pitfalls of Robo-
Advising
2019
Review of Financial
Studies
168
Page 613
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
Flavián C.; Pérez-Rueda
A.; Belanche D.; Casaló
L.V.
Intention to use analytical artificial
intelligence (AI) in services – the
effect of technology readiness and
awareness
2022
Journal of Service
Management
135
Hildebrand C.; Bergner A.
Conversational robo advisors as
surrogates of trust: onboarding
experience, firm perception, and
consumer financial decision making
2021
Journal of the
Academy of
Marketing Science
89
Tao R.; Su C.-W.; Xiao Y.;
Dai K.; Khalid F.
Robo advisors, algorithmic trading and
investment management: Wonders of
fourth industrial revolution in financial
markets
2021
Technological
Forecasting and
Social Change
85
Brenner L.; Meyll T.
Robo-advisors: A substitute for human
financial advice?
2020
Journal of Behavioral
and Experimental
Finance
81
Bhatia A.; Chandani A.;
Chhateja J.
Robo advisory and its potential in
addressing the behavioral biases of
investors — A qualitative study in
Indian context
2020
Journal of Behavioral
and Experimental
Finance
69
Zhang L.; Pentina I.; Fan
Y.
Who do you choose? Comparing
perceptions of human vs robo-advisor
in the context of financial services
2021
Journal of Services
Marketing
69
Shanmuganathan M.
Behavioural finance in an era of
artificial intelligence: Longitudinal
case study of robo-advisors in
investment decisions
2020
Journal of Behavioral
and Experimental
Finance
65
Lourenço C.J.S.; Dellaert
B.G.C.; Donkers B.
Whose Algorithm Says So: The
Relationships Between Type of Firm,
Perceptions of Trust and Expertise,
and the Acceptance of Financial Robo-
Advice
2020
Journal of Interactive
Marketing
46
Ge R.; Zheng Z.; Tian X.;
Liao L.
Human-robot interaction: When
investors adjust the usage of robo-
advisors in peer-to-peer lending
2021
Information Systems
Research
41
Keyword Analysis
From the above analysis of the prominent articles, authors and sources, the most frequently keywords were
identified (Fig. 9). The top keyword is “robo-advisor”, followed by “fintech” and “investments”. The figure
also exhibits the key terms like, “portfolio management”, “wealth management”, “financial advice”,
“technology adoption”, “financial literacy” and likewise, around which the reviewed papers are centred.
Page 614
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
Fig. 9. Visualisation of Keywords
Co-authorship Analysis
Fig. 10. Co-authorship map
Page 615
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
Co-authorship map illustrates the collaboration patterns among authors researching robo-advisors in the wealth
management sector (See Fig. 10). The largest cluster features authors such as Chandani, Arti and Bhatia,
Ankita, indicating a recurring collaboration that likely enhances the depth and continuity of their work within
the domain. Another prominent cluster includes Kobets, Vitaliy and Snihovyi, Oleksandr, whose close
connection suggests a focused partnership, possibly contributing to a specialized area within robo-advisor
research. Smaller, independent clusters, such as those containing Liu, Qiang and Söderberg, Inga-Lill,
represent research efforts that might have limited collaboration outside their specific teams.
The map also highlights several authors positioned away from central clusters, such as Rossi, Alberto G. and
Nain, Indu, who appear as isolated nodes. This suggests these authors may conduct research independently or
publish in venues with limited collaborative practices. Similarly, authors like Turner, John A. and Beal, Ian
show no significant links to others, indicating either single-author studies or minimal involvement in broader
research networks on robo-advisors.
This analysis provides insights into the collaborative dynamics of robo-advisor research within wealth
management, illustrating a field characterized by small, specialized research groups with potential for
expanded cross-cluster collaboration to enrich the field.
Bibliographic Coupling of Citations
Fig. 11. Bibliographic coupling map
The bibliographic coupling network reveals several highly influential articles:
Positioned at the centre of the network, Gomber (2018) is the most coupled article, indicating a foundational
role in robo-advisor research. This work likely provides critical insights or theoretical frameworks that have
been widely referenced by subsequent studies. D’Acunto (2019) and Jung (2018) papers are also highly
central, showing a significant degree of bibliographic coupling with other works. Their influence implies that
they contribute important findings or frameworks that have been instrumental for subsequent research.
On the other hand, Chen (2019) and Tao (2021) are positioned on the periphery, indicating a lower degree of
bibliographic coupling with central themes. These studies may explore unique methodologies, focus on less
Page 616
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
mainstream topics, or propose novel perspectives that are not yet widely adopted in robo-advisor research.
These isolated nodes suggest research areas that could be expanded or better integrated into the mainstream
themes, providing opportunities for future studies to explore connections between peripheral topics and core
themes.
The strength of connections between nodes reflects the coherence of research themes. Strongly connected
nodes, such as Gomber (2018) and D’Acunto (2019), share extensive references with other works, suggesting
that these articles discuss generalizable findings or frameworks. Conversely, thinner connections indicate less
reference overlap, potentially signifying more specialized or diverse subtopics.
Thematic clusters
Based on bibliographic coupling analysis, we identified distinct thematic clusters in the research on robo-
advisors in wealth management. Each cluster focuses on a unique dimension of the field, as outlined below:
Table 6: Key themes as per the thematic clusters
Thematic Cluster
Core Authors
Key Themes
Significance
1.Consumer
Behavior, Adoption,
and User Experience
Flavián (2022),
Gerlach (2021),
Hildebrand
(2021)
User Experience (UX): Ease of use,
interface design, personalization.
Behavioral Finance: Trust, risk
aversion, perceived security.
Adoption Models: Technology
Acceptance Model (TAM), Unified
Theory of Acceptance and Use of
Technology (UTAUT).
Represents a well-
established area focusing on
the end-user perspective,
crucial for understanding
consumer adoption.
2. Financial
Performance,
Regulatory Issues,
and Algorithmic
Transparency
D’Acunto
(2019), Kim
(2020)
Financial Performance: Portfolio
management, risk-adjusted returns.
Regulatory Compliance: Fiduciary
duty, data privacy, compliance.
Algorithmic Transparency: Ethical
considerations, risk disclosure, bias
mitigation.
Examines the operational
viability of robo-advisors,
ensuring they are effective,
compliant, and transparent.
3. Emerging
Technologies and
Niche Applications
Brandl (2020),
Tiberius (2022)
Artificial Intelligence and Machine
Learning: Enhancing algorithms for
financial advice.
Blockchain and DeFi: Transparency,
security, integration with
decentralized finance.
Personalized Financial Planning:
Using big data for customized
investment strategies.
Represents the next phase of
innovation in robo-advisors,
focusing on integrating new
technologies for enhanced
services.
4. Peripheral Studies:
Chen (2019),
Experimental Methodologies:
Introduces experimental and
Page 617
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
Specialized or Novel
Research Areas
Tao (2021)
Unique approaches and early-stage
topics.
Niche Areas: Applications in
emerging markets, specific
demographics, ethical AI
considerations.
niche perspectives,
providing opportunities for
interdisciplinary and future
research.
The bibliographic coupling analysis reveals that research on robo-advisors in wealth management is organized
into several distinct thematic clusters, each representing a key dimension of the field. These clusters not only
illuminate the structure of existing research but also highlight gaps and potential directions for developing an
integrated body of knowledge on robo-advisors.
Scope of Future Research
The future research agenda for robo-advisors in wealth management is promising and multifaceted. Areas that
warrant further exploration can include, Longitudinal Studies on Client Satisfaction and Retention wherein
investigating how client satisfaction with robo-advisors evolves over time and how it influences client
retention and loyalty could provide insights into the long-term viability of these platforms. In addition to this,
as robo-advisors gain prominence, it is crucial to examine the ethical and legal implications of their use,
particularly around data privacy, algorithmic fairness, and the fiduciary responsibility of robo-advisors toward
their clients.
The integration of advanced AI and machine learning techniques to provide highly personalized financial
advice is another promising yet underexplored area. Future research could examine the effectiveness of these
personalized strategies in enhancing client satisfaction and investment outcomes. Moreover, future studies
could also focus on how changes in regulatory frameworks affect the operations, service offerings, and growth
trajectories of robo-advisors across different jurisdictions.
CONCLUSION
Addressing long-standing issues of insecure, expensive and biased investment decisions, emergence of robo-
advisors has made it possible to largely mitigate these obstacles. The current review of studies has analysed
140 papers extracted from Scopus database and exhibited how these advisors have contributed to alleviating
these issues.
To address the research questions comprehensively, at first, we identified the related works so that we can
analyse studies with similar objectives and uncover research gaps, thus laying the groundwork for the current
study.
For answering how mature is the research in the field of robo-advisors in wealth management sector, we
analysed the data set, and it can be concluded that, research on robo-advisors is still in its infancy, reflecting
the early stage of development in this industry. The limited maturity of the field is evident from the relatively
small number of studies (140) included in our review. The year 2023 saw a notable rise in both the number of
contributing authors and the volume of published articles, indicating a growing interest in the use of robo-
advisors within the wealth management sector. This trend reflects the increasing popularity of this topic in the
field.
Which journals and authors are most prolific in publishing research on robo-advisors in wealth management,
and what publication patterns or trends emerge across venues? In terms of the Journal distribution,
Sustainability (Switzerland) stand at the top with 7 papers. We also assessed the relevance of the sources by
examining the number of citations each publication received, concluding that the Finance research letter
clearly stood out for its volume of citations, at 225. In terms of Impact factor, Managerial Finance secured first
position with 12.9 impact factor. Further, a similar process was followed for authorship, where top authors with
two or more publications were identified, and their citation counts were examined. Bhatia, Ankita and
Page 618
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
D’Acunto, Francesco are the most productive authors with highest number of publications and citations,
respectively.
Are there distinct collaboration networks among authors in the field of robo-advisors, and how do these
networks influence the development of research themes?
Bibliographic coupling and co-authorship analyses indicate distinct collaborative networks among authors,
which have shaped the thematic focus of the field. Key themes emerging from these networks include
consumer behavior, regulatory issues, and the integration of AI and blockchain in robo-advisory. Clusters of
authors tend to focus on specific areas, fostering deep exploration within themes, while isolated researchers or
smaller clusters contribute niche or experimental perspectives, suggesting room for greater interdisciplinary
collaboration.
This study provides a foundational understanding of the emerging trends, significant contributors, and
collaborative structures within robo-advisor research. It highlights a promising yet early-stage field, offering
insights into current patterns and paving the way for future studies on the evolving role of robo-advisors in
wealth management.
REFERENCES
1. Altrock, S., Mention, A.L. and Aas, T.H., 2023. Being human in the digitally enabled workplace:
insights from the robo-advice literature. IEEE Transactions on Engineering Management, vol. 71, pp.
7876-7891.
2. Aw, E.C.X., Zha, T. and Chuah, S.H.W., 2023. My new financial companion! Non-linear understanding
of robo-advisory service acceptance. The Service Industries Journal, vol. 43, no. 3-4, pp. 185-212.
3. Back, C., Morana, S. and Spann, M., 2023. When do robo-advisors make us better investors? The
impact of social design elements on investor behavior. Journal of Behavioral and Experimental
Economics, vol. 103, 101984.
4. Bhatia, A., Chandani, A., Bhoyar, P.K. and Divekar, R., 2022. Factors influencing the adoption of robo
advisory services: A unified theory of acceptance and use of technology (UTAUT) model approach. In:
Stanimirović, S., Zhang, Y., Xiao, D. and Cao, X., eds. International Conference on Robotics and
Networks. Cham: Springer International Publishing, pp. 53-65.
5. Bhatia, A., Chandani, A., Divekar, R., Pathak, M., Ubarhande, P. and Lenka, R., 2023. Role of financial
literacy and trust in perceived usefulness of robo advisory services. In: Kaiser, M., Xie, J. and Rathore,
V., eds. International Conference on Information and Communication Technology for Competitive
Strategies. Singapore: Springer Nature Singapore, pp. 321-332.
6. Chadegani, A.A., Salehi, H., Yunus, M.M., Farhadi, H., Fooladi, M., Farhadi, M. and Ebrahim, N.A.,
2013. A comparison between two main academic literature collections: Web of Science and Scopus
databases. Asian Social Science, vol. 9, no. 5, pp. 18-26.
7. Cheong, S.F., Keikhosrokiani, P. and Fadilah, S.I., 2023. A concise review for exploring behaviors to
embrace investment robo-advisors. In: 2023 13th International Conference on Information Technology
in Asia (CITA). Malaysia: IEEE, pp. 100-105.
8. D’Acunto, F., Prabhala, N. and Rossi, A.G., 2019. The promises and pitfalls of robo-advising. The
Review of Financial Studies, vol. 32, no. 5, pp. 1983-2020.
9. D'Acunto, F. and Rossi, A.G., 2023. Robo-advice: Transforming households into rational economic
agents. Annual Review of Financial Economics, vol. 15, no. 1, pp. 543-563.
10. Darskuviene, V. and Lisauskiene, N., 2021. Linking the robo-advisors phenomenon and behavioural
biases in investment management: An interdisciplinary literature review and research agenda.
Organizations and Markets in Emerging Economies, vol. 12, no. 2, pp. 459-477.
11. Fahruri, A., Rusmanto, T., Warganegara, D.L. and Tjhin, V.U., 2024. Mapping the research landscape of
robo advisor adoption: A bibliometric analysis. Journal of System and Management Sciences, vol. 14,
no. 1, pp. 27-49.
12. Fatima, S. and Chakraborty, M., 2024. Adoption of artificial intelligence in financial services: The case
of robo-advisors in India. IIMB Management Review, vol. 36, no. 2, pp. 113-125.
Page 619
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
13. Flavián, C., Pérez-Rueda, A., Belanche, D. and Casaló, L.V., 2022. Intention to use analytical artificial
intelligence (AI) in services–The effect of technology readiness and awareness. Journal of Service
Management, vol. 33, no. 2, pp. 293-320.
14. Isaia, E. and Oggero, N., 2022. The potential use of robo-advisors among the young generation:
Evidence from Italy. Finance Research Letters, vol. 48, 103046.
15. Lilly, A., Rajkumar, R. and Amudha, R., 2022. Aggrandizing the human resource development with
underpinning artificial intelligence. Journal of Statistics and Management Systems, vol. 25, no. 5, pp.
1083-1094.
16. Liu, C.W., Yang, M. and Wen, M.H., 2023. Judge me on my losers: Do robo-advisors outperform
human investors during the COVID-19 financial market crash? Production and Operations
Management, vol. 32, no. 10, pp. 3174-3192.
17. Luo, H., Liu, X., Lv, X., Hu, Y. and Ahmad, A.J., 2024. Investors’ willingness to use robo-advisors:
Extrapolating influencing factors based on the fiduciary duty of investment advisors. International
Review of Economics & Finance, vol. 94, 103411.
18. Manrai, R. and Gupta, K.P., 2023. Investor’s perceptions on artificial intelligence (AI) technology
adoption in investment services in India. Journal of Financial Services Marketing, vol. 28, no. 1, pp. 1-
14.
19. Martins, M.N. and Ashofteh, A., 2023. A systematic review on robo-advisors in fintech. In: Conferência
da Associação Portuguesa de Sistemas de Informação CAPSI, 2023, Beja, Portugal. AISeL, pp. 160-
185.
20. Nain, I. and Rajan, S., 2023. Algorithms for better decision-making: A qualitative study exploring the
landscape of robo-advisors in India. Managerial Finance, vol. 49, no. 11, pp. 1750-1761.
21. Nain, I. and Rajan, S., 2024. A scoping review on the factors affecting the adoption of robo-advisors for
financial decision-making. Scientific Papers of the University of Pardubice, Series D: Faculty of
Economics and Administration, vol. 32, no. 1.
22. Nain, I., Rajan, S., Natchimuthu, N. and Shivanna, G., 2024. An empirical analysis of the antecedents
and barriers to adopting robo-advisors for investment management among Indian investors.
Macroeconomics and Finance in Emerging Market Economies, pp. 1-18.
23. Nguyen, T.P.L., Chew, L.W., Muthaiyah, S., Teh, B.H. and Ong, T.S., 2023. Factors influencing
acceptance of robo-advisors for wealth management in Malaysia. Cogent Engineering, vol. 10, no. 1,
2188992.
24. Nourallah, M., Öhman, P. and Amin, M., 2022. No trust, no use: How young retail investors build
initial trust in financial robo-advisors. Journal of Financial Reporting and Accounting, vol. 21, no. 1,
pp. 60-82.
25. Oehler, A. and Horn, M., 2024. Does ChatGPT provide better advice than robo-advisors? Finance
Research Letters, vol. 60, 104898.
26. Pal, A., Sharma, S.S. and Gupta, K.P., 2021. The role of analytics and robo-advisory in investors'
financial decisions and risk management: Review of literature post-global financial crisis. International
Journal of Business Analytics (IJBAN), vol. 8, no. 2, pp. 46-62.
27. Ramesh, K.P., Amudha, R., Prasob, K.C. and Francis, J., 2023. Robo-advisory an intrinsic convergence
of AI in enhancing investment returns–An empirical analysis. Multidisciplinary Science Journal, vol. 5.
28. Rico-Pérez, H. and Raquel, Q.G., 2022. Scientific development of robo-advisor: A bibliometric
analysis. Review of Economics and Finance, vol. 20, no. 1, pp. 776-786.
29. Roh, T., Park, B.I. and Xiao, S.S., 2023. Adoption of AI-enabled robo-advisors in fintech: Simultaneous
employment of UTAUT and the theory of reasoned action. Journal of Electronic Commerce Research,
vol. 24, no. 1, pp. 29-47.
30. Sangeetha, S., 2023. Perception of investors on robo advisory services. In: 2023 2nd International
Conference on Advancements in Electrical, Electronics, Communication, Computing and Automation
(ICAECA). India: IEEE, pp. 1-6.
31. Wagner, F., 2024. Determinants of conventional and digital investment advisory decisions: A
systematic literature review. Financial Innovation, vol. 10, no. 1, pp. 18.
32. Xia, H., Zhang, Q., Zhang, J.Z. and Zheng, L.J., 2023. Exploring investors' willingness to use robo-
advisors: Mediating role of emotional response. Industrial Management & Data Systems, vol. 123, no.
11, pp. 2857-2881.
Page 620
www.rsisinternational.org
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue X October 2025
a
33. Zhu, H., Vigren, O. and Söderberg, I.L., 2024. Implementing artificial intelligence empowered financial
advisory services: A literature review and critical research agenda. Journal of Business Research, vol.
174, 114494.
34. Statista Research Department, 2024. AUM of robo-advisors worldwide 2019-2028. Statista. Available
at: https://www.statista.com/forecasts/1262614/robo-advisors-managing-assets-worldwide [Accessed
20 July 2024].