¿Pueden los robo-advisors ayudar a la inclusión financiera?

10/08/2017

¿Pueden los robo-advisors ayudar a la inclusión financiera?
Publicado orginalmente en dbresearch.com

Can robo-advisors contribute to financial inclusion?

Even though the clients of robo-advisory firms are more likely to be financially
literate, relatively wealthy individuals for now, less wealthy investors and
investors with little financial knowledge would benefit to a larger extent from the
advancement of robo-advisory services. By and large, for less wealthy investors,
the affordability of financial advice is central. For example, in 2016, around half
of the financial advisors in the UK turned away clients due to the small size of
their investments. Moreover, an estimated 30-50% of consumers would pay for
financial advice if it were more affordable.13 There is widespread agreement that
robo-advisory services can reduce the cost of advice and thus convince these
types of consumers to embrace them.

Affordability is only one side of inclusion. Research suggests that investors with
lower cognitive abilities and less financial knowledge suffer the most from
investment mistakes and biases. These investors are more likely to realise
losses during market upheavals.14 They also face lower returns in the long run if
they do not participate in market recovery. And many people struggle with basic
financial concepts such as calculating compound interest rates and
understanding the benefits of diversification. Survey responses can provide
insights into financial literacy and cognitive abilities. For example, in some
countries, up to two-thirds of individuals are not able to calculate compound
interest. Moreover, only around 50-60% of individuals are aware of the benefits
of diversification when investing in stock markets. Taken together, many
individuals face significant difficulties in financial decision-making…

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