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HEC-Ecole de gestion de l'Université de Liège
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MASTER THESIS
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How do robo-advisors fulfill their practical and legal duties to retail investors

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Elsen, Chiara ULiège
Promotor(s) : Francis, Yves ULiège
Date of defense : 31-Aug-2021/6-Sep-2021 • Permalink : http://hdl.handle.net/2268.2/13614
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Title : How do robo-advisors fulfill their practical and legal duties to retail investors
Translated title : [de] Wie Robo-Advisor ihre praktischen und rechtlichen Pflichten gegenüber Kleinanlegern erfüllen
Author : Elsen, Chiara ULiège
Date of defense  : 31-Aug-2021/6-Sep-2021
Advisor(s) : Francis, Yves ULiège
Committee's member(s) : Bodson, Laurent ULiège
Gillain, Cédric ULiège
Language : English
Number of pages : 76
Keywords : [fr] Robo-Advice – Robo-investing – Digital Investment Advice/Portfolio Management – Automated Investment Advice/Portfolio Management – Traditional Financial Advice/Portfolio Management – Investor Protection – MiFID II
Discipline(s) : Business & economic sciences > Finance
Target public : Researchers
Professionals of domain
Student
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège

Abstract

[fr] Pushed by various economic, regulatory and technological developments, robo-advisors are meanwhile considered one of the most important disruptive trends in the asset and wealth management industry. To evaluate the potential of robo-advisors to provide a new perspective to retail investors on the capital markets in the European Union, a systematic literature review was carried out on a practical and regulatory level with respect to selected criteria. Semi-structured interviews with experts from different fields allowed to get more in-depth and comparative information to be included in the research design. Results indicate that there is first and foremost a lack of consensus on the term "robo-advisory" on behalf of finance, as well as legal experts. Nevertheless, on a practical level, robo-advisors have the potential to attract retail investors back into capital markets, above all thanks to their simple and low-cost fee structure. On a regulatory level, robo-advisors in the European Union are embedded in a resilient framework - with MiFID II as its corner stone - which, however, needs clarification or guidance in certain regards, for example by ESMA, to ensure that risks for retail clients are mitigated.


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  • Elsen, Chiara ULiège Université de Liège > Master sc. gest., à fin.

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  • Total number of views 65
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