Analysis of Investor Profiling and Portfolio Recommendations by Robo-Advisors in Germany

• 발행기관: People & Global Business Association
• 저자명: Mahan Tahvildari
• 간행물 정보: 『Global Business and Finance Review』Vol.30 No.8, 19~33쪽, 전체 15쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2025.08.31

국문 초록

Purpose: FinTech innovation has given rise to robo-advisors (RAs), transforming traditional wealth management. However, research is scarce on their investor profiling processes and recommended portfolios. This study addresses this gap by studying the German RA market in mid-2024, analyzing the questionnaires asked to determine investor profiles and the composition of recommended portfolios, aiming to deepen understanding of how RAs tailor automated advice to investors. Design/methodology/approach: This study systematically investigates 45 active German RAs as of mid-2024, examining their profiling questionnaires (totaling 687 questions) and 405 recommended portfolios. A qualitative content analysis is applied to the questionnaires, while statistical methods are used to analyze portfolio composition and risk exposure, providing a comprehensive framework for understanding RA profiling strategies. Findings: The analysis reveals a fragmented robo-advisory market characterized by variability in investor profiling. Eight question categories with 34 representative questions are defined, of which financial situation, knowledge and experience, risk preferences, and sustainability preferences contain the most questions. A third of the portfolios and over 42% of the RAs include sustainable investments. Eleven typical risk profiles are identified, with the associated equity exposure of the portfolios gradually increasing between 0% and 100% in 10% increments. The recommended portfolios grow in complexity, with core equity and fixed-income ETFs, and increasingly, REITs, commodities, alternative investments, and cryptocurrencies. Research limitations/implications: This research focuses on RAs operating in Germany in mid-2024, potentially limiting generalizability to other regions or timeframes. Future studies can expand the scope geographically, over time, or by examining investor outcomes. Originality/value: This research provides comprehensive insights into evolving, increasingly complex German RA profiling and portfolios, informing academics, practitioners, and regulators. Compared to previous academic research, this paper reveals that profiling processes and portfolio recommendations have become longer and more complicated.

목차

I. Introduction

II. Literature Review

III. Methods

IV. Results

V. Discussions

VI. Conclusions

References

키워드

Robo-Advisor Investment Advice Investor Profiling Portfolio Recommendation FinTech