Determinants of conventional and digital investment advisory decisions: a systematic literature review

Abstract

The growing demand for digital investment advisory services and the advancing technological process led to increased attention to this topic in recent literature. In light of these developments, the question arises whether conventional and digital advisors behave differently in their investment advisory decisions. I therefore conducted a systematic literature review and evaluated 97 publications on the determinants of conventional and digital investment advisory decisions. Based on the literature, five main determinants were identified that are important for investment advisory decisions. These determinants are identical for both variants of the advice, but there are differences in the way they are addressed. This systematic literature review provides an overview of the current state of research and can therefore help identify areas where investment advice can be improved in the future.