The service attributes of robo-advisors: a choice-based conjoint analysis
通过联合分析研究机器人顾问的服务属性（如年费、促销、投资教育、人工协助）以及风险态度和金融自我效能感如何影响客户的选择偏好，为服务提供商针对不同客户群体设计服务提供参考。
Purpose As an alternative to hiring financial specialists or investment consultants, robo-advisors offer financially automated investment services. This study aims to investigate how robo-advisors' service attributes, risk attitude and financial self-efficacy influence customers' choice preferences of adopting robo-advisors. Design/methodology/approach Two hundred fifty-one online surveys were used to collect data, and choice-based conjoint analysis was conducted. Findings Results show that increasing annual fees negatively impact customers' choice preferences. Promotion, general investment education and additional human assistance have a positive impact. Furthermore, risk-seeking and risk-averse customers require more human assistance than risk-neutral customer and customers with high levels of financial self-efficacy prefer more general investment education and additional human assistance than those with lower levels. In addition, customers in the older age group prefer promotion, general investment education and additional human assistance, while wealthy customers prefer lower annual fees, higher general investment education and more additional human assistance compared to middle-class and low-income groups. Originality/value This study contributes to robo-advisor providers to provide appropriate service attributes for each customer group.