智能投顾与最优投资决策OA北大核心CHSSCDCSSCICSTPCD

This paper builds a model of the process by which robo-advisors influence investors'optimal investment decisions.Through this model,this paper discovers that robo-advisors can lower the wealth level threshold for investors to choose investment advisors,and promote the investors'demand for invest-ment advisors.Thus,more investors are able to take the services of an investment advisor,leading to higher investment returns.The empirical research shows that the development of robo-advisors enhances the investors'demand for investment advisors,there are significant differences in investors'levels of wealth,those of financial literacy and status of health.