We study the diversification and welfare effects of a large US robo-advisor on the portfolios of previously self-directed investors and document five facts. First, robo-advice reshapes portfolios by increasing indexing and reducing home bias, number of assets held, and fees. Second, these portfolio changes contribute to higher Sharpe ratios. Third, those who benefit most from robo-advice are investors who did not have high exposure to equities or indexing and had poorer diversification levels. Fourth, robo-advice decreases the time investors dedicate to managing their investments. Fifth, those investors who benefit most are more likely to join the service and not quit it.

中文翻译：

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机器人咨询的多元化和福利效应


我们研究了美国一家大型机器人顾问对以前自主投资者的投资组合的多元化和福利影响，并记录了五个事实。首先，智能投顾通过增加指数并减少本土偏见、持有资产数量和费用来重塑投资组合。其次，这些投资组合的变化导致夏普比率上升。第三，从机器人投顾中获益最多的是那些对股票或指数投资不高且多元化水平较差的投资者。第四，智能投顾减少了投资者用于管理投资的时间。第五，那些受益最多的投资者更有可能加入该服务而不是退出。