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The Disruptive Impact of FinTech on Retirement Systems$
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Julie Agnew and Olivia S. Mitchell

Print publication date: 2019

Print ISBN-13: 9780198845553

Published to Oxford Scholarship Online: October 2019

DOI: 10.1093/oso/9780198845553.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 20 January 2022

The Transformation of Investment Advice

The Transformation of Investment Advice

Digital Investment Advisors as Fiduciaries

(p.38) Chapter 3 The Transformation of Investment Advice
The Disruptive Impact of FinTech on Retirement Systems

Jennifer L. Klass

Eric L. Perelman

Oxford University Press

It is not surprising that the investing public seeks accessible, low-cost, and reliable advice. This chapter discusses how digital, or robo-advisors have triggered a dramatic upheaval in how investment advice is formulated, delivered, and applied on an ongoing basis to actively managed retail investment accounts. The availability of digital advice is promoting the important policy objective of expanding access to retirement advice to a growing segment of underserved and undersaved Americans. In addition to discussing the socio­economic and technological factors that are accelerating the growth of digital investment advisors, the chapter also discusses how such advisors fit within the existing legal and regulatory framework governing retail investment activities. It concludes with a look ahead anticipating how digital advice will continue to disrupt the financial services industry.

Keywords:   financial advisory, investing, investment advice, fiduciary, fiduciary regulation, robo-advisor

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