Leaders in the Digital Age: A Systematic Review of Robo-Advisors in Wealth Management

Abstract

Robo-advisors (RAs), powered by artificial intelligence and automation, are transforming the landscape of wealth management by offering financial advice that is cost-efficient, widely accessible, and free from human bias. As adoption increases and the global market expands, it becomes crucial to examine how scholarly research on this topic has progressed. This study undertakes a systematic literature review and bibliometric analysis of 140 articles published in the Scopus database between 2019 and 2024 to evaluate the maturity, thematic trajectories, and collaborative dynamics of research on robo-advisors. The findings indicate that while the field is still in its early stages, it has gained notable momentum in recent years. Research outputs remain concentrated within a limited set of journals and geographic regions, with the United States, Germany, and India standing out as leading contributors. The analysis identifies four major thematic clusters: consumer adoption and behavioral aspects, financial performance and regulatory issues, the integration of emerging technologies, and specialized applications. Nonetheless, the field remains fragmented, with minimal interdisciplinary collaboration and several underexplored dimensions, including long-term client outcomes, ethical considerations, and regulatory frameworks. By charting the intellectual landscape and highlighting research gaps, this study provides valuable insights for scholars, practitioners, and policymakers, while laying the groundwork for more comprehensive exploration of robo-advisors in the context of wealth management.