Robo-doradztwo. Profesjonalna budowa i zarządzanie portfelem inwestycyjnym

Sławomir Kujawa

doi:10.26485/SPE/2021/121/12

Authors

Sławomir Kujawa Uniwersytet Gdański, Wydział Zarządzania, Katedra Bankowości i Finansów, Poland https://orcid.org/0000-0001-9607-2743

DOI:

https://doi.org/10.26485/SPE/2021/121/12

Keywords:

robo-advisory, investmental advisory, investment portfolio

Abstract

Background: The subject of the research is the investment robo-advisory service in the context of its ideas, attributes, availability in selected countries and the role in the professional construction and management of an investment portfolio. The subject of the survey is to analyze the knowledge of the robo-advisory service in Poland and its acceptance among the respondents.

Research purpose: Objective 1: Characteristics of robo-advisor. Objective 2: The role of robo-advisor in professional building and management of an investment portfolio for non-professional market participants. Objective 3: Overview of available robo-advisory services in selected European countries and the USA. Objective 4: Presentation of the results of the survey on the knowledge of the robotic investment advisory service in Poland and its acceptance among the respondents.

Methods: Method 1: Comparative analysis of 18 robo-advisory services from selected countries. Method 2: A questionnaire survey on robo-advisor services in Poland, carried out using the CAWI technique.

Conclusions: Robo-advisor include: profiling, consulting, balancing and indexing. All the above-mentioned areas are equally important during construction and management of an investment portfolio. Robo-advisor can minimaize or even eliminate many risks during identyfying the investor’s goals, selecting asssets and monitoring the portfolio composition. The performed comparative analysis confirmed the wide availability of robo-advisory services on the European and US market. The analyzed platforms differ, mainly in terms of costs incurred by the investor, minimum levels of payments, or the availability of an advisor, which is not so obvious. Robo-advisory services also have common features, in the form of a wide range of ETFs for building investment portfolios. In Poland, the offer of investment robo-advisory services is seldom. The research shows little knowledge and experience of the respondents in the area of robo-advisory services. The respondents who had experience with the advisor and robo-advisor rated the robo-advisor better by 0.62 points (on a scale of 1–5) then normal advisor. The respondents saw both the advantages and disadvantages of the robo-advisory service, and the combining a physical advisor supported by technological solutions the most likely model. service itself should not be treated as a threat to existing advisors, but as a supplement, making the hybrid model.

Downloads

Download data is not yet available.

References

Dyrektywa Parlamentu Europejskiego i Rady 2014/65/UE z dnia 15 maja 2014 r. w sprawie rynków instrumentów finansowych oraz zmieniająca dyrektywę 2002/92/WE i dyrektywę 2011/61/UE, załącznik I, sekcja A.

Ustawa z dnia 29 lipca 2015 r. o obrocie instrumentami finansowymi.

Abraham F., Schmukler S.L., Tessada J., Robo-Advisors: Investing through Machines, Research & Policy Briefs. From the World Bank Chile Center and Malaysia Hub 2019.

Beketov M., Lehmann L., Wittke M., Inside the robots, Journal of Asset Management 2018/19, s. 363–370.

Bjernes L., Vukovic A., Automated Advice: A Portfolio Managemenr Perspective on Robo-Advisors, Master’s Thesis. Norwegian University of Science and Technology, Trondheim 2017.

Blomquist E., The new face of wealth management. In the era of hybrid advice, Accenture Consulting 2017.

Crager B., Hummel J., The Essential Advisor: Building Value in the Investor-Advisor Relationship, Wiley, Hoboken 2016.

Cichorska J., Misseling, czyli sprzedaż niepotrzebnych instrumentów finansowych i jej skutki. Stan prawny w Polsce i Wielkiej Brytanii, Rozprawy Ubezpieczeniowe. Konsument na rynku usług finansowych 2017/2/24, s. 18–34.

Fisch J.E., Labouré M., Turner J.E., The Emergence of the Robo-advisor, w:J. Agnew, O.S. Mitchell (red.), The Disruptive Impact of FinTech on Retirement System, Oxford University Press, Oxford 2019.

Gemzik-Salwach A., Opolski K., Finansjalizacja w świetle wyzwań współczesnej gospodarki, w: A. Gemzik-Salwach, K. Opolski (red.), Finansjalizacja. Wpływ na gospodarkę i społeczeństwo, CeDeWu, Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie, Warszawa 2016, s. 13–26.

Hodge D., Mendoza K.I., Sinha R.K., The Effect of Humanizing Robo-Advisors on Investor Judgments. Contemporary Accounting Research, Wiley Online Library, Hoboken 2020, s. 773.

Jajuga K., Anczewska M., Szymańska-Koszczyc M., Długoterminowe oszczędzanie iinwestowanie Polaków oraz usługa doradcza, Warszawski Instytut Bankowości, Warszawa 2021.

Krugman P., The Return of Depression Economics and the Crisis of 2008, W.W. Norton & Company Inc., New York 2009.

Kujawa S., Inwestycje klasyczne i alternatywne w kontekście uwarunkowań behawioralnych, Wydawnictwo Uniwersytetu Gdańskiego, Gdańsk 2020.

Machado M., Gartner I., The Cressey Hypothesis (1953) and an Investigation into the Occurence of Corporate Fraud: An Empirical Analysis Conducted in Brazilian Banking Institutions, Revista Contabilidade & Financas 2018/29 (76), s. 60–81.

Maciejasz-Świątkiewicz M., Czarne finanse jako determinanta rozwoju rynku finansowego, w: A. Gemzik-Salwach, K. Opolski (red.), Gospodarka i społeczeństwo w dobie finansjalizacji, CeDeWu, Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie, Warszawa 2020, s. 287–296.

Maj K., Sztuczna inteligencja w bankowości, Wydawnictwo Centrum Prawa Bankowego iInformacji, Warszawa 2020.

O’Keefe D., Warmund J., Lewis B., Robo advising. Catching up and getting ahead, Deal Book Conference 2015, KPMG.

Ostrowska E., Behawioralny portfel inwestycyjny. Mózg. Emocje. Luka behawioralna,Wydaw-nictwo Uniwersytetu Gdańskiego, Gdańsk 2020.

Ostrowska E., Zielińska E., Uwarunkowania behawioralne decyzji inwestycyjnych, Zarządzanie i Finanse 2013/11/2/4, s. 489–499.

Poziom wiedzy finansowej Polaków 2019, Warszawski Instytut Bankowości 2019.

Rajaraman V., John McCarthy – Father of Artificial Intelligence, Resonance 2014/19, s. 198–207.

Rogowski W., Świt wirtualnego doradztwa finansowego (robo advisor), Wydawnictwo SGH, e-mentor 2017/4 (71), s. 53–64.

Sironi P., FinTech Innovation. From Robo-Advisors to Goal Based Investing and Gamification, John Wiley & Sons Ltd, Cornwall UK 2016.

Stanowisko Urzędu Komisji Nadzoru Finansowego w sprawie świadczenia usługi robo-doradztwa, Urząd Komisji Nadzoru Finansowego, publ. 4.11.2020 r.

Warchlewska A., Waliszewski K., Socio Demographic Factors Determining Expectation Experienced while Using Modern Technologies in Personal Financial Management (PFM and robo advice): a Polish Case, European Research Studies Journal 2020/XXIII, Issue 2, s. 893–904.

Warchlewska A., Waliszewski K., Who uses Robo-Advisors? The Polish Case, European Research Studies Journal 2020/XXIII, Special Issue 1, s. 98.

Waliszewski K., Zięba-Szklarska M., Robo-Advisors as Automated Personal Financial Planners-SWOT Analysis, Finanse i Prawo Finansowe, Uniwersytet Łódzki 2020/3 (27), s. 165.

https://businessinsider.com; stan na15.01.2021 r.

https://esma.europa.eu; stan na 22.04.2021 r.

https://fintechpoland.pl; stan na15.03.2021 r.

https://intelligentschwab.com; stan na21.03.2021 r.

https://investmentzen.com; stan na21.02.2021 r.

https://inwestorjunkie.com; stan na15.01.2021 r.

https://knf.gov.pl/dla_konsumenta/kampanie_spoleczne; stan na 4.03.2021 r.

https://knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Firmy_inwestycyjne_i_Agenci_firm_inwestycyjnych/notyfikowane_zagraniczne_firmy_inwestycyjne; stan na21.04.2021 r.

https://media.ing.pl; stan na21.04.2021 r.

https://news.gallup.com/poll/193997/robo-advice-novelty-investors.aspx; stan na 12.08.2020 r.

https://pwc.com; stan na15.03.2021 r.

https://rf.gov.pl/wp-content/uploads/2020/05/2019_Sprawozdanie_Rzecznika_Finansowego.pdf; stan na22.04.2021 r.