Assessing the Drivers of Robo-Advisor Reprofiling: Evidence of Time-Varying Risk Aversion
While passively managed funds are increasingly used by asset managers, some investors in these delegated arrangements opt to manually alter their asset allocation along the risk-return spectrum. To understand why and how, we use a novel micro-level dataset of 6,247 French robo-advisor clients who...
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2026
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| Sarrera elektronikoa: | Accès Université d'Orléans et IFPM |
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cairn-FINA_PR_049FINAFinance https://shs.cairn.info/journal-finance-2026-0-page-I49?lang=en Assessing the Drivers of Robo-Advisor Reprofiling: Evidence of Time-Varying Risk Aversion Benoit, SylvainDudek, JérémyJones, Indigo2026 Choix de PortefeuilleComportement d’ÉpargneFinance des MénagesInvestisseurs IndividuelsRobots-conseillersHousehold FinanceIndividual InvestorsPortfolio ChoicesRobo-AdvisingSaving Behaviorfre Finance | Pub. anticipées | 2026-03-02 | p. I49-LVI | 0752-6180 FINA_PR89 While passively managed funds are increasingly used by asset managers, some investors in these delegated arrangements opt to manually alter their asset allocation along the risk-return spectrum. To understand why and how, we use a novel micro-level dataset of 6,247 French robo-advisor clients who made 9,250 changes to their investment portfolios between 2015 and 2022. Micro-level demographic and financial variables as well as macro-level market returns and volatility are drivers in the decision to change one’s passively managed portfolio. In addition, how these changes affected investors’ returns are studied. A counterfactual test showed that on average accounts which adjusted their portfolio allocation outperformed identical hypothetical accounts in which no changes were made, but this result was not replicated in the field using a more constrained dataset including only realized gains (i.e., closed accounts). JEL Classification: G11, D14, G51, G41 Malgré la délégation de la gestion de leurs actifs financiers, certains investisseurs choisissent de modifier manuellement leur allocation d’actifs selon le couple rendement-risque. Afin de comprendre pourquoi et comment, nous utilisons une nouvelle base de données micro-économique de 6 247 clients d’un robot-conseiller français ayant effectué 9 250 modifications de leurs portefeuilles d’investissement entre 2015 et 2022. Les variables individuelles démographiques et financières (niveau micro) ainsi que les rendements et la volatilité du marché (niveau macro) constituent des déterminants de la décision de modifier son profil de risque et par conséquent son portefeuille géré passivement. Par ailleurs, l’impact de ces modifications sur les rendements des investisseurs est également étudié. Une analyse contrefactuelle montre qu’en moyenne, les comptes ayant ajusté leur allocation de portefeuille ont surperformé des comptes hypothétiques identiques dans lesquels aucune modification n’a été effectuée. Toutefois, ce résultat n’a pas pu être répliqué empiriquement en utilisant une base de données plus restreinte incluant uniquement les gains réalisés (c’est-à-dire les comptes clôturés). Cairn restricted access |
| language |
Français |
| format |
Article ou chapitre numérique |
| building |
0/Bibliothèque numérique/ 1/Bibliothèque numérique/Cairn/ |
| topic |
Choix de Portefeuille Comportement d’Épargne Finance des Ménages Investisseurs Individuels Robots-conseillers Household Finance Individual Investors Portfolio Choices Robo-Advising Saving Behavior |
| spellingShingle |
Choix de Portefeuille Comportement d’Épargne Finance des Ménages Investisseurs Individuels Robots-conseillers Household Finance Individual Investors Portfolio Choices Robo-Advising Saving Behavior Benoit, Sylvain Dudek, Jérémy Jones, Indigo Assessing the Drivers of Robo-Advisor Reprofiling: Evidence of Time-Varying Risk Aversion |
| topic_facet |
Choix de Portefeuille Comportement d’Épargne Finance des Ménages Investisseurs Individuels Robots-conseillers Household Finance Individual Investors Portfolio Choices Robo-Advising Saving Behavior |
| description |
While passively managed funds are increasingly used by asset managers, some investors in these delegated arrangements opt to manually alter their asset allocation along the risk-return spectrum. To understand why and how, we use a novel micro-level dataset of 6,247 French robo-advisor clients who made 9,250 changes to their investment portfolios between 2015 and 2022. Micro-level demographic and financial variables as well as macro-level market returns and volatility are drivers in the decision to change one’s passively managed portfolio. In addition, how these changes affected investors’ returns are studied. A counterfactual test showed that on average accounts which adjusted their portfolio allocation outperformed identical hypothetical accounts in which no changes were made, but this result was not replicated in the field using a more constrained dataset including only realized gains (i.e., closed accounts).
JEL Classification: G11, D14, G51, G41
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| author |
Benoit, Sylvain Dudek, Jérémy Jones, Indigo |
| author_facet |
Benoit, Sylvain Dudek, Jérémy Jones, Indigo |
| author_sort |
Benoit, Sylvain |
| title |
Assessing the Drivers of Robo-Advisor Reprofiling: Evidence of Time-Varying Risk Aversion |
| title_short |
Assessing the Drivers of Robo-Advisor Reprofiling: Evidence of Time-Varying Risk Aversion |
| title_full |
Assessing the Drivers of Robo-Advisor Reprofiling: Evidence of Time-Varying Risk Aversion |
| title_fullStr |
Assessing the Drivers of Robo-Advisor Reprofiling: Evidence of Time-Varying Risk Aversion |
| title_full_unstemmed |
Assessing the Drivers of Robo-Advisor Reprofiling: Evidence of Time-Varying Risk Aversion |
| title_sort |
assessing the drivers of robo-advisor reprofiling: evidence of time-varying risk aversion |
| publishDate |
2026 |
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| container_issue |
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| url |
https://ezproxy.univ-orleans.fr/login?url=https://shs.cairn.info/journal-finance-2026-0-page-I49?lang=en |
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