The Robo-Advisory Service : Evidence from Online Discussion Forum

We investigate the robo-advisory services in Indonesia from the firms offering such service and from the retail investors' perspective conveyed on Quora's online discussion forum. Firm-level analysis revealed strong growth potential on investment platform client’s particularly the platform providing robo-advisory service. Further, we analyze the firms’ license in providing robo service and found one out of five firms is licensed by the Indonesian Financial Services Authority. In attempt to learn from the retail investors perspective, we extract information from the discussion forum to infer the investment knowledge among retail investors on the robo-advisory services. Our finding suggests that the discussion captioning related words with robo-advisory services is not coherent, indicating the lack of knowledge among retail investors on the service. Future research should consider survey from potential user or user of robo-advisory to shed more lights on the investment behavior