Robo advice has moved its first steps in the Anglo-Saxon countries and is now rapidly gaining market share at a global level. The phenomenon fueled a growing and still not conclusive institutional debate about potential benefits and risks to financial consumers, based also on investors’ biases...

This paper proposes a theoretical framework which sets alternative business models (BMs) in the wealth management industry, testing them with experimental data. Our “map” of business models arises when wealth managers (WMs) potentially make a mix of business process...