Navigating the New Frontier by Mapping the Intersection of Financial, Investment, and Robo Advice for Individual, Retail, and Household Investors: A Bibliometric Analysis

Abstract

The study aims to connect financial advice with individual investors, utilizing influential authors, countries, journals, and publications, while addressing research gaps and proposing future directions. Using Scopus, titles and abstracts containing the terms "financial advice" and "individual investors" were retrieved and analyzed using the VOS viewer program. The search results were ranked according to the number of publications, citations, Cite Score, and h-index. Uthe emerged as the most influential author, followed by Adra, Brooks, Gerken, and Golubov. The top five journals in this field were Finance, Corporate Finance, Banking and Finance, Financial Counseling and Planning, and Wealth Management, with high citation rates for research on financial advice and individual investors. Behavioral biases, Fintech, robo-advisors, behavioral finance, and artificial intelligence are proposed as important areas for future research. Additionally, longitudinal studies that examine market efficiency, decision-making dynamics, information asymmetries, and investor intelligence can improve financial advice and investment outcomes. This research provides the basis and recommendations for future researchers in domain of financial advice especially for retail investors.

Keywords: financial advice, individual investors, bibliometric analysis, VOS-viewers, Scopus database