Automated financial advice: quality, ethical and design challenges

According to the Netherlands Authority for the Financial Markets (AFM), sound financial advice can help improve matters like pension planning. Automated financial advice could be used to help participants make financial decisions, estimate risks, or gain insight into or even determine financial situation and goals. Although holistic financial advice is technically possible, there are some significant challenges that hinder its development and implementation: what is 'good' financial advice? What ethical standards (should) exist? Are goals a suitable basis for automated financial advice? How can participants be supported in setting goals? How can this complex information be presented to support insight and behaviour?

To address these challenges, this project generates insights into the definition of 'good' automated advice, ethical considerations, goal setting and the data visualisation of automated financial advice.

The PPS programme grant available for this project is €185,388.

This project falls under Netspar. CLICKNL is partnering with Netspar in the field of research, which is financed from the Public Private Partnership scheme of the Netherlands Enterprise Agency. Netspar, Network for Studies on Pensions, Aging and Retirement is an independent knowledge network. They focus on the economic and social consequences of pensions, aging and ‘old age’ in the Netherlands.

Discover the knowledge network NETSPAR (Network for Studies on Pensions, Aging and Retirement) here.