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The objective of this master’s thesis is to provide a better understanding of the profession of financial advisor. In particular, on the different types of services offered by a financial advisor. How does a counseling session take place with a customer?
Then, this study focuses on software tools used in the context of investment advice. It shows that some aspects of software do not completely satisfy advisors. As a result, a series of enhancements are proposed to improve the tools used in the context of investment advice. Finally, a critical look is made about the possibility of using a robot-advisor instead of a human advisor.

CGP --- IFA --- financial advisor --- digital tool --- robo-advisor --- market financial advisor --- Sciences économiques & de gestion > Finance

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The rise of financial technologies (Fintech) and innovative startups in the financial services industry, over the past years, confront traditional institutions with major challenges and force them to rethink their way of doing business. These fintech companies disrupt this business sector by developing new and innovative solutions enabling to enhance the customer experience in a more cost-efficient manner. The objective of this thesis is thus to investigate the potential and actual impact of fintech on the financial services industry, globally and in the Luxembourg market. 

Throughout this thesis, a panorama of existing fintech hubs will be established to gain an overview of the current environment before the impact of fintech and their disruptive solutions on the banking and investment advisory industry will be studied. The current impact of the financial technologies will be quantified by a global adoption index. Furthermore, with the assistance of interviewees, the potential of the Luxembourg market, with regards to the adoption of fintech, will be examined.

The findings of this paper confirm the growing impact of fintech on the financial services industry. Banks, financial institutions and traditional investment advisors are highly recommended to rethink their business model and to integrate digital solutions through collaboration with innovative companies in order to remain competitive and to be able to keep up and with the rising fintech companies. Countries as Luxembourg, facing several limitations, should focus on specific business areas, in which they hold a dominant position, to be able to establish themselves in this new environment and play a major role.

Fintech --- robo-advisor --- investment advisory --- startup --- information technology --- internet of things --- artificial intelligence --- cryptocurrencies --- blockchain --- Sciences économiques & de gestion > Finance

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Nowadays, technology is increasingly being used in our everyday life and therefore, it appears we stand on the brink of the fourth industrial revolution. One of the economic sector that is the most affected by this technological advance is none other than that of finance. Indeed, financial technology, also known as fintech, has really taken off since the year 2012 and continues its expansion by always proposing new services. “Robo-advisors” are part of these new services and are considered to be the latest manifestation of the long technological development that has transformed the banking sector over the last twenty years. 
Recognized as the pioneers of this technology, U.S. companies such as Betterment, Wealthfront or Personal Capital possess the majority of the assets under management. Nevertheless, given the success achieved in the United States, new robo-advisors arrive in Europe with the dream of duplicating the success of their U.S. counterparts and thus conquer this new market with their automated wealth management services. Besides having a lower pricing structure, these latter present several advantages: they are faster to calculate and make fewer errors than humans, they provide unbiased advice not influenced by external emotions and they are transparent. 
Therefore, seeing those advantages, the following questions arise: will these robo-advisors pose a threat to the traditional financial institutions which may lose clients? Or should these traditional financial institutions see the emergence of robo-advisors as an opportunity to integrate this new technology into their business? 
In order to answer these questions, this study indicates which strategies a robo-advisor should follow if it wants to win the investors’ confidence and how traditional financial institutions react to the arrival of these new potential competitors.

Robo-advisor --- Fintech --- Automated wealth management --- Automation --- Human advisor --- Traditional financial institutions --- Incumbents --- Financial algorithm --- Transparency --- Sciences économiques & de gestion > Finance

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The purpose of the Special Issue “Quantitative Methods in Economics and Finance” of the journal Risks was to provide a collection of papers that reflect the latest research and problems of pricing complex derivates, simulation pricing, analysis of financial markets, and volatility of exchange rates in the international context. This book can be used as a reference for academicians and researchers who would like to discuss and introduce new developments in the field of quantitative methods in economics and finance and explore applications of quantitative methods in other business areas.

omnichannel (omni-channel) sales --- sales funnel --- cost of sales --- customer relationship management (CRM), Big Data --- robo-advisor --- financial innovations --- diffusion --- exchange traded funds --- stock index futures --- stock index options --- stock market indexes --- business finance --- earnings management --- EBIT --- financial modelling --- homogeneity --- stationarity --- time series methods --- unit root --- loan pricing --- RAROC --- loan origination --- exchange-rate risk --- long-range dependency --- wavelets --- multi-frequency analysis --- AUD–USD exchange rate --- π-option --- American-type option --- optimal stopping --- Monte Carlo simulation --- economic security of companies --- valuation of intangible assets and intellectual property --- International Valuation Standards (IVS) --- legal disputes over intellectual rights --- time series --- prediction --- exchange rate --- artificial neural networks --- radial basis function --- multi-layer perceptron --- seasonal fluctuations --- global economy

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The purpose of the Special Issue “Quantitative Methods in Economics and Finance” of the journal Risks was to provide a collection of papers that reflect the latest research and problems of pricing complex derivates, simulation pricing, analysis of financial markets, and volatility of exchange rates in the international context. This book can be used as a reference for academicians and researchers who would like to discuss and introduce new developments in the field of quantitative methods in economics and finance and explore applications of quantitative methods in other business areas.

Coins, banknotes, medals, seals (numismatics) --- omnichannel (omni-channel) sales --- sales funnel --- cost of sales --- customer relationship management (CRM), Big Data --- robo-advisor --- financial innovations --- diffusion --- exchange traded funds --- stock index futures --- stock index options --- stock market indexes --- business finance --- earnings management --- EBIT --- financial modelling --- homogeneity --- stationarity --- time series methods --- unit root --- loan pricing --- RAROC --- loan origination --- exchange-rate risk --- long-range dependency --- wavelets --- multi-frequency analysis --- AUD–USD exchange rate --- π-option --- American-type option --- optimal stopping --- Monte Carlo simulation --- economic security of companies --- valuation of intangible assets and intellectual property --- International Valuation Standards (IVS) --- legal disputes over intellectual rights --- time series --- prediction --- exchange rate --- artificial neural networks --- radial basis function --- multi-layer perceptron --- seasonal fluctuations --- global economy