Milenkov A.V., Frumina S.V. AI-DRIVEN FINANCIAL ADVISORY: FROM OVERCOMING INFORMATION ASYMMETRY TO NEW RISKS AND REGULATORY CHALLENGES

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 4/2026. Finance.

Aleksandr V. Milenkov

Dr. Sci. (Econ.), Associate Professor, Professor of the Department of Global Financial Markets and Fintech, Plekhanov Russian University of Economics, Moscow, Russia

ORCID: 0000-0001-7812-2348

Svetlana V. Frumina

Cand. Sci. (Econ.), Associate Professor, Head of the Department of Global Financial Markets and Fintech, Plekhanov Russian University of Economics, Moscow, Russia;

Associate Professor of the Department of Public Finance, Financial University under the Government of the Russian Federation, Moscow, Russia

ORCID: 0000-0001-5143-9417

AI-DRIVEN FINANCIAL ADVISORY: FROM OVERCOMING INFORMATION ASYMMETRY TO NEW RISKS AND REGULATORY CHALLENGES

70-95

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The article analyzes the Bank of Russia’s initiative to create a specialized AI agent for selecting financial products, which was announced in April 2026. It examines architectural and regulatory approaches to implementing agentic systems in financial advisory services. Based on a synthesis of international and Russian research, the study explores the economic nature of AI intermediation as a mechanism for overcoming information asymmetry, which simultaneously creates new challenges: technical vulnerabilities of algorithms, institutional risks, user interest manipulation, market latency, and the problem of liability distribution. Special attention is paid to the evolution of regulatory approaches abroad, the identification of factors determining the success of agentic systems implementation, as well as the analysis of international precedents. The author proposes a classification of maturity levels for AI financial intermediaries. Recommendations are formulated for the governance of the AI agent aimed at balancing technological autonomy, fiduciary responsibility, and competitive neutrality.

Keywords: artificial intelligence, AI agent, financial advisory, information asymmetry, Bank of Russia, AI technical risks, behavioral risks, market latency, responsibility for AI recommendations.

JEL: G18, G23, G28, O33

EDN: HICHNS

DOI: https://doi.org/10.52180/2073-6487_2026_4_70_95

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Manuscript submission date: 08.06.2026

Manuscript acceptance date: 13.08.2026

For citation:

Milenkov A.V., Frumina S.V. AI-driven financial advisory: from overcoming information asymmetry to new risks and regulatory challenges // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2026. № 4. Pp. 70-95. (In Russ.). https://doi.org/10.52180/2073-6487_2026_4_70_95 EDN: HICHNS

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