Some scholars argue that financial literacy is a complement rather than a substitute to financial advice as it allows investors to better assess (and demand) quality and thus have more confidence in the advisor. While financial advisors and managers rely on information asymmetry as part of their business model, several arguments point toward a positive impact of educating investors on financial matters on the use of their services. Thus, we intend to study in a laboratory setting the impact of financial education on the adoption of technology-based advisory algorithms, so-called robo-advisors, as well as the interaction with investor characteristics. On the one hand, they might be in a good position to effectively educate investors due to their broad customer base and digital service provision. On the other hand, they might benefit from communicating the underlying investment logic to oppose algorithm aversion due to the perception of a “black-box” decision-making process.