A growing desire and need for online advice services will reduce the need for human advisers, the founder of a web-based Financial Planning firm says.
Consumers' demands are changing and more will seek out help with their finances on the internet, rather than via traditional means, Chris Williams, owner of Wealth Horizon believes.
The IFP board member said the need for advisers will not be eliminated, but reduced, and automated systems will still need to apply fundamental investment advice principles.

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Speaking to Financial Planner magazine in the My Business feature in the latest edition, he said: "Going forward, we feel that there will be a real need for smart, online advice processes that reduce the need for advisers (but not eliminate it altogether), but which still provide clients with the reassurances typically associated with face-to-face advice.
"Technology solutions will aid the evolution of the advice industry, but the key is to keep an open mind and discover what clients actually want, before delivering that.
"Clients' needs and demands are changing; they want instant answers, solutions that fit in with their busy lifestyles and for advice to become easier to access. We have already seen the shift to online and digital in other areas of financial services, especially in online banking, and it is a natural evolution to see the advice industry move online as well.

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"Consumers are increasingly looking to undertake traditional financial services online. We have already seen the shift to online and digital in other sectors of the industry such as banking, and the advice industry can be a beneficiary of this shift. "There will be an increasing requirement to be able to provide advice and support online, rather than just going via the traditional channels."
He said: "Going forward, it is not about creating a 'one size fits all' automated advice system, but instead developing smart, online advice processes.
"It is also vital that the fundamental principles of investment advice are at the heart of any technology being developed, that it remains compliant, and that the investor trusts that they are receiving the most appropriate advice."