Research by NS&I found that there were very few advisers fearing the impact of the increasing numbers of automated services online.

Three-quarters of advisers said they were ‘not that concerned’ or ‘not at all concerned’ about the impact that robo-advice could have on their business in the future, with many respondents citing the importance that clients still attach to face-to-face meetings.

Only 3% of advisers were ‘very concerned’ about the impact of robo-advice on their business.

The report showed a high level of confidence about the future of the industry.

Some 83% were either ‘very confident’ or ‘fairly confident’ about the prospects.

Other key findings in the first edition of NS&I’s Financial Advice Barometer were that 51% of advisers provide guidance on cash deposits, but the client invests in the products themselves.

Some 43% of advisers included cash in their advice proposition as part of their holistic financial planning review with clients. Only 4% of respondents said they do not discuss cash deposits with their clients.

Some 70% of respondents in the July survey recommend that at least 10% of an investment portfolio is held in cash deposits, with more than a fifth (23%) recommending that cash should make up at least 20%.

Steve Owen, acting chief executive, NS&I, said: “Although the financial advice market is rapidly changing, this first edition of NS&I’s Financial Advice Barometer suggests that cash deposits remain a key component in advisers’ proposition to their clients.

“More than 500,000 NS&I customers have invested over £50,000 with us and over 5,000 of our customers hold over £1 million, so it is extremely important that we engage with financial advisers.”

Patrick Connolly, Certified Financial Planner at Chase de Vere, said: “Constantly changing tax rules and huge differences between the best and worst savings and investments products mean there has never been a greater need for people to take financial advice.

“While most people like the prospect of growing their money, we find that many clients put more focus on capital protection, especially as they get older and want the assets they’ve built up to be secure. For advisers, this means there is an increasing need to appraise the cash savings market in order to meet their clients’ needs and provide holistic advice.”