An IFP board member who set up an online advice firm believes technology will never be able to replace a person in delivering full Financial Planning – but says it does have a vital role to play.

Chris Williams, founder and chief executive of Wealth Horizon, said consumers need to have choice in how they access and receive advice and a digital or automated option was an important part of that.
The debate around artificial intelligence and its potential capacity to help solve the so-called advice gap has come to the fore recently.
The chief executive of the FCA, Martin Wheatley, spoke earlier this year of his keenness to explore whether advances in artificial intelligence can help deliver more and better automated advice and contribute towards solving the advice gap.

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Mr Williams said: "Up until recently there was no choice at all - you had to see an adviser and pay their fees regardless of your needs and requirements.
"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.
"Services that offer a blend of automation yet still offer the opportunity to speak to an adviser, deliver an ideal hybrid that helps to lower costs while still providing a dedicated and tailored service for investors.
"The simple truth is that there are still people being caught in the advice gap and it is only by introducing more automated advice services that we will be able to close that gap."
Treasury Committee member Steve Baker MP recently told Financial Planner Online that there was no substitute for a human adviser. As software engineer himself, he suggested there had always been a lot of hype around automated systems but frequently they failed to live up to it.
Asked if he thinks technology will ever advance to the point where it can actually replace a human Financial Planner, Mr Williams said: "That all depends on the services the Financial Planner is delivering. If its full financial planning (based on Certified Financial Planner principles) focused on all the moving parts of a clients' financial and emotional well-being then I think the answer is no.
"However, if the adviser is doing nothing more than constructing and overseeing portfolios and offering transactional advice then yes, we have already done it.
"Going forward, digital advice will be increasingly important, as will affordability of advice.
"However, while the digital side will grow, we don't think it will replace the need for human interaction with a qualified adviser – people will always need a qualified adviser to help them out from time to time.
"Ultimately, online advice is there to complement face-to-face advice."

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