Forget whatever Arnold Schwarzenegger may say, robots will not be replacing you, Financial Planners were told at the IFP annual conference this morning.

IFP board member Chris Williams CFP^CM, founder of online advice firm Wealth Horizon, criticised the term robo-advice, calling it ‘lazy’ and insisted that technology can help deliver what consumers want, rather than end traditional face-to-face advice.

He told delegates: “I’ve been called plenty of things in my life, some flattering some not so complimentary, but the one that irritates me most is robo-adviser.

“It’s lazy to speak of a paradigm where there’s robots at one end of the spectrum and people at the other and it couldn’t be further from the truth.”

Alluding to the Terminator films, he assured delegates they would not be replaced by robots “no matter what Arnold Schwarzenegger says”.

He said online and automated advice was about delivering choice for consumers and not about ending traditional Financial Planning.

Clients who are being advised on matters relating to, for example, divorce, need empathy and personal service, he said, stressing that automated advice could not work for certain situations.

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He also emphasised that every client at Wealth Horizon has had some kind of human interaction, be it phone or web contact.

He said: “We’re just challenging the norm, we’re saying we’ve got a really good Financial Planning journey that we’ve nailed this as Financial Planning professionals. We know how to deliver it face to face so can we deliver a different journey digitally? I’d really like you to join us on that journey.”

He said: “People want simplicity and delivered in a way they understand and can engage with. Sometimes that can be done really well face to face other times it’s done well digitally, simply at a time of their choosing. People need reassurance and validation and a little bit of help through the process.”