There has been much talk about the use of algorithms and automated simple advice procedures for financial advisers who are trying to find an intelligent and useful way to cater for less affluent clients.

Robo-advice is not a term that is welcomed by everyone, but the concept is becoming interesting to many people.

The idea is that part of the advice process can be automated, whether that be simply submitting one’s details and circumstances online, and for subsequent advice to be done through an actual adviser, or for something more complex, such as LV’s Retirement Wizard.

Advisers have not always been the quickest in adapting to new technology, with many taking their time before having to adopt platforms. But evidence suggests that some, at least, are responding to the advent of robo-advice.

The big initial question was whether robo-advice was likely to put financial advisers out of business, but its proponents say not at all.

They want automated advice to complement face-to-face advice. There are many mundane aspects of financial advice that do not need a financial adviser in the room to guide a client through the various details.

The question is at what point does a client need an actual adviser, and that will be different for many.

However, technology is not just about automated advice. It is also about the managing one’s clients’ affairs, at the front end and behind the scenes. Making sure one has an efficient back office system is a key part of appearing competent to one’s clients.

Technology is an inevitable part of an adviser’s business. Working out how to adapt it to one’s everyday activities and business model is the best best way of making it a success.

Melanie Tringham is features editor of Financial Adviser