Technology has become such a dominant part of our lives: a large proportion of the population own smartphones, while video streaming has become mainstream and televisions are linked to the internet.

Financial services is no different; financial advisers have become accustomed to the use of platforms as the hub for clients to assess their portfolios in one place. Now they are engaging with other technology – the rise of automated advice.

Robo-advice is quickly being launched by several providers as a way of offering a new service, and mindful of the gap presented by the RDR. Few advisers will take on clients with small portfolios, and many need support when it comes to making the right decision on their pension.

Having a computer algorithm to absorb the basic points of a client's case, and pointing them in the right direction, spelling out the implications of their decision-making, can, to varying degrees, replace some of the more time-consuming elements of the advice process.

Some may argue over the degree to which a human should be present in assessing a consumer's attitude to risk, but in the current time-pressed world, if the situation is not complex and the software is sophisticated enough, then some of this decision-making can be automated.

Different robo-advice services offer varying levels of access to a human financial adviser, so for the nervous who are less comfortable with technology, a back-up exists. But many robo-advice proponents are claiming the new services offer a complement to financial advice, rather than a replacement.

Platforms are similarly catching up with the march of change and many are rapidly upgrading their systems. Many advisers want better functionality on their platform; for example, being able to migrate customer information across from one account to another.

Many platforms are migrating assets from proprietary technology to outsourced software, although this is by no means universal. Some platforms keep their own software and constantly upgrade it.

Technology is changing all the time; financial services is doing its best to keep up.

Melanie Tringham is features editor of Financial Adviser