Robo-advice is not ready to replace human-delivered financial planning, according to a global survey of advisers.

The Financial Planning Standards Board (FPSB) questioned 1700 Certified Financial Planner members in 29 territories worldwide about adoption of the technology.

Respondents say robo-advice tools cannot match the holistic and integrated approach humans deliver, and many advisers are taking a “wait-and-see” attitude as robo-advice developers fight for market share with still-evolving tools.

However, advisers are concerned robo-advice providers will look beyond product distribution and move into other areas of financial advice.

There are concerns automated advice will devalue professional financial advisers’ role, damage public perceptions of the industry and lead to lower margins.

But others believe the cost savings will offset fee compression.

Many advisers see data-collection benefits, plus quicker client acquisition and calculations in the advice chain.

Respondents envisage robo-advice delivering efficiency through automated back offices.

Another benefit is the removal of bias and conflicts of interest from the decision-making process.

FPSB CEO Noel Maye says advisers view robo-advice as complementary to their businesses.

“As the use of robo-advice tools grows, advisers will need to clearly differentiate the value they provide over fully automated advice tools,” he said.

The board will use its research to inform financial planning professional bodies on the rise of robo-advice.

“The FPSB’s goal is to encourage a global conversation within the financial advice community to ensure, regardless of technological advances, consumers will continue to have access to advice that is in their best interests,” Mr Maye said.