Increasing regulatory costs and client demand have made it vital for wealth managers to begin embracing technology in their offering, according to Ian Cadby, co-founder and chief executive of Tiller Investments, a robo-advice and wealth management platform.

However, Mr Cadby pointed out that while the banking industry has spent the last few years honing its digital presence, a lack of uptake within the wealth management sector has led PwC to call it “one of the least tech-literate financial services sectors”.

He explained that this is partly a legacy issue whereby high net worth (HNW) individuals preferred to be dea...