Online wealth managers and “robo-advisers” are increasingly popular with those who want the convenience of managing their money digitally and don’t want to pay hefty fees for financial advice, but are not confident about investing through a do-it-yourself stocks and shares Isa.

Companies in the robo-advice arena are already managing £860 million of investments in the UK, according to the investment advice website Boring Money. In the US, where this method of investing is even more popular, the figure is $50 billion (£40.5 billion).