A survey by London-based fixed rate bond provider Minerva Lending, found that 72% would trust an IFA when making investment decisions but only 12% of people would trust a robo-advice service.

Minerva Lending says its survey suggests that robo-advice services have yet to win the trust of investors, particularly HNW investors.

Some 77% of the 1000 people who were surveyed said they would trust their own judgment, while 35% said they would trust a stockbroker to make a decision on their behalf.

Meanwhile, some 60% said they would make investment decisions based on word of mouth from family and friends.

However, just 12% of investors said they would trust a robo-adviser to make an investment decision, with Minerva Lending plc saying that “robo-advice companies and firms offering software-based investment management tools have yet to win the faith of more experienced, or higher net worth, investors.”

Just 22% said they would trust a standalone piece of software as well.

Minerva Lending plc surveyed 1000 UK adults aged 36 and over who had more than £50,000 of investable assets as part of their research. This survey took place in June 2017.

Ross Andrews, director of Minerva Lending plc, said: “IFAs should be genuinely encouraged that nearly three quarters of active investors would trust them to make investment decisions on their behalf.

"For robo-advisers and software-based investment management tools, the survey results are less uplifting. It seems that far more people with bigger sums to invest trust manual decision-making processes, whether by themselves or an IFA.”