Firms must embrace technology at a much faster rate if financial advice is to become affordable, the founder of a new online Financial Planning firm says.

A new partially online Financial Planning firm has no direct rivals and is different to robo-advisers, its founder has told Financial Planning Today.

The UK is in danger of developing two tiers to retirement planning leading to some “sleepwalking into a later life financial crisis”, the chief executive of an investments firm has warned.

Newly released HMRC figures have shown that 2,795 companies raised a total of £1,563 million of funds under the EIS scheme in 2013-14.