Financial advisers in the UK have increased spending on technology over the past year, according to a survey.

Fifty-five per cent of advisers surveyed by financial data firm FE Fundinfo said they had increased spending on tech over the past 12 months.

Forty per cent aimed to increase their tech expenditure over the next 12 months and 56% intended to maintain their current level of technology expenditure.

In last year’s survey, the percentage of respondents who had increased investment in the previous 12 months and planned to grow investment in the next 12 months were both higher than this year’s report (72% and 50% respectively).

“Momentum behind tech investment is clearly there – but it is not what it once was,” FE Fundinfo said in a statement.

Stephen Ford, Head of UK Distribution at FE Fundinfo said: “The challenge is greater than ever for financial advisers to prove their value to clients. Our research makes clear that the profession is prioritising continuous innovation to modernise and optimise their operations.

“Of particular note is the popularity of cashflow modellers, pointing to the shift in industry strategy from investment planning to financial planning.”