While digital wealth managers set out to make investment services and advice available to all, Nucoro's findings suggest that other providers are comfortably more popular.

Twenty-eight per cent of retail investors would choose an independent financial adviser, and 27% would prefer to mange their money themselves.

Nucoro also find that people need to invest on average £67,625 before seeking support from a financial adviser.

Additionally, 68% of those surveyed would only expect to pay a fee of £500 for advice on an investment of £50,000.

Anjali Sarin, Moneyfarm's head of UK, says it is "disappointing that such a large proportion of mid-market investors feel they either wouldn’t benefit from, or can’t access financial advice.

"Digital wealth managers are increasingly making advice accessible to these investors through a combination of WealthTech and a human element, traditionally associated with IFAs and wealth managers requiring higher investment levels."

While digital wealth managers are increasingly becoming commonplace, average investments by clients are still modest, leading to a number of recent withdrawals from big banks who had ventured into the market and a pivot to cash-poor customers from recent entrants such as RBC and Santander.

The FT calculated earlier this year that the average Nutmeg customer holds only £23,000 on its platform. This figure is slightly higher than the ISA limit of £20,000 suggesting that many customers use it for this and little else.

Only 14% of investors would seek financial advice on an investment of between £10,000-£25,000, according to Nucoro's research.

"Unfortunately, too few people know what sort of financial advice is available, how it could help them or where to find it," Lisa Caplan, Nutmeg's head of financial advice, concedes.

Jamie Crawley, Reporter, Finextra