Royal London has bought digital adviser Wealth Wizards, taking 100 per cent of the company which was formerly part-owned by LV.
Royal London says the acquisition reinforces its commitment to financial advisers and recognises the growing need for technology-enabled solutions to help improve efficiency in the provision of advice.
Wealth Wizards’ proposition automates parts of the advice process and offers clients a digital interface which can help advisers deliver a great client experience, reduce risk and costs and scale their advice.
LV first took a majority stake in Wealth Wizards back in 2015.
Royal London CEO Barry O’Dwyer says: “We are impressed by the innovative technology offered by Wealth Wizards and are delighted they are joining our business. We see the positive impact of advice on customers’ lives every day and will work with advisers to help to overcome the advice gap in the UK.
“This acquisition provides us with an opportunity to enhance the leading support and service we already provide with market leading technology and processes that can help advisers become more efficient and broaden the offering we have for our workplace clients.
“As a mutual, our investment decisions are solely driven by the benefits offered to customers and this acquisition is a great example of this in action. I look forward to welcoming Wealth Wizards to Royal London.”
Wealth Wizards CEO Andrew Firth says: “Royal London is passionate about supporting financial planners and advisers and also making guidance and financial advice more accessible and affordable. We are delighted to be joining a business that can invest in the long term and believes as strongly in the value of advice as we do. The deal is an excellent outcome for our clients, customers, employees and the business overall.
“I want to thank Liverpool Victoria for the support they have given to Wealth Wizards as our principal investor since 2015. I wish them well for the future.”
