UK-based mutual insurer Royal London has agreed to buy fintech firm Wealth Wizards from LV= for an undisclosed sum.
Royal London said the move recognises “the growing need for high quality, technology-enabled solutions to help improve efficiency in the provision of advice”.
Wealth Wizards’ offering can automate parts of the advice process and provide clients with a digital system to assess their wealth.
‘Excellent outcome’
Barry O’Dwyer, chief executive of Royal London, said: “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.”
Andrew Firth, chief executive of Wealth Wizards, added: “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. “
