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LV ‘overwhelmed’ by interest in robo-advice

LV ‘overwhelmed’ by interest in robo-advice

LV has been overwhelmed by how much interest there is for its robo-backed retirement advice offering, since taking a majority stake in Wealth Wizards last month.

FTAdviser previously reported the provider is looking to roll-out the service to adviser networks in the coming months and eventually will looking at expanding the algorithm-based platform into other areas like protection insurance.

The firm has now confirmed in terms of costings, it will wait to see on what corporate partners do, with a number of models being considered for the wider market.

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Plans to take the robo service beyond retirement advice were not longer immediate, but they are “definitely interested in the future”.

Richard Rowney, managing director of LV Life and Pensions, said in terms of protection there is an opportunity to bring a bigger and fresher proposition to market.

He added both tax and trusts are complex, so these are both areas that LV is interested in, adding to the existing risk calculator.

The partnership with Wealth Wizards, following over a year’s worth of work between the two, has been to develop LV’s in-house telephone retirement service Cora to feature an online ‘robo-advice’ element.

Later in August, LV appointed David Stevens to the newly created role of head of automated advice strategy, responsible for leading the roll-out of Cora amongst advisers and corporate partners.