I am writing in response to the Firing Line article featuring Richard Rowney, the chief executive of LV.
I have to say I find it kind of ironic that he is talking about the use of technology in the advice process, and LV has thrown a load of money at this. In and of itself, I think it is a good idea and one that will help serve the mass advice sector in the future.
But LV, while being a quick-moving and pro-active company in some respects, lives in the dark ages in others.
For example, did you know that a client with a pension plan with LV is unable to get any online access to their plan? Yes, this is 2016 and LV does not offer online access. We can have it as the adviser, but not the client.
So you have the prospect of going through a really state-of-the-art digital advice process and ending up with a product that belongs – at least in an online sense – in the 1990s. I have to say, I find that difficult to comprehend, and it surely shows a complete lack of IT investment by LV in their existing product range and IT platforms.