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LEBC's 'bionic' advice service reaches £500m in assets

LEBC's 'bionic' advice service reaches £500m in assets

LEBC’s “bionic” advice service has reached £500m of clients assets invested, with 25,000 people using the service.

The service combines technology with financial services knowledge, expertise and human conversations.

Jack McVitie, chief executive of LEBC said: “We are extremely proud of what we are achieving which is in line with our stated aim as a business: ‘To transform the access to top quality financial advice for employers, employees and individuals’.

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“Whilst we are pleased to reach the £0.5bn milestone, our service is a genuine fee based advisory service and so we are even more proud of the fact that over 25,000 people have now benefited from true, full bionic financial advice.”

He said the bionic service was greatly superior to robo-advice which only provides an automated service, with no use of human financial planners and little advice beyond risk profiling and asset allocation.

LEBC, which has 14 branches across the UK and around 80 regulated individuals, has been rolling out the service over the past year.

Clients using its service fill in an online questionnaire pinpointing their specific issues, before being handed over to a financial adviser.

The company also said it would be replacing standard office hours with an ‘out of hours’ service, allowing clients who want to deal with their financial affairs on weekends to log on and contact an ‘on-call’ adviser working from home.