Royal London has acquired robo-advice business Wealth Wizards from Liverpool Victoria.
Wealth Wizards comprises a digital platform for advisers, a guidance and advice platform for financial services businesses, and a regulated digital financial adviser.
Royal London said the acquisition meant it was now able to help customers who have joined workplace schemes through auto-enrolment as well as support employers and advisers looking to help employees make better financial decisions.
Wealth Wizards provides financial health checks, guidance on everyday finances, and financial planning and advice in investments, pensions and retirement.
The deal comes after the provider sold adviser platform Ascentric to M&G last year.
Barry O’Dwyer, chief executive officer 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 officer 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.”
chloe.cheung@ft.com
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