LV= has invested in a majority stake in automated advice firm Wealth Wizards.
The insurer has not disclosed the size of its holding or how much it would inject into the business. But it does say the deal will enable the technology firm to develop a white-labelled platform.
LV= and Wealth Wizards were already collaborating on the retirement firm’s Cora service, which offers online advice and launched in early July.
The remaining stake in the business will be held by Wealth Wizards’ management.
Wealth Wizards chief executive Andrew Firth says: “This deal marks an important milestone in our development of digital advice solutions.
“Cora breaks new ground in the implementation of so called ‘robo-advice’ in the UK market and LV=’s investment will enable Wealth Wizards to continue to pioneer the development of innovative advice products.”
LV= life and pensions managing director Richard Rowney adds: “The way people fund their retirement is changing and so is the way that people access their savings.
“This deal is a great opportunity for us to support the development of digital solutions to meet the evolving demands of retiring consumers.”