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Robo-adviser claims full retirement advice delivered in under two hours

Robo-adviser will produce an automated advice report in under a minute

Robo-adviser Wealth Wizards has launched a tool that it claims will give full retirement advice in under two hours.

The white-labelled robo-paraplanner tool, which has been piloted by LV=, will provide an automated advice report in under a minute.

The fact-find is undertaken either face-to-face, in a branch or over the phone and, afterwards, the robo-paraplanner tool produces an instant document for the adviser to recommend to the client before completing the case.

Wealth Wizards chief executive Andrew Firth says: “We think a typical at-retirement case takes around seven to 10 hours and in the case of LV= they have got the advice down to about two hours and not all of that would be adviser time.”

Firth explains that Wealth Wizards will charge for service per piece of advice, which he says will be “a few hundred pounds”, and then it is up to the advice firm how they will charge the consumer.

LV= advice strategy director David Stevens says the company has not yet changed its pricing as a result of robo-paraplanner.

He says: “What we are looking to is with this technology we will be able to develop other price points for the advice we provide. Through some of our corporate partnerships we think it is possible to generate advice solutions for customers who want advice on their workplace pension and get it down to £500 or below.”

LV= offers whole of market selection of funds through the tool but it can also be offered on a restricted basis.



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There are 4 comments at the moment, we would love to hear your opinion too.

  1. Money Guidance 4th May 2017 at 3:00 pm

    Stop Press: Surgeon performs lobotomy during tea break.

  2. Could work if a client wants their retirement planning delivered in a dystopian future.

  3. NatWest Life had their own version of “Robo Advice” in 1993 and Lloyds/Blackhorse in 1997, both churned out reports of need levels and potential solutions. If the system was that good, then all “Sales advisers” should have achieved the same “sales”, funnily enough they didn’t because “People buy People” NOT robots and printouts.
    We use Truth/Prestwood, it is brilliant for identifying level of needs and telling the Truth to the client based on their own figures, but they can’t operate the software and even I struggle sometimes and have to get the younger generation (I am 52 and my staff are mainly under 30) to press the right button to get the software to do what I know and want it to do, but they NEED me for the ideas of what we and the client are trying to achieve as much as I need them to drive the software better than I can.
    Robo will only ever be Robo assisted until we kill off all the human clients and replace them with robots.

  4. I’m impressed. Assuming the robo system looked at the client’s attitude to risk and capacity for loss, held a detailed discussion about risk, and considered the spouse’s pensions and dependant’s benefits, the client’s health, postcode, smoker status, any other money purchase and DB pensions, GMP entitlement, State Pensions, tax position, etc. And then considered the suitability of drawing the DB pensions early, or late, or using the MP pensions as a bridge to when the State Pension is due to start, or deferring it until later. And then considered the death benefit position and IHT implications, as well as the possibility of the client dying early. Or late. And the implications for the surviving spouse. I assume that the software then moved on to other sources of income, making sure that the client uses their annual CGT allowance. And their partner’s. And kept a sensible cash fund aside for drawing on when investments have performed poorly. This is a very impressive system. I will have to get one for my office so I can go on holiday.

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