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.