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Catch up with the latest press releases from LV=

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LV= invests in leading robo-adviser wealth wizards

Press release: 03/08/2015

Retirement specialist LV= has taken a majority stake in Wealth Wizards Limited, the UK based automated advice experts. LV= will inject development capital into Wealth Wizards which will enable the company to deliver on its ambition to develop a widely available ‘white-label’ automated advice platform.

The deal will also see Wealth Wizards power CORA, LV=’s retirement advice service. CORA, which is supported by LV=’s in-house regulated telephone advice service, uses Wealth Wizards’ algorithm based advice platform to generate personal advice for pension savers planning for retirement.

The remaining shares are owned by Wealth Wizards’ founding management team and the business will continue to operate its independent financial advice service which is focused on developing low-cost advice solutions for the workplace market.

Richard Rowney, Managing Director of LV= Life and Pensions commented: “LV= has always championed the importance of advice in the retirement income market and we are pleased to agree this deal with Wealth Wizards. The way people fund their retirement is changing and so is the way that people access their savings and this deal is a great opportunity for us to support the development of digital solutions to meet the evolving demands of retiring consumers.”

Andrew Firth, CEO of Wealth Wizards said: “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= was advised on the deal by Fenchurch Advisory Partners.


About LV=

LV= employs over 6,000 people and serves over 5.7 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including ASDA and Nationwide Building Society.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

About Wealth Wizards

Wealth Wizards has been pioneering the development of automated financial advice in the UK since 2009 through the creation of an algorithm-based advice platform. We bring together actuarial science, chartered financial planning and software engineering in a unique combination of skills, and launched the UK’s first online independent financial adviser in 2010.

We provide own branded and white label pensions and investment advice through employers, advisers and corporates, using technology and the internet to keep costs down for clients. We were awarded Technology Innovation of the Year in the 2015 UK Pension Awards.

Wealth Wizards Advisers Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 596436.