Wizard idea as LV= takes a stake in advisory firm

RETIREMENT specialist LV= has taken a majority stake in Leamington-based online finance business Wealth Wizards for an undisclosed sum.

The investment from LV= – formerly known as Liverpool Victoria – will create at least 20 additional local high tech jobs over the next 12 –18 months.

Wealth Wizards, which was the first online independent financial adviser in the UK, already employ 15 people in Leamington.
 
Andrew Firth, CEO of Wealth Wizards, said: “Wealth Wizards is committed to the Leamington area and we are delighted to announce the recruitment of 20 new roles into the team.

The LV= investment has helped to propel our vision of supporting more individuals and businesses with low-cost online independent financial advice.”
 
The investment will enable the company to deliver on its ambition to develop a widely available ‘white-label’ automated advice platform and 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.
 
Firth added: “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.”