Royal London buys fintech Wealth Wizards

Royal London has announced the purchase of fintech business Wealth Wizards from Liverpool Victoria, subject to regulatory approval.

Royal London is the UK’s largest mutual life, pensions and investment company. It employs more than 1,000 in Scotland and includes the former Scottish Life and Scottish Provident businesses.

“The acquisition reinforces our commitment to financial advisers and recognises the growing need for high quality, technology-enabled solutions to help improve efficiency in the provision of advice,” said Royal London.

“Wealth Wizards’ proposition can automate key parts of the advice process and offer clients a digital interface which can help advisers deliver a great client experience, reduce risk and costs and scale their advice.

“Wealth Wizards’ proposition will also allow Royal London to support employers and advisers seeking to help employees make better financial decisions and secure better financial outcomes.

“As a large pension provider, Royal London is well-placed to help customers who have joined workplace schemes through auto enrolment.

“These customers are looking for support and meeting that need, in partnership with employers and advisers, is an essential part of maintaining and deepening customer relationships.”

Royal London CEO Barry O’Dwyer said: “We are impressed by the innovative technology offered by Wealth Wizards and are delighted they are joining our business.

“We see the positive impact of advice on customers’ lives every day and will work with advisers to help to overcome the advice gap in the UK.

“This acquisition provides us with an opportunity to enhance the leading support and service we already provide with market leading technology and processes that can help advisers become more efficient and broaden the offering we have for our workplace clients.

“As a mutual, our investment decisions are solely driven by the benefits offered to customers and this acquisition is a great example of this in action.”

Wealth Wizards CEO Andrew Firth said: “Royal London is passionate about supporting financial planners and advisers and also making guidance and financial advice more accessible and affordable.

“We are delighted to be joining a business that can invest in the long term and believes as strongly in the value of advice as we do.

“The deal is an excellent outcome for our clients, customers, employees and the business overall.

“I want to thank Liverpool Victoria for the support they have given to Wealth Wizards as our principal investor since 2015. I wish them well for the future.”