Turo blog

Robo Paraplanner: Start to finish retirement advice in under 2 hours

May 4, 2017

Robo-adviser Wealth Wizards has today announced the launch of a new automated paraplanner tool that will provide advisory firms with a cutting edge solution to boost profitability. The application, which automates complex ‘at retirement’ advice and integrates with advisers’ existing business models, is an industry first. It is already being used by partner LV= to meet increased client demands while saving advisers significant time, resources and money and providing strong risk controls in advice consistency.

Advisers complete a fact-find with clients, after which the paraplanner tool generates a regulated advice solution comprising single or blended products from across the market and an automated advice report in under a minute; as opposed to the typical industry standard preparation time of five to ten hours. 

Designed as a white-label offering, the robo paraplanner tool combines human interaction with automation technologies to create a new option for advisory firms which will allow them to save time, reduce costs and conduct risk, and potentially service more clients. In an environment where clients are increasingly expecting online digital solutions and faster delivery on decisions, the tool will also deliver more choice for consumers and could enable firms to create more affordable mass market solutions for clients in time. 

The robo paraplanner has undergone a successful test period with partners LV=, and LV= is now using the paraplanner as part of its telephone advice service. So far, this has reduced the average time for advice to around 90 minutes. 

 David Stevens, Director of Advice Strategy at LV= comments: “The Financial Advice Market Review recognised that for everyone to benefit from pension freedoms advice, it has to be made more affordable and accessible, and we wholly agree. The paraplanner tool has delivered cost savings and efficiencies to our telephone advice business, already reducing the average time spent from fact-find to presenting advice to less than 90 minutes. 

 “Modernising the cost and consistency of advice through automation provides real opportunities for firms like LV= to offer the benefits of advice to more customers, including those with smaller pots. For example, in conjunction with our corporate partners it opens up new possibilities for LV= to develop high quality, lower cost advice solutions, for customers who need help accessing their workplace savings.” 

Andrew Firth, Chief Executive of Wealth Wizards, comments: “New technologies are changing our industry rapidly, and sophisticated automated advice will underpin and enable advisory firms to grow.  The paraplanner is not only designed to improve the performance of advisory firms, but to also support advisers in a market where 500,000 individuals are retiring every year creating huge advice opportunities.  Through the use of advanced algorithmic innovation and expert financial planners, Wealth Wizards has created retirement advice for the masses, which has the potential to create huge shifts in both the cost dynamics of the industry and the volume of people receiving advice.”

Written by
Wealth Wizards

We are the UK's first fully-regulated online adviser scaling up automated financial advice across the industry.

Find out more about Turo and how it can automate key parts of the advice process for your clients and advisers.

Get updates straight to your inbox

Sign up to our newsletter

Recommended for you

View all

Want to get early access and product updates?

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

This site is best viewed in Chrome, Edge or Firefox (not Internet Explorer!)

Wizards House
8 Athena Court
Tachbrook Park
Leamington Spa
CV34 6RT


Registered Address: Wizards House, 8 Athena Court, Tachbrook Park, Leamington Spa, CV34 6RT.
Registered in England & Wales, No. 07014133. The information contained within this site is intended for UK consumers only and is subject to the UK regulatory regime.

Wealth Wizards®, Pension Wizard ®, Retirement Wizard®, Turo® and MyEva® are registered trademarks; the trademarks, trade names and logos on this website, and the copyright and pending patent applications, are used by Wealth Wizards Benefits Limited under licence from Wealth Wizards Limited. Pension Tidy-up, Pension Predictor, Investment Wizard, are trademarks and logos of Wealth Wizards Limited.

Wealth Wizards is independently audited and certified by the British Standards Institute to ISO/IEC 27001:2013, an internationally recognised standard specifying comprehensive security controls and best practice.

© 2022 Wealth Wizards Limited.