Case studies

Regulated at-retirement advice: powering up LV='s advisers

The Robo Paraplanner is a digital hybrid solution to support advisers. It is a tool built to enable the telephone advice team to service more customers over the phone.
At retirement

With pension freedoms, those approaching retirement find themselves in need of affordable advice about taking their pension. LV='s at-retirement advice service aids those who are over 55, within three months of retirement, have a defined contribution pension pot and would like to start taking money from their pension.

Its features include a flexible adviser interface and enhanced compliance checks. Advisers complete a fact find with the customer and the Robo Paraplanner then generates a fully automated, personalised and regulated at-retirement report, accessing providers and product options from across the market. The editable suitability report makes it possible for the adviser to personalise the report further, ensuring the advice meets the needs and preferences of the customer.

Robo Paraplanner follows a traditional advice process but, crucially, automates the complicated research, quotation and recommendation process and time-consuming documentation production and quotation process. Through a sophisticated digital fact-find the advice report is generated in under one minute, as opposed to the typical industry standard preparation time of anything between 5 and 10 hours. It does this by using a combination of advanced algorithms and expert financial planning, to automate an adviser-guided retirement decumulation advice journey selecting appropriate product (or blend of product) solutions.

The advice produced is fully-regulated and robust so the adviser can be assured that the quality of the automated advice generated reflects their own advice philosophy. There are stringent quality checks built in to ensure that the high standard of advice is maintained. As a result, capacity to service has significantly increased. This is due a reduced time per customer and faster adviser development time.

The Robo Paraplanner has enabled LV= to increase its flow of defined contribution retirement cases through Robo Paraplanner into a mainstream solution.

The real differentiator for the paraplanner is the combination of smart technology and human intervention which helps customers complete the advice process efficiently, confidently and accurately, with a full audit trail for the adviser. This frees up the adviser to do what they do best - advise the client.

For both LV= and Wealth Wizards, it isn’t about trying to switch people who have already embraced advice. It’s about creating a safe, accessible and affordable environment for those who haven’t embraced advice yet, and educating them in the importance of good financial advice through the use of technology, is helping us to achieve that.


Increased customer satisfaction: in an environment where customers are constantly expecting faster delivery on solutions. LV= has seen consistently high Reevo scores on the service.

Time savings: no need to meet ‘face to face’ with an adviser, they can field a call in the morning and send through an advice report in the afternoon, resulting in a more time-efficient user journey.

Cost savings: LV='s use of the Smart Platform has enabled the delivery of regulated advice at a fraction of the cost of ‘face to face’ advice, a cost that sits well below the initial £1,100 average consultation fee charged by outsourced paraplanners.

High-quality professional advice: Thanks to the world-class algorithms in the tool, the adviser can now be assured that they are giving fully-regulated, highly personalised robust and consistent advice, with a full audit trail.

Wealth Wizards and LV= won a UK Pensions award in 2018 for Robo Paraplanner in the 'Technology Innovation of the Year'.

Client case studies

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