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.

Benefits

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

: 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.

: LV='s
use of Turo 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.

: 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'.

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