A new online advice service specifically aimed at the retirement income market and designed to assist advisers gain new clients is to be launched by LV=.

Clear Online Retirement Advice (CORA) is a service that advisers can embed into their process, LV= said.

The firm said it had designed it to help advisers "grow their client base by allowing them to provide advice to people approaching retirement with lower fund values".

CORA will "save advisers time and create revenue for them", according to LV=. The company said it would allow them to "access clients who might not previously have been viable...and by providing additional efficiencies in lead generation and automated fact find."

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John Perks, managing director of LV= Retirement Solutions, said: "CORA has deliberately been built in a way that it is an adviser supported model, not an adviser removed model and it will help to bring advice to those who tend to be sceptical of financial advisers.

"LV= is committed to returning orphan clients to advice and creating a service that advisers can embed into their process will help to close the at retirement advice gap."

It has developed with online adviser Wealth Wizards. The service launches next month for its final sets of live tests which will be carried out on LV='s customers and supported by its in house advice team.

It will then be launched to the wider market and LV= said it will help advisers tailor the service to their own business model.

According to LV=, CORA consists of:

• An income shaping tool that produces a free report outlining all the choices that pension savers now have, and their pros and cons
• An interactive regulated advice process.

At the end of the advice session a report, which makes specific recommendations, based on their individual financial circumstances, including their income requirements in retirement, and their appetite for investment risk is produced. As with traditional advice, the recommendation could include not taking any action, annuitise, use drawdown, or use a blend of solutions.

Mr Perks added: "Wealth Wizards has spent years developing online accumulation advice and this venture built on their technology, with us providing the expertise in the retirement income market to create something truly new to the market."