A Financial Planning software supplier has launched a robo-advice service designed to be hosted on a provider's website.

eValue said the “bespoke robo-advice platform” had been made for institutional customers and advice firms “looking to address the advice gap that currently plagues the UK”.

Described as a “white-labelled solution”, the firm said the “offer can be fully tailored to client needs”. The robo-adviser uses a decision tree and advice algorithm and will produce suitability and MI reports.

eValue said it is working with a number of the UK’s biggest financial institutions on the robo-advice project, adding it already works with over 90% of UK banks and product providers and over 50% of the adviser market.

eValue’s robo-adviser is “aimed at helping consumers navigate the myriad of options open to them, where the economics of conventional advice do not work”.

It will offer providers support in areas including ISAs, investment, protection, pre-retirement, at-retirement, in-retirement and mortgages.

Bruce Moss, founder & strategy director of eValue, said: “From driverless cars to wearable tech telling us when to exercise, the role of technology in our daily lives is ever greater – and managing our finances is no different.

“With RDR and government reforms changing the savings and pensions landscape, understandably consumers are seeking advice. Advisers and providers need to make sure they can meet this demand and robo-advice is the financial services industry’s answer.

“The real challenge with robo-advice is producing a process that is both engaging for consumers while at the same time ticks off all the regulatory boxes. Meeting this challenge will not be easy but eValue has the advantage of over 20 years of experience in squaring this ever changing circle of requirements.”