A national IFA firm says about 25,000 clients have used its alternative to robo-advice.

LEBC group reported today its Bionic Advisory Service – a combination of advisers and technology - has passed the £500 million of ‘clients assets invested’.

LEBC said its ‘bionic proposition’ combines “technology with financial services knowledge, expertise and a human interface”.

The firm stated: “LEBC see this as greatly superior to ‘robo’ advice that only provide an automated service, with no use of human Financial Planners and little advice beyond risk profiling and asset allocation.”

Jack McVitie, chief executive of LEBC, said clients receive fully regulated, tailored advice, appropriate and suitable to their own circumstances delivered through telephony and the internet.

It began developing the service earlier this year, with a 50/50 technology joint venture with Kerr Henderson of Northern Ireland.

The firms decided to develop software to enable advisers to work more efficiently in giving advice, using “intelligent systems for fact-finding and report writing”.

Mr McVitie said: “We are extremely proud of what we are achieving which is in line with our stated aim as a business: ‘To transform the access to top quality financial advice for employers, employees and individuals’.

“Whilst we are pleased to reach the £0.5bn milestone, our service is a genuine fee based advisory service and so we are even more proud of the fact that over 25,000 people have now benefited from true, full bionic financial advice.”