Royal London has acquired fintech firm Wealth Wizards from Liverpool Victoria for an undisclosed sum.

Wealth Wizards’ proposition can automate key parts of the advice process and offer clients a digital interface.

The Leamington Spa-based firm was established in 2009 with the goal of making financial advice accessible to all. It launched a regulated digital independent financial adviser, available to users via employers, in July 2019.

Royal London said the acquisition “reinforces our commitment to financial advisers” as well as recognising the “growing need for high quality, technology-enabled solutions to help improve efficiency in the provision of advice”.

The life, pensions and investments firm also plans to use the Wealth Wizards proposition within its workplace pensions offering.

Wealth Wizards works with Financial Planners, other financial services organisations and with employers via a single platform that combines machine learning and artificial intelligence with technology to allow customers to “automate regulated customer journeys to engage, advise and execute on everyday Financial Planning decisions that improve financial wellbeing”.

Barry O’Dwyer, CEO of Royal London, said he hopes the acquisition will help the firm work with advisers to help overcome the advice gap in the UK by helping them become more efficient.