Royal London acquires Wealth Wizards

PRESS RELEASE: We are pleased to announce that Royal London, the UK’s largest mutual life, pensions and investment company, is acquiring Wealth Wizards, subject to regulatory approval.

Both Wealth Wizards and Royal London are passionate about making guidance and financial advice more accessible and affordable and this transaction will bring together the complementary cultures, skills, technology and capabilities of both organisations.

The acquisition will enable Wealth Wizards to continue our mission to make financial advice affordable and accessible to everyone. Our financial advice platform Turo will continue to provide advisers with the ability to automate key parts of the financial advice process, delivering efficient and compliant digital advice.

Wealth Wizards will also continue to develop our financial wellbeing app, MyEva, for the workplace market. As a large pension provider, Royal London is well-placed to help customers who have joined workplace schemes through auto enrolment.

Barry O’Dwyer, CEO of Royal London, said:

‘We are impressed by the innovative technology offered by Wealth Wizards and are delighted they are joining our business. We see the positive impact of advice on customers’ lives every day and will work with advisers to help to overcome the advice gap in the UK.

This acquisition provides us with an opportunity to enhance the leading support and service we already provide with market leading technology and processes that can help advisers become more efficient and broaden the offering we have for our workplace clients.  

As a mutual, our investment decisions are solely driven by the benefits offered to customers and this acquisition is a great example of this in action. I look forward to welcoming Wealth Wizards to Royal London.’

Andrew Firth, CEO of Wealth Wizards, said:

‘Royal London is passionate about supporting financial planners and advisers and also making guidance and financial advice more accessible and affordable. We are delighted to be joining a business that can invest in the long term and believes as strongly in the value of advice as we do. The deal is an excellent outcome for our clients, customers, employees and the business overall.  

I want to thank LV= for the support they have given to Wealth Wizards as our principal investor since 2015. I wish them well for the future.’


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You can find Royal London's press release here

About Wealth Wizards

Wealth Wizards is a market-leading financial advice technology provider established in 2009. Their founding purpose is to make financial advice affordable and accessible to all, and they have pioneered the automation of financial advice in the UK market. Their end-to-end technology platform allows customers to automate regulated customer journeys to engage, advise and execute on everyday financial planning decisions.

Their flagship software-as-a-service platform Turo enables advisers to automate key parts of the advice process.  Their financial wellbeing app, MyEva, is the UK’s leading digital adviser in the employer market and is deployed with over 50 UK employers and is available to over 45,000 employees.

Wealth Wizards is based in Leamington Spa, and has 70 employees.

About Royal London

Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.


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