The amount of client assets advised through LEBC Group’s ‘bionic’ advisory service has now passed £1bn, an increase of 100 per cent within just nine months.
The service, which combines digital and telephone advice, has engaged with over 37,000. All of the £1bn of clients’ assets invested is new money, none of which has been moved from LEBC’s existing clients.
LEBC’s bionic proposition is a full fee based advice service with fact-finding, profiling and suitability. Clients receive fully regulated, tailored advice, appropriate and suitable to their own circumstances delivered via both the telephone and internet.
LEBC chief executive Jack McVitie says: “Of course, advice does not always mean investment – sometimes the best advice is to do nothing, at other times people just need help with difficult personal financial decisions. So, in terms of new clients to the bionic advisory service it is not so simple as dividing the total sum invested by the number of clients to get to an average investment.
“We understand that pure robo technology is not without its flaws, however by combining human expertise with a technology augmented advice solution, we can advise clients at a scale that would not have previously been possible with a more traditional ‘shoe leather and paper’ model.
“Through our ongoing investment in appropriate technology, our aim is to industrialise and democratise advice. This has to be a good thing for all given current and future needs.”