Royal London has agreed to acquire Wealth Wizards, a financial guidance and advice provider, from Liverpool Victoria.

The acquisition is aligned with Royal London’s plan to make guidance and financial advice more accessible and affordable for the customers.

Established in 2009, Wealth Wizards leverages machine learning and artificial intelligence to offer financial advice.

The company’s portfolio includes digital financial advice platform, a digital financial guidance and advice platform and a digital financial adviser.

The addition of Wealth Wizards is expected to automate key parts of the advice process as well as enable Royal London to support employers and advisers who intend to help employees make better financial decisions.

Royal London CEO Barry O’Dwyer 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.”

Wealth Wizards CEO Andrew Firth 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 completion of the deal is subject to regulatory approval.