Advice firm LEBC has launched a new app to enable it to roll out its ‘bionic advice’ service to clients.
The app, called Hummingbird, allows clients to track their spending and access key information on their savings and investments, including ISAs and pensions, all in one place as a result of open banking technology. In addition, clients can use it to set goals and budgets.
Hummingbird, which was developed in conjunction with software firm Moneyhub, will also provide clients with access to LEBC’s bionic advice zone, where they are able to access wills, mortgages and life insurance services through partner firms. It offers a feed-through link to an LEBC adviser as required on a range of topics including investments, planning for retirement, inheritance, intergenerational wealth, later life planning and education funding.
The concept, devised by LEBC chief executive Jack McVitie (pictured), was designed to provide an “affordable” service to clients by combining technology with advisers. However, it will not allow transactions to be made.
Clients can grant access to the app to a third party, including a relative or trusted adviser. Clients who allow their adviser to use the data will receive a discount on the cost of advice, LEBC said.
Jeremy MacLeod, managing director, LEBC Hummingbird, said: “Everyone who has a home and assets is aware of the need to have a will, and those with mortgages know they should shop around for a good deal and have life cover in place to ensure the loan is repaid, but people do not always get organised, however well intentioned. Bionic Advice aims to makes these tasks easy and cost effective to complete.”
LEBC clients who subscribe to the firm’s annual review service will receive the app for free, otherwise it costs £9.99 a year on Android or £14.99 per annum for Apple users.