LV Friendly Society offers web-based financial guidance

Financial services provider LV has created a web portal to offer advice to the public. The Friendly Society, formerly known...

Financial services provider LV has created a web portal to offer advice to the public.

The Friendly Society, formerly known as Liverpool Victoria, offers a range of financial products such as pensions and investments, as well as insurance. As a mutual it is owned by its one million customers.

The new Financial Check-up service was developed by Distribution Technology, with LV providing advice on business rules.

Robin Willison, financial advice services director at the firm, said the company has recognised the importance of the web for "a significant minority" of customers.

He said an independent website would help alieviate people's fears when it came to taking up financial services. "There is a lot of reluctance to ask professionals for help and we are trying to provide the first stage towards financial guidance without having to go to an adviser," he said.

He said there is less pressure on people when they deal with a website. "People have got used to using the internet because of its convenience and if you do not like what you hear you can turn it off," added Willison.

When a customer fills in their details and requirements a report is generated and they are given the details of an LV financial adviser or recommended to use their existing adviser.

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