Financial advisor Wealth Wizards has launched Turo Wellbeing, which gives advice firms, life assurers, banks and building societies the tools to help customers improve their financial wellbeing.
Its platform starts with a set of non-intrusive questions that review nine different areas of wellbeing. Following this, the user is supplied with a suite of digestible content that addresses their challenges, based on their data.
Wealth Wizards claims the tool hones personalisation by moving them to a more “playful” environment where they can review the recommendations and decide when to act.
The new tool is already being used by Royal London, a UK-based mutual life, pensions and investment company. It is using the tool to build a series of personalised journeys to help customers improve their financial wellbeing and retirement prospects, through a guidance-only pathway.
Wealth Wizards chief commercial officer Mark Kiddell said, “We know from experience that consumers want easily accessible financial help and support, whether that’s guided outcomes, digital advice with some human oversight, or fully fledged regulated advice. One of the valuable benefits of Turo Wellbeing is that it can offer both guidance and access to advice – via consumer-led and human-assisted (hybrid) experiences – depending on the consumer’s needs.
“At a time of financial and economic turbulence, we’re aiming to help as many people as possible manage their money more effectively for themselves and their families during the current cost of living crisis and beyond”
Simon Binney, business development director at Wealth Wizards, recently spoke to FinTech Global about the need for investors to focus on the young investors.
Wealth Wizards formed an open banking partnership with open data technology platform Moneyhub. It leverages Moneyhub APIs to provide customers with holistic advice that is backed by real-time consent driven personal data.
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