Financial adviser Wealth Wizards has continued its mission of improving financial wellbeing in the UK with the launch of its Master Trusts solution.
This new tool will help members increase engagement with the pension and help schemes grow their AUM.
This comes a month after the WealthTech company launched Turo Wellbeing, which gives advice firms, life assurers, banks and building societies the tools to help customers improve their financial wellbeing. After answering some questions, the user is given digestible content that helps them improve their financial wellbeing.
Turo for Master Trusts is a consumer-led and human-assisted solution designed to increase engagement from the point of enrolment by offering easy to follow consumer-led guidance and regulated, codified advice on areas such as consolidation and contributions.
If needed, the user can request a human adviser if they have complex needs.
Turo also aims to bridge the financial education gap that exists among many Master Trust members who are often automatically enrolled into a pension scheme and often need help and guidance on how to save and plan for their retirement.
When starting with the service, a member is taken through a ‘financial health check’ to help them understand their financial commitments and retirement goals. After this they are provided a series of recommendations to help improve their currency, financial wellbeing and realistic plans to achieve their desired retirement lifestyle.
If a member moves to another job, Turo will let them continue to manage their pension. Master Trusts also re-engage with deferred and returning members, who may previously have had minimal engagement with their pension schemes.
Wealth Wizards business development director Nick Hall said, “We’re excited to be launching Turo for Master Trusts, so we can help members save for a more prosperous future, realise their long-term aspirations, and help schemes increase their AUM at the same time.
“Master Trusts tell us one of their key issues is engaging members with their financial future. Turo enables trustees and operational directors to deliver an engagement tool which hand holds the member through a series of digital interactions, responsive to the information provided by them and then offers recommendations to suit their needs.”
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