Wealth Wizards has launched a new software solution, Turo Wellbeing, aimed at enabling advice firms, life assurers, banks and building societies to help consumers improve their financial wellbeing and plan for a more prosperous retirement against a backdrop of soaring living costs.
Royal London is already using Turo Wellbeing to create a series of personalised journeys to help their customers improve their financial wellbeing and retirement prospects, through a guidance-only pathway.聽
The Turo Wellbeing journey聽starts with a set of non-intrusive questions that review nine different areas of wellbeing. This is the first step to personalising the journey, whose aim is to encourage customers to 鈥榩lay鈥� with the resources and take action to improve their financial wellbeing, such as saving enough for their desired retirement lifestyle.
聽The user is then engaged with a wealth of digestible content that addresses their challenges, based on their data, and hones personalisation by moving them into a more 鈥榩layful鈥� environment where they can review the recommendations offered and act upon them in their own time.聽聽
Delivery of the action is as a personal recommendation created under 100% automated codified advice, fully aligned to the advice policy of the firm offering the service.
鈥淗aving control over our finances and a clear plan to achieve our financial goals is essential for financial wellbeing and has a direct correlation with our mental and physical wellbeing,鈥� said Mark Kiddell, chief commercial officer at Wealth Wizards, which featured on our FinTech 50 innovation ranking last year.
鈥淲e know from experience that consumers want easily accessible financial help and support, whether that鈥檚 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聽offer both guidance and access to advice聽鈥� via consumer-led and human-assisted (hybrid) experiences 鈥� depending on the consumer鈥檚 needs.聽
鈥淎t a time of financial and economic turbulence, we鈥檙e 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.鈥�
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