Wealth Wizards has launched an app which will help advice firms, life assurers, banks and building societies to support consumers in improving their financial wellbeing.
Against a backdrop of soaring living costs, the firm said the new software – called Turo Wellbeing – will help clients plan for a “more prosperous” retirement.
Wealth Wizards owner Royal London is already using the software to create a series of “personalised journeys” to help its customers improve their financial wellbeing and retirement prospects.
The life company uses the guidance part of the solution only and not the advice element.
Wealth Wizards chief executive Andrew Firth told Money Marketing the app is “already helping thousands of people manage the soaring cost of living, rising inflation, and spiralling energy bills”.
He said the Turo journey starts with a set of “non-intrusive” questions, which review nine different areas of wellbeing.
“This is the first step to personalising the journey,” he added. “It encourages customers to ‘play’ and take action to improve their financial wellbeing and save enough for their desired retirement lifestyle.”
The user is presented with “digestible” content aimed at addressing their challenges, based on their data. They can then review the recommendations offered and act on them.
“We know from experience that consumers just want easily accessible financial help and support, whether that’s guided outcomes or fully fledged regulated advice,” said Firth.
“One of the really valuable benefits of Turo Wellbeing is that it offers both guidance and advice – via consumer-led and human-assisted (hybrid) experiences.”
He continued: “The ‘play’ aspect nudges the customer forward to action, which is typically when the commercial value is realised.
“We enable delivery of this action as a personal recommendation created under 100% automated codified advice, fully aligned to our clients’ advice policy.”
He pointed out that several research studies have made a direct correlation being financial wellbeing and mental and physical wellbeing.
LifeSearch’s latest Health, Wealth, and Happiness Index of the UK population, for example, found the overall health of UK consumers has declined to a 10-year low thanks to the cost-of-living crisis.
The study found the ongoing impact of the Covid-19 pandemic and cost-of-living crisis alongside the war in Ukraine, is having a devastating effect on the overall wellbeing of people in the UK.
The study, which was commissioned with the Centre for Economics and Business Research (Cebr), surveyed 500 ethnic minorities and 2,000 adults in the UK.
Firth said: “We’re aiming to help as many people as possible manage the current crisis and plan for a more prosperous future.”