Wealth Wizards launches self-service guidance software

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The solution reduces the workload for advice teams and offers advice to more clients, according to the firm.

Turo Wellbeing aims 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, it said.

Royal London is already using Turo Wellbeing to create a series of personalised journeys to support consumers through a guidance-only pathway.

The journey starts with a set of non-intrusive questions that review nine different areas of wellbeing, according to Wealth Wizards. “This is the first step to personalising the journey, whose aim is to encourage customers to ‘play’ with the resources and take action to improve their financial wellbeing, such as saving enough for their desired retirement lifestyle.”

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 ‘playful’ environment where they can review the recommendations offered and act upon them in their own time, Wealth Wizards added.   

Mark Kiddell, chief commercial officer, Wealth Wizards, said: “Having 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.”

He added 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.”

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