UK-based Wealth Wizards has launched a software solution aimed at enabling advice firms, life assurers, banks and building societies to help clients improve their financial wellbeing and plan for retirement.
Parent company 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.
The Turo Wellbeing journey starts with a set of questions that review nine different areas of wellbeing.
The solution’s 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.
Mark Kiddell, chief commercial officer at 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.
“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.
“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.”
In March 2021, insurance giant Royal London bought fintech firm Wealth Wizards from LV= for an undisclosed sum.
