Wealth Wizards Implements Financial Wellbeing App for Royal London

Wealth Wizards has implemented a “consumer-led” financial wellbeing app for Royal London in order to help over 1.5 million new and existing workplace pension clients with their finances.

Royal London has reportedly configured the Turo Wellbeing app to create a series of personalized journeys to assist their clients with enhancing their financial wellbeing and retirement plans.

The app starts off with an easy-to -complete financial health check, by asking “non-intrusive” questions that assist with creating an overview of the customer’s current financial wellbeing status.

Once complete, clients are presented with a health check score as well as a personalized dashboard highlighting areas of strength, and opportunities where improvements can be made.

Clients are then directed to financial topics that are relevant to them, with “bite sized” tasks to complete and help them get a lot more from their finances.

Royal London have reportedly used their expertise to add free-of-cost guides, infographics, videos and tools in order to encourage learning and assist clients with understanding more about the topics that matter the most to them.

A tool, based on the Pension and Lifetime Saving Association’s (PLSA) Retirement Living Standards, allows clients to explore the type of lifestyle they would like in retirement and what it could cost.

Andrew Firth, chief executive Wealth Wizards, stated:

“Having control over our finances and becoming more financially resilient is directly related to our mental and physical wellbeing. This particularly true with the current economic turbulence and cost of living crisis, and we developed Turo Wellbeing to enable financial institutions to help as many people as possible manage their money more effectively for themselves and their families. We’re delighted that Royal London have selected Turo Wellbeing to enable their financial wellbeing application for their workplace pension customers.”

As noted by its management, Wealth Wizards was founded in 2009 “with one aim: to use technology to make expert financial advice affordable and accessible to everyone.”

Their flagship software-as-a-service (SaaS) platform, Turo, “is pioneering the automation of financial advice in the UK, establishing a reputation in the corporate and workplace markets.”

Their financial advice engine, which they call the “intelligent automation inside the advice industry”, has evolved into Wealth Wizards’ “own brand of digital guidance and advice, MyEva, and has been adopted by market leaders in fast-moving consumer goods (FMCG), luxury retail and central government.”

MyEva and Wealth Wizards “are trading names of Wealth Wizards Benefits Limited which is authorised and regulated by the Financial Conduct Authority.”



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