Wealth Wizards launches financial wellness app

Wealth Wizards has launched an app that will help consulting firms, life insurers, banks and building societies help consumers improve their financial well-being.

Amid soaring costs of living, the company said the new software – called Turo Wellbeing – will help customers plan for a “more prosperous” retirement.

Wealth Wizards owner Royal London is already using the software to create a series of “personalized journeys” to help clients improve their financial well-being and retirement prospects.

The life insurance company only uses the advice part of the solution and not the advice element.

Wealth Wizards managing director Andrew Firth said Money Marketing the app “already helps thousands of people manage soaring costs of living, rising inflation and spiraling energy bills”.

He said the Turo journey begins with a set of “non-intrusive” questions, which examine nine different areas of well-being.

“It’s the first step to personalizing the trip,” he added. “It encourages clients to ‘play’ and take action to improve their financial well-being and save enough for the lifestyle they want in retirement.”

The user is presented with “digestible” content aimed at addressing their challenges, based on their data. They can then review the proposed recommendations and act accordingly.

“We know from experience that consumers simply want readily available financial help and support, whether it’s guided results or fully-fledged regulated advice,” Firth said.

“One of the really valuable benefits of Turo Wellbeing is that it offers both advice and guidance – via consumer-led and human-assisted (hybrid) experiences.”

He continued, “The ‘play’ aspect drives the customer to action, which is usually when business value is realized.

“We enable this action to be carried out in the form of a personal recommendation created under 100% automated codified advice, fully aligned with our clients’ advice policy.”

He pointed out that several research studies have established a direct correlation between financial well-being and mental and physical well-being.

LifeSearch’s latest UK People’s Health, Wealth and Happiness Index, for example, found that the overall health of UK consumers had fallen to its lowest level in 10 years thanks to the cost of living crisis.

The study found that the continued impact of the Covid-19 pandemic and the cost of living crisis alongside the war in Ukraine is having a devastating effect on the general well-being of people in the UK.

The study, commissioned by the Center for Economics and Business Research (Cebr), surveyed 500 ethnic minorities and 2,000 adults in the UK.

Firth said: “We aim to help as many people as possible deal with the current crisis and plan for a more prosperous future.”