Wealth Wizards launches Master Trust solution to increase member engagement.

28th July 2022 | Blogs, News

Wealth Wizards launches Master Trust solution to increase member engagement.

Wealth Wizards is continuing its mission to improve the financial wellbeing of people in the UK by launching a new solution for Master Trusts to help members increase engagement with their pension and to help schemes grow their AUM.

Turo for Master Trusts is a consumer-led and human-assisted solution designed to increase engagement from the point of enrolment, by offering easy to follow consumer-led guidance and regulated, codified (automated) advice on areas such as consolidation and contributions. The member can be triaged to a ‘human’ adviser should they have more complex needs.

Turo also aims to bridge the financial education gap that exists amongst many Master Trust members who are often automatically enrolled into a pension scheme and often need help and guidance on how to save and plan for their retirement.

The consumer-led and codified advice aspect of Turo offers the added benefit of being a low maintenance platform without the need to increase headcount or spend significant time maintaining it, while members can access it in their own time from multiple devices.

Initially members are taken through a ‘financial health check’ to help them understand their financial commitments and retirement goals. They are then presented with a series of recommendations to help them improve their current financial wellbeing and make realistic plans to achieve their desired retirement lifestyle.

Members can continue to manage their pension even if they move to a new job, as Turo will still be available to them to continue their financial wellbeing journey.

The solution also enables Master Trusts to re-engage with deferred and returning members, who may previously have had minimal engagement with their pension schemes.

Nick Hall, Business Development Director, Wealth Wizards, says:

“We’re excited to be launching Turo for Master Trusts, so we can help members save for a more prosperous future, realise their long-term aspirations, and help schemes increase their AUM at the same time.
“Master Trusts tell us one of their key issues is engaging members with their financial future. Turo enables trustees and operational directors to deliver an engagement tool which hand holds the member through a series of digital interactions, responsive to the information provided by them and then offers recommendations to suit their needs.”
“And while all of this is happening, Turo collects vast amounts of data on the needs of members, providing trustees and operations teams with a continual flow of MI to improve the product and the overall member experience”.
“The launch is part of our long-term mission to improve the financial wellbeing of more people in the UK at a time of soaring living costs and rising inflation. Equally, we want to enable Master Trust schemes administrators and advice teams to serve more customers using codified advice to remove time-consuming processes and create more time for realising clients’ goals and aspirations”.

For further information or to speak with Nick please contact

Rob Kingsbury   KGR Media Services   07900 931 3905

About Wealth Wizards
Wealth Wizards was founded in 2009 to take on the challenge of automating financial advice for the digital age.  Our founding purpose is to make financial advice affordable and accessible to everyone, and this mission and ethos still drives the business forward and is at the heart of all we do.  Today, we are one of the UK’s leading financial advice technology providers with a growing B2B customer base including wealth management, tier-1 banks, pension providers and large insurers in the UK.

We also operate our own digital IFA which is pioneering a ‘chatbot’ regulated financial adviser and operates in the increasingly competitive workplace market for financial wellbeing services, with over 50 employers now subscribing to the service. This gives us exceptional insight into the needs of a diverse population of over 80,000 employees enabling us to continually develop our digital engagement solutions for a diverse population covering all age groups and demographics.  Since March 2021 we have been owned by Royal London Group (RL) and we now have a key role to play in advancing their digital strategies. We are based in Leamington Spa and have 80 employees.

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