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.”