The digital financial advice proposition will be delivered through the Mercer Jelf Financial Planning chartered financial planning team.
The partnership initially launches with an automated DB transfer robo-paraplanner, designed and developed by Wealth Wizards, which it says will deliver consistent client outcomes safely and with appropriate controls and governance in place.
The new offering is the result of a 12-months development and build process. Wealth Wizards says its Smart Platform will be used to develop further digital advice solutions in the future for Mercer UK, across a number of advice areas including pension accumulation and decumulation.
Wealth Wizards recently launched Turo, its new artificial intelligence (AI) capability, that it says will provide access to faster robo-advice by being able to configure a robo-adviser to match the advice policy of a specific practice. Using training data from historic or model compliant cases, the AI rapidly configures the advice software to match the existing or desired approach. The innovation aims to reduce the time per case by weeks.
Mercer UK leader DC & individual wealth Richard Wilson says: “The new strategic partnership with Wealth Wizards will ensure that we can efficiently service more clients with quality, cost-effective and personalised advice, and ultimately help employers advance the financial health of their most vital asset – their people. The partnership is routed in shared values and an ambition to deliver positive automation, and the launch of our new automated DB pension transfer robo-paraplanner is a key milestone in our on-going drive to deliver the best, affordable and accessible advice to all of our UK clients. “
Wealth Wizards founder and CEO Andrew Firth says:“We are committed to improving the financial wellbeing of the UK workforce by making all areas of advice accessible and affordable through effective and highly efficient digital advice solutions. We are therefore delighted to be working with a likeminded and forward-thinking partner such as Mercer UK. By jointly creating the DB pension transfer solution, together we have addressed one of the most complex and topical issues in advice provision today. We look forward to supporting Mercer UK in the future as they continue in their mission to utilise innovative digital advice solutions.”
