Wealth Wizards has launched 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 user-driven and human-assisted solution that offers regulated, codified (automatic) advice on topics like consolidation and contributions along with user-led guidance that is simple to follow. It is intended to promote involvement from the point of enrolment. If a member has more sophisticated needs, they can be triaged to a “human” adviser.
Additionally, Turo intends to close the financial literacy gap that many Master Trust members have because they are frequently automatically enrolled in a pension plan and frequently in need of advice and support when it comes to saving money and making retirement plans.
Turo’s consumer-led and codified advising component has the added advantage of being a minimal maintenance platform without the need to hire more staff or devote a lot of effort to maintaining it, and members may access it whenever they want from various devices.
To begin with, participants undergo a “financial health check” to better understand their financial obligations and retirement aspirations. They are then given a number of suggestions to assist them in bettering their current financial situation and creating doable goals to live the retirement lifestyle they desire.
Members can continue managing their pensions even if they change jobs because Turo will remain to be accessible to them as they continue their journey toward financial security.
Additionally, the technology enables Master Trusts to reconnect with postponed and returning members who may have only sometimes used their pension plans in the past.
Wealth Wizards business development director Nick Hall 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”.