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Wealth Wizards to launch DB transfer ‘abridged advice’ tool

27 August 2019

Wealth Wizards is developing software that will enable financial adviser firms to implement a digital ‘abridged advice’ service.

The financial planning tech firm says it has developed the tool in response to the Financial Conduct Authority’s proposal in July for ‘abridged advice’, a lighter form of Defined Benefit (DB) pension transfer advice which cannot recommend a client to transfer.

The firm says the tool is scheduled for an early 2020 release and will integrate with existing back-office platforms as well as existing Turo modules*.

It will enable financial advisers to automatically filter out clients who are unlikely to be recommended for transfer without requiring the time and expense of a full advice service.

The new digital service will be part of a three-stage DB solution, fitting in with existing Turo modules.

Stage one comprises in-depth education and guidance and stage two is digital abridged advice. Stage three is the full advice service for those clients who are deemed suitable for a DB transfer.

Tony Vail, co-founder and Chief Innovation Officer for Wealth Wizards, said the abridged advice module will take those seeking advice straight to an education portal, “where they can get clued-up, often for the first time, on the potential pitfalls of transferring out and what the process might entail for them. They will then go on to complete a questionnaire of no more than about 20 questions, before receiving compliant advice or signposting for next steps.”

*Turo is Wealth Wizards’ ‘advice engine’ which automates key processes within the advice cycle, such as fact-finding and the production of suitability reports.

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