Wealth Wizards keen to “revolutionise” UK’s advice sector
UK-based fintech Wealth Wizards has launched Turo, a new artificial intelligence (AI) solution that, according to the firm, “will provide access to faster, cutting-edge robo-advice for the entirety of the advisory sector; from the smallest advisory firm and independent financial adviser to the largest multi-national”.
Set up in 2009, Wealth Wizards says it has “pioneered” the development of expert online regulated financial advice in the UK. It was the first in the UK to launch a white-label robo-adviser, working with retirement specialist LV (which as of August 2015 holds a majority stake in Wealth Wizards).
The company’s aim is “to make financial advice affordable and accessible to everyone”. In addition to its existing offerings (including a robo-paraplanner tool that supports “at-retirement” advice), it can now offer multiple services available through its white label Smart Platform powered up by Turo.
“The power of Turo is its ability to rapidly configure a robo-adviser to match the advice policy of a specific practice or advice brand across advice services,” the vendor explains. “Using training data from historic or model compliant cases from the advice firms for the relevant advice service, the AI rapidly configures the software to match the firms existing or desired approach.”
The result is a bespoke solution with reduced set-up costs.
“In the UK we have a shortage of human advisers, and this technology will allow both small and larger organisations to expand their businesses,” says Andrew Firth, CEO of Wealth Wizards.
He goes on to describe the new offering as “the game-changing innovation that will transform the way expert advice is delivered, reducing the time per case by days or even weeks, and truly beginning the democratisation of advice”.
The next step is voice recognition, which is in the development process by the company’s AI lab.