Wealth Wizards has launched a new app for its Pension Wizard advice offering to enable employees to engage with their workplace pension through their smartphone.
Wealth Wizards chief executive Andrew Firth and chief technology officer Peet Denny showcased the new app this week at fintech conference Finovate.
The app checks for the existence of high interest debt and affordability as part of the regulated advice journey, as well as pension contribution levels.
The app includes shortcuts such as pre-filled personalised data taken from HR and payroll. The Pension Wizard solution gives employee MI, allowing employers to identify potential employee hotspots at an aggregate level, to protect employee confidentiality, including the proportion who will not be able to afford to retire and those without savings buffers, as well as an audit trail to satisfy regulatory requirements.
Firth said: “We have fully researched our concept to ensure mobile best practice. The app has just one question per screen, simple navigation, plenty of visualisation and the ability for the user to play out different scenarios. Our forward-looking tech, coupled with our strong market insight and best in market team is a package that we feel puts us in a strong position for further growth.
“While pensions can sometimes be an area that lacks employee engagement, we believe that our revolutionary app that is focussed on ease of use, brings a new energy to the digital pension space and opens it up for many who haven’t been previously engaged. We believe that this is an area that has a huge potential for growth and the need within organisations is unquestionable.”
