"Our abridged advice tool will save firms keen to stay compliant while avoiding an even heavier workload after the FCA’s July paper."
Wealth Wizards is developing software that will enable financial advisers to implement a digital ‘abridged advice’ service.
The announcement comes in response to the FCA’s proposal in July for 'abridged advice', a lighter form of DB pension transfer advice which cannot recommend a client to transfer.
The Wealth Wizards tool is scheduled for an early 2020 release and will integrate with existing back-office platforms as well as Wealth Wizards’ existing Turo 'advice engine’ which automates key processes such as fact-finding and the production of suitability reports.
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.
Tony Vail, co-founder and chief innovation officer at Wealth Wizards, said: “Our abridged advice tool will save firms keen to stay compliant while avoiding an even heavier workload after the FCA’s July paper.
“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.”
Andrew Firth, Wealth Wizards’ co-founder and CEO, added: “Turo’s abridged advice module will help advisers offer consistent and compliant responses quickly and efficiently.
“We have shared the idea with several firms and there is interest from several parties, which has only spurred us on to take the software right through to the testing stage and beyond, so we can put it out there as soon as we can and help advice firms pre-empt any forthcoming legislation.”