New AI from Wealth Wizards Will Revolutionise UK’s Advice Sector

Wealth Wizards today announces the launch of ‘Turo’, its new artificial intelligence (AI) capability, that 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.

Wealth Wizards was the first organisation in the UK to launch a white-label robo-adviser, working with LV=, and already has a number of live robo-advice tools, including its market leading robo-paraplanner tool which supports ‘at-retirement’ advice.  Wealth Wizards is now able to provide businesses with multiple services available through its white label robo-advice ‘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. 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.

By learning a ‘house view’ in this way, Turo provides two vital services; firstly, it allows the software to deliver massive efficiency by quickly generating a client recommendation for the adviser, and secondly, it can verify recommendations that human advisers have produced.  The new technology rapidly checks that safe and compliant advice is being delivered enabling anomalies and outliers to be identified and highlighted for further investigation. This means that 100% of cases are checked for consistency and appropriateness, while delivering a scalable advice solution.  The result is an AI robo-adviser or robo-paraplanner that is bespoke to the firm and service offered with reduced set-up costs.

Andrew Firth, CEO of Wealth Wizards, comments: “Our Smart Platform powered by Turo opens up expert financial advice to many more people by allowing advisers to support a greater volume of cases. In the UK we have a shortage of human advisers, and this technology will allow both small and larger organisations to expand their businesses, maintain their bespoke advice approach and brand values, and deliver efficient, consistent, compliant advice. By powering Wealth Wizards’ existing Smart Platform, Turo is 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”

Peet Denny, CTO of Wealth Wizards, said: “Turo is providing a win-win scenario for our partners and their clients by enhancing on-going advisory relationships and reputations through efficiencies and superior quality of advice. The benefit of Turo is that users are able to stay one-step ahead of the sector, as Turo enables a range of advice services including advice on investments, protection and mortgages. Our AI solution supports our vision of empowering the adviser of the future, bringing nearer a better world in which expert financial advice becomes accessible and affordable to everyone.“

The Wealth Wizards AI lab is currently developing further state-of-the art features for Turo meaning that enhancements such as voice recognition could be a reality in the near future.  Turo, as part of Wealth Wizards Smart Platform ‘automated advice, is being showcased at Finovate Europe on March 7^th in London. https://finance.knect365.com/finovateeurope/