Impact of Wealth Wizards' financial wellbeing application cited by Royal London CEO in half year results.
Royal London recently announced that its life and pensions new business sales were up 19% in H1 compared to H1 2021, from £4.6bn to £5.5bn, driven by a 24 per cent rise in individual and workplace pensions sales.
In same period, the mutual launched Turo Wellbeing developed by Wealth Wizards, providing its workplace pension customers with a financial health check and tools to improve their retirement outcomes.
In announcing the half year results, Royal London chief executive Barry O’Dwyer directly cited the importance of Wealth Wizards' financial wellbeing application; Turo Wellbeing.
He said: “As the increased cost of living continues to create uncertainty, building customers’ financial resilience remains at the forefront of our priorities. In partnership with Wealth Wizards, we have delivered a free online tool which helps workplace pension members to assess and build their financial wellbeing. We are committed to supporting our members and customers to make the right, informed choices to protect their standard of living now and over the long term.”
Financial guidance encourages customer engagement
Royal London's results announcement [HS1] illustrate show companies who are committed to their customers’ financial wellbeing can use Turo Wellbeing, to educate and engage consumers with their finances and pension saving.
The mutual configured Turo Wellbeing to create a series of personalised customer journeys, which begin with an easy to complete financial health check, asking non-intrusive questions that help to build an overview of their current financial wellbeing.
This generates a health check score, where the customer is presented with a personalised dashboard highlighting both areas of strength, as well as opportunities for improvement.
Customers are then directed to financial wellbeing content relevant to them, with bite-sized tasks to complete and help them get more from their finances, including videos and infographics.
Turo Wellbeing’s Pension Guidance Tool enables users to explore the kind of lifestyle they’d like in retirement and what it might cost. Based on the Pension and Lifetime Saving Association's (PLSA) Retirement Living Standards, it helps customers see how much they need to save now and up to retirement to reach their desire income level.
Users can also seek guidance on their retirement options based on their desired retirement age, pension value and current pension contributions. This helps them to understand how they can draw on their pension in the most tax efficient way and at what age.
Royal London’s guidance proposition clearly demonstrates that financial services organisations without advice permissions, can offer personalised guidance journeys to improve financial wellbeing and retirement outcomes.
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