Wealth Wizards business trading update

A strong first-half performance with significant client wins
July 30, 2020

30th July 2020

Wealth Wizards, the financial advice technology provider, reports a strong first half performance with significant client wins for its white-label financial advice platform Turo and for its chatbot adviser and financial wellbeing app, MyEva.

The COVID-19 pandemic continues to accelerate the adoption of digital financial services, and with more people than ever needing to adapt to changes in their financial circumstances, the need for affordable and accessible financial advice has never been more urgent.

Turo for Advisers, the advice platform for regulated financial advisers, continues to consolidate its position as market leader in the automated advice sector, with particular demand for its pension consolidation and retirement solutions. During H1 this capability went live with a Tier 1 UK bank delivering impressive productivity improvements within months of go-live. The conclusion of the FCA’s consultation on CP19/25 in May saw the launch of Turo’s ‘abridged advice’ capability for defined benefit pension transfers, resulting in further interest in the market.

MyEva, the chatbot adviser and financial wellbeing app, was selected by a further 18 employers in H1 taking the total to 48, including a new win in the FTSE 100.  Through these employers, the app is now available to 45,000 UK employees, and is unique in offering both financial wellbeing help and digital financial advice. The expected recession following lockdown will continue to put pressure on household finances, and the advice gap continues to grow with only 8% of UK adults currently having access to regulated financial advice. MyEva provides employers with an invaluable tool to help their staff weather the pandemic storm.  

Update on funding

Wealth Wizards continues to make progress in its discussions with potential investors.  A further announcement will be made as and when appropriate.

Wealth Wizards is raising further capital to support the development of the company and broaden its investor base alongside its existing investor LV=. The new funding round will accelerate the development of Wealth Wizards’ technology platform and AI capabilities and drive the strategic expansion of the company.

Andrew Firth, CEO of Wealth Wizards, commented:

“I would like to thank my colleagues and all of our business partners for their hard work during this very challenging time. The business has performed excellently through lockdown with continuing momentum of client wins and a strong pipeline in all our business areas.

The challenging circumstances of the pandemic, which is putting pressure on household finances, and the growing advice gap (only 8% of UK adults currently access financial advice) is generating recognition that our digital solutions are easily accessible, and provide significant value for users; as well as reinforcing our core mission of closing the advice gap and making financial advice affordable and accessible to all.”

Enquiries

Michael Taggart  :   mtaggart@foco-global.com

NOTES TO EDITORS

Wealth Wizards

About

Wealth Wizards is a market-leading financial advice technology provider established in 2009. Our founding purpose is to make financial advice affordable and accessible to all. Our end-to-end technology platform allows customers to automate regulated customer journeys to engage, advise and execute on everyday financial planning decisions. Wealth Wizards is based in Leamington Spa, UK, and has 80 employees.

Investors and Strategic Partners

Wealth Wizards is owned by the UK financial services group LV=, together with its management and employees. LV= initially invested in 2015 and injected further working capital in 2017. The company has existing strategic partnerships with LV=, Ricoh, FCO, the NHS and IHG; with a healthy pipeline of prospects and ongoing discussions with major financial services companies and large-scale employers.

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