Robo-advice firm Wealth Wizards is to start a service that will give advisers more information about the drivers behind the advice they decide to give.
The service is expected to launch in the next 12 months.
The service will use the firm’s white-labelled robo-paraplanner tool Turo, which was launched in March. That service can provide an automated suitability report in under a minute.
Wealth Wizards chief technology officer Peet Denny says the firm wants to use Turo to help advisers better understand the advice they give.
Denny says: “An adviser firm could come to us [Wealth Wizards] to find out what economic and psychological factors most determine the sort of advice they give and why.”
“It can also be used by third-parties to get an overview of a particular firm as well.”
The tool can be used for more complex areas of advice, such as defined benefit pension transfers.
Advice firms input a representative sample of around 20 to 30 DB transfer cases and Turo breaks those decisions down into 18 economic and psychological factors.