Software developed enabling advisers to implement a digital DB abridged advice service

Financial planning tech firm, 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 tool will allow 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.

Wealth Wizards co-founder and chief innovation officer Tony Vail said: “Our 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.”

The tools is scheduled for an early 2020 release.

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news by email.


Every Mortgage Tells a Story
Vida Homeloans is the award-winning specialist mortgage lender for residential and buy to let customers who may not fit the criteria currently demanded by high street lenders. View this video now on how Vida help those in their personal circumstances or their investment strategies.