Boring Money and Wealth Wizards announce strategic partnership to address Advice Gap

Consumer investment website Boring Money and financial guidance and advice technology provider Wealth Wizards have announced a strategic partnership to help millions of UK adults who fall into the Advice Gap.

The partnership will focus on the 12 million UK adults in the Advice Gap who want some help around planning for their retirement, and deliver a retirement planning calculator to Boring Money’s readers, with follow-up content, actions and independent pension provider reviews to support learning and informed choices.

Boring Money’s CEO Holly Mackay comments,

”We know that people struggle with pensions and retirement, literally stumbling around in the dark. We wanted to partner with Wealth Wizards to combine their tech and diagnostic skills, with our ability to create targeted content journeys and pension Best Buys. Our combined skillsets help people not just to see where they are today, but also to understand how to improve their prospects and take action in a way which feels accessible and relevant to them.”

The FCA’s recent Advice Guidance Boundary Review has proposed a strong emphasis on financial services firms using targeted support as one of three key pillars to deliver better customer outcomes. The partnership will explore how diagnostic customer journeys can be paired with independent, research-backed educational content and independently-curated product shortlists to support more informed consumer choices.

Wealth Wizards CEO Ben Hampton adds,

“The industry now needs to look beyond the headlines of the Advice Guidance Boundary Review and turn its attention to how the review can practically unlock better consumer outcomes. By collaborating with Holly and the Boring Money Team, we can weave together our complimentary skills to move from the regulatory aspirations to understanding how new forms of connected and actionable help can work in practice.”

The first pilot will see Wealth Wizard’s Pension Guidance capabilities integrated into Boring Money’s educational content and independent pension provider comparison tables to create a unique pensions guidance tool.

As the industry considers how to respond to the opportunity of targeted support, the learnings from the juxtaposition of diagnosis with targeted content support will be published in September 2024.

Try our Pension Guidance Quiz which will provide you with a personalised report of how much you will need each year in retirement income, and what your current savings and pensions will get you. If there’s a gap, we have some actionable ideas to help get you back on track.