Introducing our new financial health check!
Just weeks after the FCA announced a new Consumer Duty principle that will provide a new level of quality control for consumers, emerging fintech company Ningi and innovative firm New World Financial Group have launched their free Financial Health Check, in a bid to make financial planning and education more accessible than ever before.
This is one of the initial steps for both Ningi, who create and develop integrated software and digital tools for financial planners, and New World FG in an effort to help close the ‘advice gap’, something Ningi believes can be done in large part by addressing the lack of integration between existing technologies.
Their most recent tool, the Financial Health Check, performs a comprehensive fact find, after which the results are processed. Within moments it determines financial risks, formulates a range of priorities and creates a personalised report before giving users the chance to chat to a professional.
An overview of a potential client’s financial position preemptively sets the fundamentals of a financial plan, saving significant time for both parties. It also means anyone - regardless of their financial position or experience - can access a form of guidance, be made aware of risks and visualise potential outcomes, all for free.
The service seeks to help close the ‘advice gap’ by reducing the time taken to effectively and efficiently serve a client, removing initial cost barriers for both parties. This gives advisers time to take on clients they might have had to turn away otherwise.
The release of the Financial Health Check, and Ningi’s emergence comes at a pivotal time for the finance industry. As the FCA finalises their new Consumer Duty principle ensuring higher and clearer standards of consumer protection across financial services, it requires firms to put their customers’ needs first, relating to products and services, price and value, consumer understanding and consumer support.
“We’re ahead of the game,” says Ningi founder, CEO and chartered financial planner Peter Ridlington FPFS . “Creating technology that not only makes financial advice accessible to the majority of consumers, but which also works commercially for both the financial planner and their clients, is at the forefront of our company ethos.”
“With our technology, consumers are able to access financial guidance for free, and planners are getting integrated technology at incredible value for money - which in turn helps to mitigate the consumer’s fees. We pride ourselves on the relationships we build with our clients, and constantly work to better understand their clients needs. It definitely feels like we’re paving the path for the future of financial advice.”
The Financial Health Check is just one tool Ningi has developed in the last year to help bring financial planning to a modern landscape. Ningi provides an array of integrated digital tools they consider vital to the modern financial planner via their all-in-one platform, and have been working with early adopters to develop specific software purpose-built for their exact pain points (like the Financial Health Check).
They seek to address the longstanding issue of integration between technologies in the industry, which 57% of advisers say is the top hurdle when developing their tech processes (InvestmentNews 2022 Adviser Technology Study).
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“We’re bringing big financial tech/consultancy thinking to a level that smaller firms and IFA’s can work with,” said Ridlington. “We want to put this kind of technology into the hands of advisers all over the country.”
“By bringing hybrid advice to smaller firms at a price they can afford, we give advisers the capabilities to work with clients that may have typically fallen into the advice gap. The leaner, ambitious firms and advisers are going to close the gap and we’re going to provide them the tech to do it.”
“At New World, we believe passionately that everybody can benefit from real financial planning and guidance,” says New World Co-founder and Director of Strategy & Growth, Sam Tate . “Launching the Financial Health Check represents a great leap forward in our ambitions to help as many people as possible with their financial lives – irrespective of the stage of life they are at.”
“Partnering with Ningi has been awesome, and we are excited to be working with a team that shares our ambition for reshaping the delivery of financial planning.”
New World Financial Group emerged in the pandemic with the sole goal of making financial services (including planning and education) widely available to all and ‘not just for those with an immediate pot of money to invest’ - addressing the long history of exclusivity in the world of financial planning.
Breaking out of stealth mode is Ningi, who work closely with early adopters providing exclusive software in their multifunctional platform. They aim to remove the principal challenges of integration & time-to-implement faced by the financial advisers by bringing multiple, vital tools together in one place and at an affordable price.
Early adopters and ‘strategic partners’ can expect ongoing benefits as a client of Ningi, such as priority support, preferential pricing and undivided attention, as well as having a say in the development of new tech.
With a tried and tested product, the doors are closing soon and there’s very limited space left on the Beta-bus. So prospective early-adopters, who are promised ongoing full-support, preferential pricing and early access to new features, are urged to get involved as soon as possible.?