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A Look at the Savings Tech Horizon: Advice-Only


This is part five of a six part blog series about savings technology. Last week we discussed how savings technology works in goals-based PFM platforms and standalone, automated savings platforms and so far this week, we’ve looked at solutions targeted to Generation Z and crowdfunded savings technology. Today, we’re examining advice-only solutions.

Missed the other five savings categories? Check them out:

The advice-only model works well as an employer-sponsored benefit. It’s a great way for businesses to encourage their employees to build up their personal savings (both short-term emergency savings and long-term retirement savings) in order to mitigate finance-related stress from the workplace. Offering an advice-only approach instead of a hands-on money management platform reduces the amount of on-the-clock time employees will spend managing their money.


Companies in this category work well in combination with other savings tools because they simply offer advice and do not serve as an account to hold or invest users’ money. These types have been around for at least a decade (think of Mint’s 2007 Finovate demo) but have increased the complexity of their analysis using big data and behavioral analytics. HelloWallet and Wealth Wizards both use complex tools, algorithms, and behavioral data to help users set aside the optimal amount of funds to meet short term and long term goals.

  • HelloWallet
    A U.S.-based PFM company, HelloWallet has tools for everything from retirement to emergency savings recommendations. The company takes a B2B approach by selling its product to employers who provide HelloWallet as a tool to their employees as a workplace benefit. In addition to helping users save, HelloWallet also offers general financial guidance and tools to help employees make the most of other workplace benefits, such as health savings accounts. The company debuted its Retirement Explorer tool at FinovateFall 2015.
Screen Shot 2017-03-17 at 11.04.34 AM
HelloWallet helps users establish a goal for their emergency savings account
  • Wealth Wizards
    At FinovateEurope 2017, Wealth Wizards launched Pension Wizard Contribution Advice, part of its robo advisory platform. Pension Wizard is an employer-provided, workplace pension savings tool that helps users save for retirement. The app guides users toward a sensible amount to contribute each month based on their current salary. It then assesses the user’s contribution, combined with the anticipated U.K. state pension amount, and presents them with how much monthly income they should expect in retirement.
Wealth Wizards’ Pension Wizard gives users a visual representation of their retirement money

To recap, here are the types of savings tech we’ve seen so far:

Stay tuned tomorrow for the final category.