A Financial Planner is developing a new smartphone app, which will provide a wealth dashboard for users.

Keith Churchouse CFPTM Chartered FCSI, director and founder of Surrey-based Chapters Financial, is set to launch the application, which is connected to his robo-adviser firm SaidSo, around Autumn.

He has taken inspiration from modern day cars with the look of the dashboard.

The first design draft, pictured below, is an ‘appetiser’ that will be improved and developed through the summer, Mr Churchouse explained to Financial Planning Today.

The Government recently said it wants the industry to come up with a pensions dashboard by 2019, following the recommendations in the FAMR.

Mr Churchouse, pictured middle above, said: “We’re going for a wealth dashboard rather than pensions dashboard, and the reason for that is most people below the age of retirement are not going to source all of their retirement funds from a pension. It’s going to be part ISA, part buy to let, part final salary, part assets. The combined wealth is going to be more important.

“Also, as soon as you mention pensions it turns people off, it’s an automatic switch off for younger generations.”

The app is going to be targeted at younger savers.

Mr Churchouse said: “The disengagement with financial advice over the last decade has been significant, partly because of industry and part regulation and disenchantment from the UK public over scams etc.

“The reality is we need to be targeting the millennials and younger generations. We need to do that in a format which is quick and easy to understand, so they’re able to take action in a simple way.”

Designing it to look like a car dashboard and giving it a familiar feel should make it easier for people to buy into the concept and understand what it’s about, he said. This includes elements such as a warning light, much like an empty petrol alert, signalling urgent action is required.

He said: “This is only a mock up, but in fact the reality is it’s going to be far more in-depth and funky than that.”

The app will be available to download, regardless of whether the user has been a SaidSo client previously. Users can start planning their money on that format and if they want to pursue wealth planning for the future, they will be directed to the main SaidSo online Financial Planning system.