A Chartered Financial Planner has launched a new app through iTunes that he hopes will attract younger savers towards financial advice.

Keith Churchouse FPFS, director and founder of Surrey-based Chapters Financial, has launched the application, which is connected to his robo-adviser firm SaidSo.

Called The Wealth Dashboard App, the former IFP Surrey Branch chairman said it would complement his online Financial Planning service.

The free to download app, targeted particularly at younger savers, is the next step for SaidSo, which went live two years ago.

Mr Churchouse CFPTM Chartered FCSI told Financial Planning Today: “I think it’s important we, as an industry, engage with the younger generations in the advice process.

“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.”

Mr Churchouse said he had opted for a wealth dashboard rather than a pensions dashboard partly because “as soon as you mention pensions it turns people off, it’s an automatic switch off for younger generations".

He also believed most people below retirement age would not be sourcing all of their retirement funds from a pension.

He said: “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.”

Mr Churchouse said: “The app is not financial advice, just information on what it could look like and it’s a new addition to the SaidSo process that people can access.

“It’s just for people to engage in their futures, to start to get people to think about what it all means and how much money they might have.”

The dashboard looks at the factors that may influence what could happen in the future including how long a user might live and what they plan to save.

Mr Churchouse said it was a “very simple and straightforward” process that used some “clever calculations” to give a broad example of what cash a user might have each year from the time they want to stop working.

If users want to find out more and go deeper into the advice process, they are directed towards his robo-advice arm SaidSo.

He believes many of the new online services being launched that have been described as robo-advisers, are misleadingly labelled as such.

He said: “There are many, many websites that seem to be opening up that are talking about robo advice but when you look at the they are investment outlets they’re not advice.”

He said many appeared to just be offering cheap deals for ISAs or products and no advice.