US-based fintech start-up HelloWallet, which was acquired by Morningstar 12 months ago, won the 'Best in Show' award at a demonstration at the 2015 FinovateFall Conference on 17 September.

Morningstar head of retirement solutions Brock Johnson said: “We want to improve the retirement outcomes of individuals and this tool is one way we can help them assess their retirement readiness and understand how the decisions they make about saving, investing, and leaving the workforce affect their financial goals.”

HelloWallet provides users with various financial products including a wellness score, which helps to assess their financial position against others.

The retirement planning tool also allows users to obtain answers to retirement questions such as when they can retire, how much they can spend in retirement and when they might run out of money.

HelloWallet operates by combining behavioural science with retirement planning research and wealth forecasting.