According to a report Wells Fargo will extend access to a financial planning tool to its vast customer base of nearly 70 million individuals, following its initial introduction to high-net-worth clients earlier this year. The bank made this announcement on Thursday.

This tool, known as Life Sync, empowers mobile users to establish and monitor financial objectives, review their credit scores, and engage with financial advisors. Michael Liersch, the head of advice and planning at Wells Fargo, revealed that there are already approximately 100,000 financial goals set on the tool, collectively amounting to $24 billion in financial plans.

With Life Sync, users will have the capability to invest and transfer funds between accounts via their mobile application.

Smart Digital Moves – Money Making Tools

Wells Fargo, digital offerings have played a significant role in cost reduction, with a 10% reduction in branch staff and a 4% decrease in branch locations compared to the previous year, as conveyed by the bank’s executives during a conference call with analysts in July.

Digital financial tools can be highly lucrative as well. Bank of America’s competing tool, Life Plan, reported a significant inflow of over $55 billion in new assets since its launch in late 2020, as disclosed in March.

Michelle Moore, who serves as Wells Fargo’s Head of Digital for Consumer, Wealth, and Investment Management, highlights the importance of speed, user-friendliness, and valuable insights for customers. She highlighted that the financial planning app empowers customers to monitor their financial status at any time of the day.

Wells Fargo, ranked as the fourth-largest bank in the United States, is scheduled to release its third-quarter earnings report on Friday.

Conclusion

Wells Fargo is expanding access to their financial planning tool, Life Sync, for their extensive customer base. This mobile tool helps users manage financial goals and connect with advisors. The success of similar tools at Bank of America underscores their potential.

Wells Fargo’s digital strategy reduces costs and improves services. Head of Digital for Consumer, Wealth, and Investment Management, Michelle Moore, highlights user-friendliness. Digital innovation remains a central part of Wells Fargo’s strategy as they approach their third-quarter earnings report.

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