Wells Fargo is extending its personalized digital financial planning tool, LifeSync, to all consumer customers, moving towards a digital-first approach to financial advice and planning. Previously exclusive to Wealth & Investment Management (WIM) clients, LifeSync enables customers to align their financial goals with their real-time financial situation.
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Michael Liersch, Head of Advice and Planning at Wells Fargo, described this expansion as the first step in Wells Fargo's strategic delivery of digital-first, personalized financial advice and planning.
LifeSync provides a seamless digital experience, offering real-time tracking of financial goals and key financial information, including account summaries, FICO scores, market indexes, and credit card reward balances. Wells Fargo's "Newsfeed" feature delivers timely and relevant content as customers' goals or life events evolve.
Customers can integrate LifeSync with in-branch experiences, creating a multichannel journey through digital and banker interactions. They have the flexibility to have a goals conversation with a banker and then track those goals in LifeSync or articulate their goals in LifeSync first and follow up with a banker.
The demand for financial advice is increasing, particularly among Gen Z, as highlighted in Logica Research's Future of Money study. The expansion of LifeSync for consumer customers aligns with Wells Fargo's digital strategy, aiming to provide an intuitive banking journey tailored to individual financial needs.
Michelle Moore, Head of Consumer and Wealth & Investment Management Digital at Wells Fargo, emphasized the positive momentum driven by the bank's enhanced digital features, including the Fargo virtual assistant. She stated, "This expanded availability of LifeSync provides meaningful money guidance to help our customers feel supported in reaching their financial goals."
Today's announcement underscores Wells Fargo's commitment to its digital transformation journey, as symbolized by the introduction of Fargo, the bank's new virtual assistant, now available in Spanish. These digital innovations reflect the bank's multiyear plan to become digital-first and revolutionize personal finance for its customers.
