According to Michael Liersch, head of advice and planning at the bank’s wealth department, a vertically integrated service firm, called LifeSync, will allow its users to generate and track growth on their fiscal goals while consuming content linked to their plans, and being eligible to contact their advisors. The update is estimated to be delivered in late March through a mobile app.
“These are the things that will really enhance the client-advisor experience, and they’re not available on the mobile app today,” Liersch said.
“This is a really big platform enhancement for clients and advisors to collaborate around their goals and connect what clients want to accomplish with what our advisors are doing,” he added.
Banks are competing to provide personalised experiences to their customers through virtual channels, and this tool will help Wells Fargo increase customer loyalty and satisfaction.
Charlie Schraf, CEO of Wells Fargo, has underlined wealth management as a source of development for the firm, along with investment banking and credit cards, among his efforts to revamp the bank and sooth regulators.
Wells Fargo is the most prominent player in the wealth management industry, with $1.9 trillion in consumer assets and 12,027 financial advisors as of December. However, its consumer assets haven’t grown since the end of 2019, when they perched at $1.9 trillion.
Later, under Scharf’s smooth-running efforts, Wells Fargo sold its asset management business and dropped cosmopolitan wealth consumers in 2021.
According to a bank spokesperson, the orientation of the asset figure is “primarily a reflection of the volatility seen over the last few years.”
Further, during that stretch, its competitors, periodically referred to as “wirehouses,” grew by leaps and bounds, thanks to accretions, new technology, and organic development.
Morgan Stanley noticed client assets being boosted from $2.7 trillion to $4.2 trillion. Also, Bank of America saw balances in its wealth partitioning rise from $3 trillion to $3.4 trillion.
Additionally, Wells Fargo hopes to culminate with its latest offering. Eventually, the bank may opt to offer a financial planning tool to its wider banking population, said in a statement by Liersch. Or it would abide by the move that Bank of America made in 2019, when it revealed a digital planning tool known as “Life Plan.”
“We wanted to solve for that more complex experience first, and then develop the client-directed capability which is absolutely in our consideration set,” Liersch stated.
- Published By Team Genuine Reporter