Wells Fargo Expands Availability of Digital Financial Advice Services

Wells Fargo has expanded the availability of its personalized digital financial advice and planning services, known as LifeSync, to all its consumer customers.

LifeSync was initially launched earlier this year for Wealth and Investment Management (WIM) clients and has now been made available to all consumer customers through the Wells Fargo Mobile app, the bank said in a Thursday (Oct. 12) press release.

The expansion coincides with the transformation of WIM’s Advice and Planning group into an enterprise-wide Center of Excellence, aiming to provide tailored solutions to a broader range of customer segments, according to the release.

Michael Liersch, head of advice and planning at Wells Fargo, said in the release that the availability of LifeSync to consumers is the first step in the company’s delivery of personalized financial advice and planning offerings. Liersch noted that LifeSync has enabled WIM clients to share their goals with their advisors, track their progress in real time, and receive relevant content and context to better understand their financial goals.

Through an intuitive digital experience, LifeSync offers real-time updates on goals and tracks information like Wells Fargo account summaries, FICO scores, market indexes and credit card reward balances, according to the press release. The platform also delivers timely and relevant content through its “Newsfeed” feature as customers’ goals or life events change and evolve.

LifeSync is fully integrated with the branch experience, allowing customers to have a multichannel experience through both digital and banker touchpoints, the release said.

Michelle Moore, head of consumer and WIM Digital at Wells Fargo, said in the release that the bank’s redesigned mobile app has received a positive response due to features like the Fargo virtual assistant. Moore added that the expanded availability of LifeSync will help more customers achieve their financial goals.

PYMNTS Intelligence has found that financial institutions can gain customer loyalty by offering financial wellness tools and programs. These tools can give customers a better view of their spending habits by enabling them to tag purchases to categorize into budget lines and explore historical spending data, according to “Credit Union Innovation: The Race to Meet Consumer Demand,” a PYMNTS and PSCU collaboration.