It comes as no surprise the critical role technology plays these days in just about every industry out there. The last decade has seen a tremendous evolution in the ways of tech, especially in the financial services industry. With the rising expectations from clients on having a tech-savvy experience, if an advisor isn’t investing in technology, they risk falling behind their competitors.
In a move that shows their dedication to providing their clients with an intuitive digital experience, Wells Fargo announced the upcoming launch of a new digital planning platform called LifeSync®. While not yet available, the platform is expected to fully launch at the end of March.
LifeSync® will be used to help advisors and clients set and track their goals. Through LifeSync®, clients will be able to see real-time progress on their goals and stay up to date on key information.
The design of the new platform is built around three components: goals, vitals, and news. The goals section allows a client to select their main financial goals from a list of 18 specific goals. They will then be able to track their finances against their set goals.
The vitals section is where they can track key finance “vitals” such as market indices, net worth, portfolio performance, and FICO scores. The analytical tools that this component brings to the table, will allow advisors and clients to get a deeper understanding of the big picture and all the factors that affect progress on their goals.
The final component, the feed, works very similarly to a Facebook feed. The feature will deliver timely and relevant content and allows for greater connection between a client and their advisor as their goals, or life events, change and evolve.
Wells Fargo is upping their game by creating an innovative user experience that provides a simple, intuitive way for clients to set and track their goals. The tool could be a key selling point when it comes to client recruiting and retention efforts and it has the means to help advisors bring in new clients — which may make it a key selling point when it comes to advisors’ recruiting and retention efforts as well.
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