Wells Fargo to open its platform for planning and tracking money to all customers

Wells Fargo recently revealed that it will make its digital money management platform available to all of its customers.

The platform was designed to allow people to plan and track their money, but so far, it was not available to all of the company’s users. Known as LifeSync, the platform was originally introduced to the Wells Fargo app earlier this year in late March.

At the time, it became available to 2.6 million wealth and investment management clients. Now, however, the company plans to expand its availability and grant access to all users.

For the consumers, this will mean the ability to keep track of their progress on goals in real-time. They will also be able to track key vitals, such as portfolio performance, net worth, market indices, credit card reward balances, FICO scores, and alike.

The company explained its decision by citing a recent study conducted by Logica Research. The study looked into the state of American money management, and it deduced that US citizens could use more assistance when it comes to making financial decisions.

According to the findings, Gen Z users have had the highest percentage of respondents who shared that they are interested in obtaining financial advice. Their biggest pain points seemingly revolved around money management, which is particularly challenging during this time of economic uncertainty caused by geopolitical tensions, as well as COVID-19, as the consequences of the pandemic are still being felt to this day.

LifeSync to become available to 70 million users

Wells Fargo’s head of advice and planning, Michael Liersch, commented on the decision, noting that the choice to expand the availability of LifeSync to all consumer customers is the first proof point in the company’s strategic delivery of digital-first, personalized financial advice and planning offerings.

With the app rolling out for everyone, it will become available to approximately 70 million users, and Wells Fargo expects to see a noticeable impact on the customers’ money management. Liersch added: “Since it launched earlier this year, LifeSync has delivered on its promise to enable WIM clients to more easily share their goals with their advisor, see how they’re progressing toward them in real-time, and deliver relevant content and context to better understand what’s influencing those goals. We are thrilled to expand the LifeSync experience to millions of consumer customers this fall.”

Wells Fargo’s head of Consumer and Wealth & Investment Management Digital, Michelle Moore, said that customer satisfaction and usage have grown exponentially after the company redesigned the app. “This expanded availability of LifeSync builds on that momentum by providing meaningful money guidance to help our customers feel supported in reaching their financial goals.”