Wells Fargo's New LifeSync Platform to Push Clients Toward Big Goals, Step by Step

What You Need to Know

Wells Fargo leaders describe LifeSync as a digital platform that helps clients align financial goals with saving, investing and spending decisions.
The new app will first be rolled out to select client groups in late March before being distributed to all of Wells Fargo’s consumer clients.
The firm expects both clients and advisors will derive tangible benefits.

Wells Fargo has announced the forthcoming launch of a new digital planning platform within its existing mobile application, called LifeSync, designed to help advisors and their clients set and pursue a wide variety of financial goals, from retirement planning to saving for emergencies.

Michael Liersch, head of advice and planning within Wells Fargo’s wealth and investment management division, tells ThinkAdvisor that the new platform will be available at the end of March. It will first be rolled out to clients in the wealth and investment management channel, and to clients in the firm’s private client group and wealth brokerage services division.

The independent advisor channel, Wells Fargo Advisors Financial Network, will also gain access, as will their clients.

Liersch says the new planning platform is the culmination of many months of collaboration between his team and the group within Wells Fargo led by Michelle Moore, head of digital for the firm’s consumer and wealth and investment management groups.

According to Moore and Liersch, LifeSync highlights Wells Fargo’s commitment to prioritizing intuitive digital experiences and offering customers and clients simple, intuitive ways of planning for what they want to accomplish with their money.

“This solution is the product of our response to the demand we are hearing from both the client and the advisor side,” Liersch says. “Both advisors and their clients want to be able to see their goals and see how they are making progress. They want to understand what factors are influencing their goals, including both market events and their own actions.”

The new offering is built around three main modules, Moore explains, named “goals,” “vitals” and “news.”

To start, the goals section allows clients to set the main financial priorities with which they expect Wells Fargo to provide support. There are 18 specific goals from which to choose, based on feedback from the firm’s sizable client base, ranging from preparing for retirement and saving for emergencies to making a major purchase or leaving a legacy. Clients can track their wealth directly against these goals, Liersch notes, giving them a clear view of how much further they need to go.