More than 10 million JPMorgan Chase customers are tapping the bank’s digital financial planning tool the platform every 90 days, creating more than 2.5 million financial plans.

Wealth Plan, launched in 2022, serves as a free digital money coach, Ranjit Samra, head of product and experience for J.P. Morgan Wealth Management, told Bank Automation News.

“In the history of [wealth] planning, we had 400,000 total adviser-led plans. Wealth Plan surpassed that total in only 10 months,” he said.

By comparison, $3.3 trillion Bank of America’s wealth management platform, Life Plan, launched in 2020, has also exceeded 10 million users, according to the bank.

Truist Wealth, the wealth management arm of $523 billion Truist, claims 121,000 clients since establishing it in 2019.

Flexible features

While JPMorgan Chase’s Wealth Plan allows customers to plan on their own, they also have the option to collaborate with a Chase adviser in real time through the platform, Samra said.

“Every adviser at the firm is using the tool,” he said. Clients can schedule a meeting with an adviser on the platform itself..

The tool allows customers to:

• Set and track short-term and long-term financial goals;
• Receive personalized step-by-step guidance and financial insights; and
• Use a goal simulator to determine how decisions made today can impact their financial future.

Future-facing tech

JPMorgan Chase is continuously updating Wealth Plan to accommodate evolving customer needs, Samra told BAN.

“We know retirement is one of the most common goals in Wealth Plan,” he said.

This year, the bank plans to integrate parts of the platform into other JPMorgan Chase offerings, including investments and home, travel and auto lending.

In-house upgrades

Chase built Wealth Plan in house, enabling the $4.2 trillion bank to dictate the pace of tech upgrades to it, Samra said.

“We chose to dedicate the time to build something in house that we can constantly improve and tightly integrate into our digital and portfolio management ecosystem,” he said.

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