Wells Fargo wants to boost engagement between its financial advisors and clients, in more convenient ways, to foster connection and loyalty.

Wells Fargo wants its wealth management clients and their advisors to stay more closely connected. 

The bank is rolling out LifeSync, a digital platform that lets users create and track financial goals while notifying advisors of changes and making it easy to interact or schedule conversations.  

“It gives clients a real-time platform to share information about what’s on their mind and send that to their advisor in-between more traditional monthly, quarterly or annual review meetings,” Michael Liersch, head of advice and planning for Wells Fargo wealth management, told Insights Distilled. 

For example, the app aggregates information so that people can track their portfolios, net worth, credit card reward balances, relevant news and content, and specific savings goals in a “hyper-personalized” way (including uploading personal photos tied to their aspirations). Advisors get pinged on updates and this additional “listening post” allows them to weigh in or update plans more dynamically.  

Ultimately, Wells Fargo wants LifeSync to increase client satisfaction, trust, and loyalty. Deposit growth would be helpful, too: It has 12,027 financial advisors assisting 2.6 million wealth management clients with $1.9 billion in assets, as of its last earnings report, but its total pot of clients assets has been stagnant since the end of 2019.  

LifeSync’s launch aligns with a similar trend around the shift away from robo-advising to a “true hybrid advice model” from likes of Truist, JPMorgan, and Ally Financial, where automated portfolio management is paired with phone or video consultations with advisors.