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Wells Fargo Readies Personal Finance App for Wealth Biz Clients

Wells Fargo will soon launch a personal finance application for its mobile platform. LifeSync, expected to go live late next month, will be available to Wealth & Investment Management clients in the bank’s Private Client Group and Wealth Brokerage Services divisions as well as the independent Financial Network channel, according to a story in Financial Advisor. The app will allow real-time monitoring of clients’ progress toward financial goals, starting with those previously articulated with their advisor, according to Wells’ Michael Liersch, head of advice and planning for Wealth & Investment Management. Goal progress is also visible to the advisor through the firm’s Advice Connect workstation application, Liersch added. As clients create new goals through LifeSync, those goals also go to the advisor, who can add them to the client’s financial plan and relay guidance as to any plan changes needed to meet those goals, Liersch said. Goals can be anything from preparing for retirement to managing debt to pursuing travel and leisure, according to Wells. LifeSync will also track net worth, portfolio performance, market indices, FICO scores and credit card reward balances, Wells said in the announcement. Liersch noted that the app will report on how market events and the client’s own financial behavior are affecting the client’s progress toward the established goals.

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