JPMorgan Wealth Management’s Wealth Plan has assisted customers in creating more than one million personalised plans.
The tool has accomplished this milestone just over a year after its inception.
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Wealth Plan is a free digital money coach that can be accessed through the Chase Mobile app and Chase.com.
It provides users with a comprehensive financial overview and enables them to plan, save, and invest all in one place. Additionally, users can book a time to talk with an adviser directly from the tool.
Kristin Lemkau, CEO of JPMorgan Wealth Management stated: “Planning helps people think about what they truly want in life. It’s not enough to say you want to retire. Yes, but when? Where? These are key and hard questions that we all need to think about. We wanted to help with that process and create a tool to make goals feel more real and achievable. This milestone shows that we did.”
Wealth Plan allows users to track and create both short- and long-term objectives in real time, such as vacations and property purchases, and receive individualised, in stages advice and insights.
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By GlobalDataCustomers can see how their current decisions could impact their financial future by using a goal simulator.
Over 10 million people use Wealth Plan to update plans, get help staying on track, and get close to their goals. The data represents activities during the last 90 days.
Wealth Plan participants’ primary goals are retirement and travel, in that order.
“We know that those who have a plan are much more successful at achieving their goals. So, we created a powerful but easy-to-use planning tool to help our clients achieve their dreams,” added Sam Palmer, whose team developed Wealth Plan and who just became the general manager of Chase Sapphire. “Wealth Plan is innovative because it puts planning directly in customers’ hands, wherever and whenever it’s most convenient for them.”
Moreover, Wealth Plan has sped up the acceptance of planning as an investor’s initial step.
Customers have produced more than twice as many total plans as JPMorgan US wealth management had ever seen prior to Wealth Plan.
Before they may make any investments, all JPMorgan Personal Advisers customers undergo a rigorous planning process utilising Wealth Plan.
Furthermore, JPMorgan offers a remote guidance platform called Personal Advisers that allows clients to virtually communicate with advisers over the phone or through video.
Earlier in the month, DBS and JPMorgan Asset Management (JPMAM) launched Asia’s first global investment portfolio that not only automatically sets its asset allocation to an individual’s lifespan and retirement timeline (also known as a “glidepath”), but also enables investors to manage their drawdowns based on their retirement income needs.
