With Wealth Plan, users can set and track short-term goals, like a vacation, and long-term goals, such as buying a home or retirement, in real-time and get personalized step-by-step guidance and insights.
J.P. Morgan Wealth Management’s Wealth Plan has helped customers create more than 1 million personalized plans. The tool reached this milestone just over a year after its launch.
Available for free in the Chase Mobile app and on Chase.com, Wealth Plan is a digital money coach that gives customers a full picture of their finances and helps them plan, save, and invest, all in one place. Users can also schedule to speak to an advisor right from the tool.
“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,” said Kristin Lemkau, CEO of J.P. Morgan Wealth Management. “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.”
With Wealth Plan, users can set and track short-term goals, like a vacation, and long-term goals, such as buying a home or retirement, in real-time and get personalized step-by-step guidance and insights. A goal simulator shows customers how different decisions made today can impact their financial future.
Over 10 million customers are using Wealth Plan to update plans, get assistance to stay on track, and get closer to their dreams. The data accounts for activity in the last 90 days. The most common goals Wealth Plan users are working towards 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,” said Sam Palmer, whose team created Wealth Plan and who was recently appointed 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.”
In the past year, Wealth Plan has won five awards, including Best Digital Initiative and Best Use of Technology in Wealth Management in the 2023 Banking Tech USA Awards, Smart Money Awards winner by Real Simple, and Best New Tool among online brokers by StockBrokers.com.
Wealth Plan has also accelerated the adoption of planning as a first step for investors. Customers have created more than double the number of total plans than in the whole history of J.P. Morgan U.S. wealth management before Wealth Plan.
All J.P. Morgan Personal Advisors clients go through a thorough planning process using Wealth Plan before they can invest. Personal Advisors is J.P. Morgan’s remote advice platform and connects clients with advisors virtually via phone or video. This channel was recently named Best Wealth Management Platform at the 2024 FinTech Breakthrough Awards. With more than 4,000 nominations globally, this award recognizes new products that are making an impact in financial services and technology.
In addition to working remotely with advisors, J.P. Morgan Wealth Management clients can get financial advice in one of 4,700 Chase branches or many of the J.P. Morgan offices across the U.S. J.P. Morgan Wealth Management also offers a free online trading platform, and J.D. Power recently named J.P. Morgan Wealth Management the #1 Digital Experience for Wealth Management Self-Directed Investor Satisfaction.
The Wealth Plan team, now under Ranjit Samra, who was leading the engineering and build-out of Wealth Plan, continues to make improvements in the tool. “There’s a lot more coming this year in terms of the content in support of the various goals, design, and integrated client experience for Wealth Plan. Stay tuned,” said Samra.
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