Bank of America has jumped aboard the digital planning bandwagon with the launch of Life Plan, a free client tool now available on the firm’s mobile app and online banking platform.
The news comes seven weeks after Charles Schwab launched the free digital financial planning tool Schwab Plan, to help investors move toward their retirement goals, and an online financial planning hub with goals-based calculators, related tools and educational resources.
“There are some similarities between Life Plan and Merrill Lynch Clear from a few years ago, but Life Plan would be considered our first consumer planning tool,” a Bank of America spokesperson said Wednesday.
“Life Plan is intended for our clients who need or want assistance setting and tracking towards goals, both long and short term,” the spokesperson explained. “Currently, it is not available to our clients who have an advised relationship, or through our advisors.”
But that could change. ”We’re in the early stages now and we’ll assess that as we go,” the spokesperson said, adding the tool would “work hand in hand with the relationship you have with your advisor — it would never be intended to replace that.”