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March 30, 2023 at 12:18 PM
More than 10 million clients have used Bank of America’s Life Plan digital financial planning tool since its launch in late 2020, the company said Wednesday.
The tool, available in the BofA mobile app and online banking platform, lets clients set and track near- and long-term life goals; it also aims to help them better understand and act on steps that achieve these objectives, the wirehouse said.
Clients using Life Plan have added over $55 billion to their Bank of America accounts over the past two years, it added.
“When we launched Life Plan more than two years ago, we did so to provide each client with personalized insights into their financial goals in our app and online, helping them keep track and giving them confidence for what’s ahead,” according to David Tyrie, chief digital officer and chief marketing officer at BofA.
The top goal set by Life Plan users currently is focused on building a budget and starting to save, Bank of America said. Other key goals are to improve credit (28%), save for a large purchase (21%), buy a home (18%) and travel (16%).
Millennials and Gen Z clients have created the largest number of Life Plans, accounting for 63% of all plans created. Gen X and Baby Boomers make up 38% of users. Almost half (42%) of Spanish-speaking digital users are engaging with Life Plan, the company added.
Since launch, clients using Life Plan set up over 2.3 million follow-up appointments with BofA financial specialists, it said.
Snappy Kraken Launches Freedom360
Marketing technology company Snappy Kraken launched Freedom360, a new packaged offering that it said handles “all the vital aspects of an advisor’s modern marketing strategy.”
Its capabilities were designed to help “busy advisors who are only getting a fraction of the results they could see from their marketing if it were handled by an expert,” according to the company. Freedom360 will also “free advisors’ time to serve existing clients and grow effectively without spending so much of their time on marketing,” Snappy Kraken added.
Freedom360 will be available to advisors who now use Snappy Kraken for website and marketing automation services. The firm’s compliant text messaging service, Convos, will be included, but is optional.
