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BofA launches financial planning tool

BofA launches financial planning tool

Bank of America has unveiled a digital tool, called Life Plan, that helps customers set and track their financial goals.

Available through the BofA app and website, Life Plan lets customers select and prioritise their most important goals at every life stage and across multiple areas, including finances, family, health, home, work, leisure and giving.

Users can create and adjust financial goals in real time within the app and track their progress, with personalised guidance and recommendations on incremental steps toward achieving them. Customers can also get input from experts by scheduling in-person or virtual one-on-one appointments for discussions about their goals and strategies.

The service, which is going live after an eight month pilot with nearly 80,000 people, is also integrated with BofA's virtual assistant, Erica, and the bank's loyalty programme.

David Tyrie, head, digital, financial centre strategy and advanced client solutions, BofA, says: "Life Plan delivers a personalised experience for every client, providing information that is timely and relevant, aligned to their unique financial goals, and offering a choice of the next best step."

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