Wells Fargo has rolled out a website to help customers, and eventually non-customers, meet their retirement savings goals.
The online tool, dubbed My Retirement Plan, asks people to answer questions about how much they save each month, and then projects how much income they can expect to receive at retirement, along with suggestions for achieving their goals and steps they can take to reach them.
“The best thing about the tool is that it works to help answer ‘What do I need to save each month and what will the outcome be,’” says Karen Wimbish, Wells Fargo’s director of retail retirement.
The website also shows people how they can increase their monthly retirement income by boosting savings, rather than “showing a huge number to save,” Wimbish adds.
My Retirement Plan is now available to Wells Fargo's online customers, and the company says it expects to offer the tool to the public later this year.
The initiative marks an effort by Wells Fargo to bring financial planning services to a broad group of customers. “We play in almost every strata of wealth, from mass and mass affluent to high net worth, and we are equipped to serve clients in each of those places,” David Carroll, Wells Fargo's head of wealth, brokerage and retirement, recently said.
Brian Browdie reports for American Banker, a SourceMedia publication.
Register or login for access to this item and much more
All Employee Benefit News becomes archived within a week of it being published
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access