BofA Launches Digital Financial Planning Tool

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."

Bank of America's Consumer and Wealth Management operations include about 20,000 advisors across its Merrill, Private Bank and Merrill Edge businesses.

Life Plan, rolled out after an eight-month pilot program, aims to help BofA clients "set, track and reach their goals," the spokesperson said. "Along the way, our clients can choose to use Life Plan on their own, or they can talk to one of our specialists, who may refer them to" a financial solutions advisor or financial advisor "depending on their assets or overall financial picture."

The top five goals set by 80,000 clients who took part in the pilot program were to: budget and start saving, 32%; save for retirement, 31%; buy a home, 30%; save for a large purchase, 30%; and improve credit, 28%.

Life Plan allows clients to:

• Select and prioritize their most important goals at every life stage and across multiple areas, including finances, family, health, home, work, leisure and giving.
• Create and continuously adjust financial goals in real time within the app, as life happens and priorities change.
• Track progress against their goals, with personalized guidance and recommendations on incremental steps toward achieving them along the way.
• Leverage the company's network of financial professionals by scheduling in-person or virtual one-on-one appointments for collaborative discussions about their goals and strategies to help achieve them, it said.

The tool integrates with Bank of America's solutions including Erica, its artificial-intelligence driven virtual financial assistant, and Preferred Rewards, the company's loyalty program, it said.

— Related on ThinkAdvisor:

• Schwab Launches Free Retirement Planning Tool
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