American Express Buddies Up to BodesWell to Build Self-Service Financial Planning Solution

American Express is getting into the financial planning business – and has partnered with Finovate alum BodesWell do help them do it.

TechCrunch reported today that Amex has launched a pilot of a self-service, digital financial solution called My Financial Plan to a group of 25,000 American Express card holders. The solution was developed in collaboration with BodesWell, whose technology enables banks, insurance companies, and financial advisors to empower their customers and clients to build their own financial plans.

BodesWell’s solution leverages an easy, drag-and-drop interface to support self-directed financial planning. Users have the ability to see income level projections, understand the impact of financially-significant life events like buying a house or sending a child to college, and receive advice and suggestions from Mentor Messages to help them adjust and improve their financial plans and meet their goals.

Making financial planning a part of a company’s financial services offering is an helpful response to the lack of financial planning for many families; BodesWell estimates that 85 million U.S. households do not have a financial planner. But in addition to supporting financial wellness and inclusion by adding financial planning services to their offering, BodesWell partners also benefit from “precious insights into their customers financial needs,” as BodesWell CEO Matthew Bellows pointed out earlier this year at FinovateSpring. This enables companies to better prioritize product development, research acquisition and retention strategies, as well as more accurately target products for revenue-generating up- and cross-sell opportunities.

“When we launched BodesWell at Finovate 2019 we made a promise to you,” Bellows said during his company’s Finovate appearance earlier this year, “we promised that we could provide digital financial planning to millions of Americans who don’t already have a financial planner.” News of the company’s partnership with American Express today is early evidence of promises kept.

Photo by Jess Vide from Pexels