Wells Fargo Institutional Retirement and Trust announced enhanced mobile capabilities that will allow participants in 401(k) plans administered by Wells Fargo to make investment elections for their 401(k) accounts from a mobile device.
Participants will be able to change how their current balance and future contributions are invested among their 401(k) plans’ available investment options. This includes the ability to reallocate both current balance and future contributions in one transaction using the same investment elections.
This is the latest in a series of recent mobile technology updates made for the benefit of participants in Wells Fargo-administered plans. Last year, the company gave mobile users the ability to monitor investment performance, personal rate of return and portfolio mix from a personal device. In addition, Wells Fargo introduced an “Easy Enroll” option that allows eligible employees to enroll in their 401(k) plan with just a text message and a few clicks, leveraging the Wells Fargo text banking platform.
“Many of our participants prefer to conduct transactions on their mobile devices. Now, participants can have more flexibility to manage their 401(k) accounts on their smartphones—whether that’s enrolling in the plan through ‘Easy Enroll,’ changing their contribution rate, rebalancing their account balance or directing how their future contributions will be invested,” says Joe Ready, head of Wells Fargo Institutional Retirement and Trust.
Other recent enhancements to the digital participant experience include redesigned desktop and tablet transaction pages for investment transfers and payroll deduction changes. The redesigned pages give participants a consistent experience across all channels, making it easier and quicker to make updates, Wells Fargo says.