The report quoted the bank saying that the Wealth Plan tool had about 10 million users active over the last three months.

JP Morgan wants to boost its wealth management business and bring in more investments by offering a new planning tool to its 54 million Chase retail customers, Reuters reported yesterday. 

The Wealth Plan tool had about 10 million users active over the last three months, Sam Palmer, general manager of JPMorgan's Chase Sapphire credit card program, who was previously in charge of wealth products, told the news service. The total number of users is higher but undisclosed by the bank, the report said.

Clients have created roughly a million financial plans, double the number that had been previously created directly with financial advisors, he said.

For example, clients can use the tool to include retirement locations and fine-tune their estimated living costs. The tool can also initiate meetings with financial advisors, who also use it to design the plans.

This area of JP Morgan's business is distinct from its private bank, which is aimed at high net worth/ultra-HNW clients, whereas the wealth segment described above is more for the mass-affluent/higher-retail end of the spectrum. This news service has been talking to bankers, consultants and others about the continued challenge of delivering mass-affluent wealth services, at scale, but with a level of customization clients would aim for. (If you wish to comment about this topic, email the editor at tom.burroughes@wealthbriefing.com).