Participants in 401(k) plans administered by Wells Fargo will now be able to make investment elections for their 401(k) accounts from a mobile device.

Wells Fargo Institutional Retirement and Trust announced that the most recent enhanced capabilities for mobile devices include the ability of participants to change how their current balance and future contributions are invested among their 401(k) plans’ available investment options.

Read: Retirement readiness is focus of latest tech upgrade

This includes the ability to reallocate both current balance and future contributions in one transaction, using the same investment elections.

Diversification of investments is a key behavior that contributes to participants having adequate income replacement in retirement. The new mobile functionality helps support participants’ ability to maintain their desired investment allocations over time. Other key behaviors include participating in the plan and contributing at least 10 percent of their salary to their plan.

The company has been working to upgrade mobile functionality for participants who prefer to monitor their plans and take action via mobile devices.

Last year mobile users were provided with the ability to monitor investment performance, personal rate of return and portfolio mix from a personal device. The company also provides 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 text banking platform.

Other recent enhancements to participants’ digital plan capabilities include a redesigned desktop and tablet transaction pages for investment transfers and payroll deduction changes. The redesigned pages provide participants a consistent experience across all channels, making it easier and faster to make updates.

Wells Fargo provides retirement plan services to 4 million participants representing $333.7 billion in retirement plan assets.

Instant Insights /

Wells Fargo adds mobile capabilities for 401(k) participants

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