American Express is back – sort of.  While it has unveiled its My Financial Plan digital tool, it stresses that it is not returning to the wealth management business.

The My Financial Plan is a new digital tool aimed at a shortlist of American Express card members. According to Dennis Gallant, senior analyst at Aite Group, the tool can be made for a do-it-yourself experience or some kind of hybrid. 

Gallant stated, "What American Express is doing is more scalable and at a lower cost."  That said, there will be no securities transactions or recommendations.  

According to Stephanie Schultz, head of emerging strategic partnerships, American Express is working to democratize financial planning to those for whom it was previously cost-prohibitive or who simply prefer to utilize a digital solution. 

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