Helping thriving investors plan for healthcare costs in their retirement years

My
Role

I have defined & designed a variety of core design initiatives in J.P. Morgan Wealth Plan℠ to help 60 million users set up and fund their financial goals. Setting up a retirement healthcare goal is a part of the bigger project.

┃Why "retirement healthcare goal"

Investors with a financial plan save 2X more

Before delving into the problem definition, it's crucial to understand the significance of financial goal setting. Chase Clients with a financial plan save 2X as much for long-term goals and achieve a 9.0% return compared to 5.1% without planning.

Retirement healthcare is an underestimated need

US retirement healthcare costs are consistently rising, and clients can expect them to surpass current estimates. Yet, 60% of people overlook healthcare costs when thinking about retirement.

Engaging users during critical life stages

The business goal of J.P. Morgan Wealth Plan℠ is to elevate overall user engagement. We aspire to foster collaboration with advisors to create financial plans, expand the establishment of financial goals, minimize drop-offs, and ultimately increase the financial inflow.

Early
Insights

"Users want more features. They want to play with the goals like Nintendo." No.1 Advisor for Jamie Dimon Specifically, they are requesting features like “goal articulation” and “edit” for financial goals.

┃Research & Findings

My audit uncovered users want to set up/edit goals themselves. Currently, only an advisor can do this

We have 2 types of users - those who work with advisor, and those who don’t. Currently, the “retirement healthcare goal” can only be set up on the advisor side. To bring the experience to the client side, we need to first assess what works and what doesn't on the advisor side.

This prior design causes clients not to engage with the goal tiles. Clients want to experiment with the goals more and are trying to figure out ways to do so. They are requesting features for “goal articulation” and “edit”. (data collected in 2021 with 50 users)

Interviews with advisors help decide essential info for the client UI I'm designing

Advisors meet clients individually in branches, guiding them in setting goals. Gaining insights into their tools helps us decide what info to incorporate into the page we're designing.

Prior design: advisor tool, web only

User research told us to add articulation/edit feature

Alongside discussions with advisors, we collaborated with the research team to conduct a survey of 50 users in 2021 who are currently engaged with advisors. 80% of users expressed desire in experimenting with their goals and are actively seeking ways to do it.

The
Vision

The vision is to introduce "set up and edit a retirement healthcare goal" to users without an advisor, and enhance the existing feature for users with an advisor.

┃The goal of ideal state

• Help users with/without advisors set and manage their healthcare costs in retirement

To promote engagement with the Wealth Plan, expand our customer base, boost revenue, and enhance retention, we aimed to launch the 'retirement healthcare' feature for both clients with and without advisors.

• Combine retirement goal with retirement healthcare goal

From research, users think of the 2 goals together. Some of them ignore the healthcare costs because they think it's already included in the "retirement goal" setup. This key insight guided us to combine the 2 goals into 1 set up.

Final
User Flow

The final design is based on 2 rounds of quick releases, making hypotheses, validating, and pivoting. I designed 2 flows for user with and without advisor.

Key screens of the retirement & retirement healthcare flow

Empowering users by inputting and adjusting fields to match life changes

To keep the consistency of retirement and retirement healthcare goal, we also allow users to set up and edit retirement age, years in retirement, and location in retirement in both places and notify change.

┃UI Highlights

Expanding the design system for rapid selection reflection

I suggested implementing a slider component for both mobile and web interfaces. Initially, the slider was only available as a web component in Chase's design system. This enhancement enables users to navigate through a year-by-year breakdown. When a specific year is selected, the corresponding section for 'Private healthcare' or 'Medicare' is highlighted. Through collaboration with various teams and developers, we effectively incorporated the slider function into the Chase design system as a new mobile feature.

Year-by-year breakdown of the monthly healthcare cost

┃Results

Success Metrics June 2023

NPS
(Net Promoter Score)

65

Total goals
set up

12% ↑

Drop-off in
retirement healthcare

30% ↓

┃UX impact/takeaway

• Collaborate concurrently with other designers

While working on this project, I synced up with other designers, constantly sharing insights and feedback as we navigated the intricacies of goal setup, funding, and the dashboard. Overall, team collaborated better after this project.

• Use parallel projects I work on to inspire and iterate

While working on the retirement healthcare goal, I was also working on enhancing the education and retirement goal, goal funding, and onboarding. These projects are interconnected, and I adapt and maintain their consistency.

For the full case study please contact me at corlenka@hotmail.com