With artificial intelligence quickly transforming the ways in which financial advisors and wealth management firms do business, Financial Planning is recognizing outstanding work in the field.
Our inaugural Innovation Awards honor tech firms that are developing cutting-edge technology for use in marketing, client onboarding, investment strategy, lead generation and specialized planning. Wealth management firms are recognized for their efforts in automation, marketing, client engagement and professional development.
Special Innovator of the Year awards will be bestowed on two of these firms at
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Wealthtech platform FP Alpha has garnered much industry attention by using AI to perform the everyday functions that most advisors either don't want to do or have little time for: reading and interpreting documents like estate plans, tax returns and insurance policies.
"We created a way for advisors to save an incredible amount of time … by reading documents and visualizing it for them and finding opportunities to improve portfolios," said
A key component to FP Alpha's tools is the Estate Snapshot, which launched in 2023 and provides advisors a scalable way to rapidly summarize key components of a client's estate plan. Through AI technology, the Estate Snapshot then produces client deliverables with easy-to-follow visuals that helps the advisor better explain potential scenarios and opportunities to their clients and formulate action plans.
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FP Alpha's capabilities also extend to tax returns, wills, trusts and insurance policies. It helps advisors identify liquidity events, creates a referral source with attorneys and ways to include the next generation of families in financial discussions. All of these processes can be performed in minutes rather than hours through AI.
"We listen very carefully to our customers and what they're asking for. We've had a very clear vision to take advanced planning that's only been available to the wealthy in a manual format and then use technology to make it accessible to everyone," Altfest said.
