FP Alpha, a developer of AI-assisted wealthtech solutions, announced significant upgrades to its Estate Snapshot tool for financial advisors at Technology Tools for Today, or T3, a leading financial tech conference being held in Las Vegas.
When launched in 2022, the Estate Snapshot promised financial advisors a way to simply upload a client's legal documents and generate summaries and visualizations for estate planning purposes.
That process, which required human analysis of the output, could take three to five days, Andrew Altfest, founder and CEO of FP Alpha, said in a statement. The new iteration fully automates some tasks, like setting power of attorney, advanced directives and health care proxies. It also reduces processing time to minutes in most cases.
"Reaction so far from advisors we have spoken to about these enhancements has been mind blowing. They are curious about how this all actually works and are most excited about the significant time savings and the ability offer estate planning services to more of their clients," Altfest said in an interview.
FP Alpha's Estate Lab, which allows advisors to model different estate planning scenarios, also got an upgrade. The firm said the tool now allows advisors to model up to three customer scenarios simultaneously. The tool creates flowcharts, allows for real-time calculations including estate tax liabilities for current and proposed strategies and identifies probate assets across multiple time periods.
"In addition to these enhancements to the Estate Snapshot and Estate Lab, FP Alpha has just created a dedicated Enterprise Offering," Altfest said. "This offering is designed for larger RIA's and firms so that it seamlessly fits into their digital ecosystem and workflows. This offering is a direct reaction to the multitude of firms who had reached out and asked for this."
FP Alpha's upgrade aligns with the idea that AI holds promise for automating time-consuming tasks to allow advisors to develop stronger relationships with current clients, attract new clients and focus more on planning and retirement strategies.
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Despite the advantages, adoption of AI technology has been slow as developments have come rapidly in the last year or so.
Altfest
Altfest continued: "So there hasn't been software for the scope for financial advisors to help clients. And therefore, the work in this advanced planning area of estate tax and insurance has all been manual. You're reading documents and you're actually trying to figure out how a client can improve and create a visual digital experience for the clients that they can understand where they are today and what's going on."
