NEW YORK, Sept. 11, 2024 /PRNewswire/ — FP Alpha, a leading innovator in AI-assisted wealthtech solutions, has unveiled significant enhancements to its popular Estate Lab offering, a key component of its comprehensive Estate Planning Module. These updates mark a major advancement in estate planning capabilities for financial advisors, further solidifying FP Alpha’s position as a trailblazer in the industry.
The Estate Lab, known for its ability to visualize potential changes and quantify estate tax implications, now includes powerful new features designed to enhance advisor-client engagement. Among the most notable additions is the Asset Projection functionality. This new tool allows users to input custom growth rates per asset and project balances over time, providing clients with a clear picture of how asset growth could impact estate tax liabilities, and the amount of wealth passed to heirs.
“In light of the upcoming changes to the Tax Cuts and Jobs Act, these enhancements are timelier and more impactful than ever,” says Andrew Altfest, CFP, CEO of FP Alpha. “The ability to project and quantify asset growth provides both advisors and clients with valuable insights for future estate planning decisions.”
In addition, the Automation for Joint Cases has been integrated into the Estate Snapshot Feature, complementing the existing automations for Simple Cases (revocable trusts, wills, POAs, and healthcare directives) and A/B use cases launched earlier this year. These enhancements streamline the process, enabling advisors to deliver more precise and tailored estate planning solutions to their entire client base, not just the ultra high net worth.
“As more clients seek estate planning assistance from their advisors, it’s crucial to provide dynamic and visually appealing deliverables,” said Rachel Schwab, Director of Product at FP Alpha. “These updates not only improve the overall client experience but also enhance the advisor’s ability to present complex information in a fast, accurate and efficient manner.”
As a result of the success of their Estate Planning offering, FP Alpha has just been recognized by two leading industry media brands, Financial Planning and WealthManagement.com.
Financial Planning named FP Alpha as one of nine winners of its inaugural AI Innovation Awards. These awards honor and celebrate outstanding achievements in developing AI technology within the wealth management industry and implementing solutions that improve the growth and scalability of firms and enhance client engagement and experiences.
“We recognized the significance of AI for the wealth management industry immediately,” says Brian Wallheimer, Editor-in-Chief at Financial Planning. “Since then, our goal has been to shine a light on the ways financial advisors can leverage this technology to scale their businesses and streamline operations, as well as connect with their clients to help them achieve their financial needs. “Now we’re recognizing companies that are taking big steps toward bringing that technology into the industry or implementing it in forward-looking ways. They are true innovators.”
WealthManagement.com awarded FP Alpha the “Wealthie” in the category of Technology Innovation in Estate Planning. “It means a lot to me and to the FP Alpha team to get this recognition, especially with all the many competitive firms that were up for this award,” says Altfest.
The Estate Lab allows advisors to show clients what will happen to their assets today, as well as in the future if they implemented the advisor’s estate planning recommendations.
Advisors can now show these views, without having to build complex, custom flowcharts in PowerPoint. This saves time and allows advisors to provide this service at scale, to all their clients, not just the ultra-high net worth.
In addition to the Estate Planning Module, The FP Alpha platform also has Tax and Insurance offerings. The connection between all of these planning areas is a critical differentiator over competitive offerings. “Advisors site the importance of understanding a client’s financial picture and these other areas are instrumental in the overall effectiveness of the client recommendations,” says Schwab.
About FP Alpha
Founded by financial planner and industry leader, Andrew Altfest, CFP ®, FP Alpha is an AI-driven advanced planning solution that helps advisors identify actionable recommendations to clients, in a scalable, intelligent, and cost-efficient manner. FP Alpha is designed to integrate seamlessly into the many stages of the financial planning process and is complementary to the advisor’s current financial planning software, starting where they stop. By leveraging AI learning and subject matter experts across 16 financial planning disciplines, including tax, estate and insurance, this innovative platform allows advisors to uncover new planning opportunities and provide clients with more holistic advice. For more information, please visit: www.fpalpha.com Patent Pending
SOURCE FP Alpha
