FP Alpha, an AI-driven planning solution for financial advisors, announced today the launch of their new tool, The Estate Snapshot, an enhancement to their platform’s Estate Planning Module.
The Estate Snapshot is produced as a result of applying AI technology to read documents such as wills and trusts which then summarizes them into a client deliverable with easy-to-follow visuals, including flowcharts, allowing the advisor to best review the distribution of assets, identify key individuals, and explain potential scenarios to their clients.
“While there are current tools that exist to streamline the creation of estate planning documents and software that helps bring legacy planning into the larger conversation, nothing existed to summarize and visualize the key components of a client’s estate plan, said FP Alpha’s Founder and CEO Andrew Altfest. That is why we set out to create something that could do that, and that is what The Estate Snapshot is. As an advisor myself, I found that if you could incorporate estate planning insights into the larger planning discussion, it allowed you to provide a truly holistic approach to planning.”
It also is easy to implement. Simply upload clients’ wills, trusts, and power of attorney documents, and the tool summarizes the documents, eliminating the need for advisors to manually read them. Advisors then can use the personalized deliverable, which summarizes and visualizes the client’s distribution plan, during client meetings.
With a comprehensive advanced planning profile for each client, advisors will be able to expand their services, highlight more planning opportunities and generate more revenue – without adding additional staff or requiring their teams to learn anything new.
This additional functionality enhances the already robust Estate Planning Module, part of the FP Alpha platform, which identifies key estate planning opportunities allowing advisors to quantify the value of their advice.
Beta users of The Estate Snapshot, in conjunction with the Estate Planning Module, have been able to effectively use the tool with clients several ways including significant estate tax savings, liquidity events, as well as state estate tax exposure based on properties owned.
Advisors often talk about being “holistic,” and with the addition of advanced planning tools, they truly can be by offering all their clients a 360-degree picture of their financial situation.