Empowers Advisors to Offer More Personalized Advice
FP Alpha, an artificial intelligence-driven, holistic financial planning solution, and Envestnet | MoneyGuide, an industry leader in client-centered financial planning innovation, have announced a powerful integration which will allow advisors to take their goal-based planning for clients one step further by highlighting additional planning recommendations increasing their overall value proposition.
FP Alpha enables advisors to upload a client’s financial documents: wills, trusts, tax returns, and insurance policies to instantly summarize the data and identify actionable and personalized planning opportunities. This quantifies the value of the advice to clients and prospects. With 40 subject matter experts, including estate attorneys and insurance specialists, FP Alpha offers comprehensive financial advice spanning a person’s life.
“Many of the advisors who utilize FP Alpha also use Envestnet | MoneyGuide as their retirement planning software and they asked us to prioritize this integration, and so we did just that,” said Andrew Altfest, CFP, Founder and CEO of FP Alpha and President of Altfest Personal Wealth Management. “The integration eliminates duplicate data entry therefore saving the advisor significant time and getting to the advice of the tool faster – which is where the real value add is.”
Specifically, the tool, utilizing AI, reads client documents such as tax returns, wills, trusts, insurance policies, extracts and analyzes the data and provides specific recommendations based on those documents. The Tax and Estate snapshot allow advisors to provide a summary of the clients’ current situation in the matter of minutes. They can also model various tax and estate scenarios to show the value of their advice.
The MoneyGuide integration will allow FP Alpha to populate demographic data as well as the net worth items including Traditional and Roth IRA’s, 401(k) and 457 Plan’s, Brokerage Accounts, Life Insurance, Student Loan’s, and 529 Plans, to name a few. A joint webinar to explain how the integration works will be held on Feb 1st and is complimentary and can be found here, Registration (gotowebinar.com)
“At Envestnet | MoneyGuide, we believe the future of financial advice revolves around data and personalization,” said Rose Palazzo, Group Head at Envestnet | MoneyGuide. “This integration with FP Alpha will help advisors to connect more dots for clients, seamlessly bringing more of the details on a client’s overall financial life, including estate planning and retirement goals, into the picture.”