FP Alpha, an AI-driven advanced planning platform for financial advisors, announced several new developments while at the T3 Technology Tools for Today Conference being held in Tampa March 13-16, 2023, including unbundling of their Estate Planning Module, The Estate Lab 2.0 with significant enhancements to overall functionality, and the introduction of their new P&C Snapshot, a tool that uploads home and auto insurance documents enabling advisors to obtain a visual summary illustrating clients’ current coverage.
“Advisors spoke and we listened,” says Andrew Altfest, Founder and CEO of FP Alpha. “Advisors now have the option of purchasing the entire FP Alpha suite of advanced planning solutions which includes all Tax, Estate, and Insurance capabilities, or the Estate Planning Module, individually.”
“Instead of exclusively packaging the FP Alpha platform with all 16 planning disciplines, The Estate Module will be available for purchase as a standalone product. With estate planning being incorporated more and more into the comprehensive advice process, we wanted to ensure as many advisors as possible had access to our solution.”
In addition to the unbundling, The Estate Lab added new capabilities. FP Alpha will now be able to automatically transfer key data points from wills and trusts to the enhanced Estate Planning Lab. This will allow advisors to easily compare alternative estate planning scenarios to the current one, by pulling in assets to illustrate how those assets would transfer at death today and at death of the first and second spouse. The Lab will also display changes in beneficiaries or placement of assets by incorporating several simple and complex estate vehicles including various gifting strategies, catering to the needs of advisors’ full spectrum of clients.
These tools allow advisors to have client ready deliverables without spending excessive amounts of hours manually reading estate documents or in PowerPoint creating flowcharts while still providing tremendous value to clients, completely unrelated to investments or retirement planning. A huge differentiator and competitive advantage for advisors.
P&C Snapshot will allow advisors to distinguish themselves from peers and provide a huge value add to clients, bringing significant peace of mind to have a second review on their insurance coverage by highlighting gaps or deficiencies in current coverage and more. The P&C Snapshot will save time by reading home, umbrella, and insurance policies for advisors then recommending how to improve clients’ current situation.
“In a few short months, the snapshot feature will visually depict, in a client friendly deliverable, the key data points associated with each policy,” says Rachel Schwab, Product Manager for FP Alpha. “Studies show that most clients want their advisors to help with P&C, but almost no one is getting it. There are simply no tools available, but our technology is going to solve that. With our innovative P&C Snapshot, advisors can use this deliverable to guide the conversation and leave something tangible with the client after the meeting. Offering to review policies is not only an added bonus to clients, but also an opportunity to save clients from detrimental insurance exposure,” she continued.
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, visit: www.fpalpha.com