FP Alpha, the AI-driven Advanced Planning Software, Releases Second Generation Tax Projection Tool

FP Alpha, the AI-driven Advanced Planning Software, Releases Second Generation Tax Projection Tool

The Tax Projector, providing advisors the ability to project and compare various tax scenarios and strategies for their clients, simply by uploading their tax documents.

By Joel Bruckenstein, CFP

FP Alpha, an AI-driven advanced planning platform for financial advisors, announced today the next iteration of its tax projection tool, bolstering its functionality, adding state and federal analysis along with a multi-year, unlimited scenario offering. This enables advisors to further scale and automate their tax planning efforts as well as estate and insurance.

Just in time for year-end planning, The Tax Projector, created for advisors to use with their clients, projects and compares various federal and state tax scenarios including the ability to project client income taxes out multiple years and compare dozens of different scenarios such as a change in client filing status or income levels.

It also allows advisors to compare multiple tax planning strategies at the same time such as Roth conversions, charitable giving, and other income related planning techniques, enabling advisors to reduce clients’ tax bills and get credit for their work.

“Tax preparers often don’t do tax planning.  And if they do, it is usually about the current year as opposed to looking multiple years out.  Tax planning is a critical component of holistic financial planning and can save clients significant amounts of money over their lifetime if planned for properly,” said FP Alpha’s Founder and CEO Andrew Altfest. “And with year-end tax planning ramping up, now is the perfect time to bring up tax planning with clients and show the value it can bring to the relationship and to their overall financial success.’’ 

One of The Tax Projector’s differentiating factors from other tax planning tools is its ability to tie into the broader FP Alpha platform.  FP Alpha is the only tool that allows advisors to review a clients’ full financial picture as the software analyzes all areas of advanced planning, including tax, estate and insurance planning, in a central location that builds upon itself over time. This not only makes the tool easier to use, but also provides a more efficient way to monitor and measure a client’s overall financial wellness.

In addition, the FP Alpha platform has deep integrations with top software providers such as Money Guide Pro, Redtail, Salesforce, Riskalyze, Wealthbox, Precise FP and many more, making it seamless to incorporate into your current planning workflow.

Many advisors currently do not offer income tax planning advice as it takes a great deal of time and analysis.  Some offer tax loss harvesting but still may not focus on the overall income tax planning picture.  Now, with The Tax Projector, the process is mainly automated making it scalable for all advisors to offer to their clients.

It also is easy to implement. Simply upload clients’ tax returns, and the AI extracts key data, populates The Tax Projector and allows advisors to easily compare multiple scenarios with a plethora of state and federal tax details to quantify advisors’ savings impact. 

This additional functionality enhances the already robust Tax Planning Module, part of the FP Alpha platform, which instantly generates a visual snapshot of client’s tax situation, identifies tax reduction strategies, and allows advisors the ability to quantify the value of their tax planning insights through The Roth Conversion Simulator and now also The Tax Projector.

Joel Bruckenstein
Joel Bruckenstein
Joel P. Bruckenstein, CFP®, is Publisher of the T3 Tech Hub (formerly the T3 newsletter) and the producer of the Technology Tools for Today (T3) Advisor Conference, the only annual technology conference for independent advisors, as well as the Technology Tools for Today (T3) Enterprise Conference. He also hosts other technology summits in partnership with thought leaders in the financial services industry (e.g., Brian Hamburger of MarketCounsel) and his own by-invitation-only fintech summit every summer. In 2020, Bruckenstein will produce for the first time a new one-day intensive called T3 Cyber University. Bruckenstein is an internationally acclaimed expert on applied technology as it relates to the financial service industry. He is the co-author of three books: Virtual Office Tools for a High Margin Practice, Tools and Techniques of Practice Management, and Technology Tools for Today’s High Margin Practice. Bruckenstein’s monthly technology columns appeared in Financial Advisor magazine and Financial Planning magazine for many years. In addition, he works in tandem with industry influential Bob Veres, publisher of Inside Information, to produce an annual technology survey for the financial planning community. Bruckenstein accepted the fifth annual Leadership Award bestowed by Bob Veres' Insider's Forum, a conference that brings together the leading figures of the financial planning profession during a main stage presentation at the Insider's Forum held September 6-8, 2017 in Nashville, TN. Bruckenstein has for more than twenty years advised financial service firms of all sizes on improving their technologies, processes and workflows. For more information about Joel Bruckenstein and the services his firm offers, please visit www.JoelBruckenstein.com.

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