From Hours to Minutes: Leveraging AI-Powered Estate Planning Tools to Grow your Practice-Course recording

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Video Summary

In this talk, Andrew Altfest, founder of FP Alpha, introduces his software that empowers advisors to automate estate planning using AI. FP Alpha allows financial advisors to upload client documents like wills, trusts, and tax returns into the platform, which utilizes AI to read and analyze these documents, visualize them, identify gaps and opportunities, and provide advisors with actionable insights. This automation complements traditional financial planning tools, enabling advisors to model various scenarios, such as comparing current and future planning statuses or projecting taxes.<br /><br />Altfest Personal Wealth Management, led by Andrew, uses this technology to enhance client services, aiming to transform estate planning through automation. The discussion emphasizes FP Alpha's role in bridging the gap between what clients desire from their advisors in estate planning and what they currently receive, highlighting that 92% of clients seek more estate planning help, yet only 21% get it.<br /><br />Andrew underscores AI as a critical growth driver in the financial services industry, allowing advisors to save time and serve clients more efficiently, especially the next-generation clients often overlooked due to profitability concerns. By automating estate planning tasks, advisors can provide comprehensive services without sacrificing core responsibilities, thus retaining the business of future generations and offering competitive, value-added services.<br /><br />Furthermore, developing strategic relationships with estate attorneys and offering a comprehensive trust service model stand out as pivotal strategies. These leverage AI-driven insights to streamline the process, enhance productivity, and potentially redefine fee structures and pricing models to reflect increased service value, ultimately fostering organic business growth.

Keywords

Andrew Altfest

FP Alpha

estate planning

AI automation

financial advisors

client documents

actionable insights

wealth management

next-generation clients

strategic relationships