DeepVest launched PlanLab, a financial planning capability that combines AI-assisted workflows with financial calculators, the firm announced Thursday.
PlanLab enables advisors to visualize how various parts of clients’ financial lives connect across their retirement, taxes, investments, estate planning, insurance, risk, goals, behavioral factors, household details and business ownership plans, the firm said.
“Until today, we were in a private beta” of PlanLab, Dan Eyre, Chief Operating Officer of DeepVest, told Wealth Solutions Report by email. “Feedback was very positive and our beta testers loved the real-time, interconnected nature of PlanLab as well as the visual interface (several of them called it a ‘web,’ even though it is a visual graph of nodes).”
The PlanLab launch expands DeepVest’s platform into financial planning, building on its existing capabilities across proposal generation, market data, portfolio analysis and continuous monitoring, the firm said.
PlanLab includes an AI planning assistant and calculators for Social Security claiming strategies, Roth conversions, withdrawal sequencing, required minimum distributions, estate taxes and annual gifting, according to DeepVest. The calculators use deterministic calculations, which apply defined rules rather than AI-generated estimates. The firm said every AI-generated recommendation requires advisor review and approval.
Advisors can import existing plans and client documents, draft documents and emails for clients and run nightly diagnostics as client information changes. Its plan drift scoring measures departures from the last recorded plan to help advisors identify potential actions, according to the firm.
PlanLab was built on DeepVest’s platform, according to the firm, which combines AI-driven workflows with deterministic calculations to deliver accurate, transparent and auditable results.
Information and decisions from elsewhere in DeepVest’s platform can flow into the financial plan, while PlanLab maintains a record of decisions and re-evaluates the plan as new client information is added, it said.
Advisors can also use PlanLab along with an existing financial planning system by importing a plan as a starting point, with no need to replace their current setup, DeepVest said.
“Many of PlanLab’s capabilities address longstanding challenges advisors have faced with traditional planning tools and have communicated, while others introduce new possibilities for how financial planning can fit into their day-to-day workflows,” Eyre told WSR.
“Advisors have long relied on planning systems that don’t speak to their other tools and produce static documents, making financial planning a somewhat performative exercise for all but the most planning-focused firms,” Eyre said.
Eyre said, “PlanLab’s ability to identify opportunities in real time anywhere in the client’s financial life has resonated with advisors, as has the ability to drop in existing plans and any other documents to immediately populate a client’s plan.”
“A financial plan shouldn’t be a static report that starts on the road to expiration the moment it’s emailed to a client,” Toby Wade, Co-Founder and CEO of DeepVest, said in a press release.
“The wealth management industry is awash with financial planning tools, yet advisors are still left piecing together client profiles, spending countless hours trying to understand how one financial decision affects everything else.”
Wade added, “With PlanLab, when something changes, whether delaying retirement, selling a business or adjusting an investment strategy, the advisor can see the impacts of the decision and move to update the plan accordingly.”
PlanLab spans 11 planning domains and maps 53 connections between them, and is included as part of the DeepVest platform at no additional cost to advisors, the firm noted.
The launch represents the latest in a series of platform enhancements by DeepVest, following the recent launches of MonitorLab and its Day One Program for emerging RIAs.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
