Wealthtech firm FP Alpha on Tuesday announced the release of an enhanced version of its Estate Insights 2.0 technology that it said was developed to provide advisors with “deeper, more actionable insights while streamlining the estate review process.”
By leveraging artificial intelligence (AI)-powered data extraction, the firm can now deliver “hundreds of data points—up from 30—directly from estate planning documents” that include powers of attorney, trusts and wills, it said.
The firm said that the enhancements include more thorough estate analysis for clients, identification of planning opportunities, and faster and more accurate risk discovery.
Estate Insights 2.0 allows for a “more data-driven, scalable, and compliant approach to estate planning—bridging the gap between financial planning and legal considerations,” FP Alpha said.
FP Alpha said Estate Insights 2.0 provides benefits including: AI-driven estate document analysis; a redesigned questionnaire enabling advisors to select between instant or in-depth analyses; categorization of insights with tags that label observations including informational insights (“analysis” tags) and actionable planning opportunities (“guidance” tags); and enhanced client engagement.
“Advisors are looking for tools that help them deliver real value and stand out in a competitive landscape,” according to Rachel Schwab, Head of Product at FP Alpha.
“This enhancement empowers them to do just that—while setting a new standard for estate planning excellence.”
The new insights were made available to advisors in April and, “so far, users are excited,” Schwab told WSR. “The enhancements were created based on feedback from users.” In particular, she said users like that advisors must ask clients fewer questions, which were reduced from 150 to 30.
“They also appreciate the new guidance versus analysis tags,” she added.
“Estate planning is one of the most overlooked yet impactful components of financial planning,” said Andrew Altfest, Founder and CEO of FP Alpha.
“With our enhanced Estate Insights feature, we’re not just improving efficiency—we’re equipping advisors to deliver a new level of value to their clients and redefine their role as proactive, holistic planners.”
According to the firm, the enhancements also give advisors a clearer view of an estate plan to better inform their clients with recommendations, as well as a “faster, more intuitive experience” in identifying opportunities.
By discovering estate gaps and collaborating with legal professionals, advisors will be able to take on more clients, generate increased attorney referrals and connect with Next Gen investors, the company added.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
