Wealthtech startup RISR on Tuesday announced the launch of an AI-powered document analysis and risk management module that it said was designed to give advisors instant, actionable intelligence from risk documents such as buy-sell agreements and insurance policies. The firm will include the module in its existing subscription at no additional cost, it said.
The new module is currently in beta testing with a “select customer set, with a full blown release to our entire customer base slated for May 24,” Jason Early, CEO and Founder of RISR, told WSR by email.
The beta test has been over a four week period, including dozens of RIAs, broker-dealers and insurance companies, “including both advanced planning desk, home office, and individual advisor users,” he said.
“Feedback has been incredible,” he told WSR.
Pointing to a typical advisor comment, he said: “I used to have to send documents like this to a lawyer or an advanced planning desk and wait days or weeks for a summary so that I could incorporate into advice to my client. Now, I've got real time access to summaries that highlight risks, considerations, opportunities and more.”
“Advisors know business owner clients are a major growth opportunity and need ways to demonstrate their value from the first conversation,” Early said in a news release.
He continued, “With the ability to uncover hidden risks surrounding the business in minutes, advisors are building deep trust with owners from day one.”
Advisors using it can “upload buy-sell and insurance documents, and the platform identifies potential risks to an owner’s equity in the event of death, disability or dispute, surfacing gaps across ownership transfer mechanics, valuation clauses and insurance coverage,” RISR said.
“We believe it’s our job to unlock the power of AI for advisors looking to bring new services to business owners in a reliable and effective way,” Alex Michaels, Head of Product at RISR, said in the news release. “Advisors get the power of an advanced planning desk behind them, and owners get protection from potentially critical exposures.”
RISR customers looking to benefit from the new module include Integrated Partners.
“Integrated is always looking to add value to our advisors and their clients, who are often high-net-worth business owners,” Peter Kaplan, Executive Vice President, Planning and Insurance Solutions at Integrated Partners, said in the news release.
Kaplan added, “RISR’s new module gives our advisors an immediate edge. What used to take hours of specialist review now happens in minutes, with clear summaries, risk flags and recommended next steps. That speed and clarity is changing how our advisors approach business owner conversations.”
The module’s launch follows RISR’s recent platform upgrade, announced in September, that it said introduced a Succession & Exit Planning tool.
The firm also plans to introduce a tax planning module later this year that it said will use its AI-based business tax return reader to identify optimization opportunities and support scenario modeling.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
