AI powers new tech for advisors to manage tax, research and more

AI technology is providing a steady flow of solutions for advisors to enhance their offering to clients and boost their own productivity – and here are two new options that are now available.

First, for advisors wanting to add tax planning to their services, or gain new power in doing so, FP Alpha has announced today (Jan 14) that its popular FP Alpha TAX solution, which has been part of a wider bundle, is now available as a standalone product.

The full suite of tools available on the AI powered platform includes estate planning, insurance planning, and a prospect accelerator, but offering the tax module as an unbundled product gives advisors more flexibility and makes it viable for those who want to focus only on tax planning.

The tax solution includes tools providing tax snapshots, projections, and automatic identification of optimal Roth conversion strategies.

“Unbundling our Tax offering to create FP Alpha TAX, is a game-changer for financial advisors who want to focus on delivering unparalleled value in tax planning,” said Andrew Altfest, CFP and Founder of FP Alpha and President of Altfest Personal Wealth Management. “Our tax planning tools empower advisors to efficiently tackle complex tax scenarios, saving time while enhancing the client experience. We’re thrilled to offer this flexibility and help advisors elevate their services in a meaningful way.”

MORNINGSTAR SUITE

Further adding to the growing selection of advisor technology using artificial intelligence is Morningstar’s Direct Advisory Suite which has been launched this week.

It’s a comprehensive solution for advisors to conduct research, build and analyze portfolios, and generate client proposals. It’s built on the foundation of the firm’s Direct Platform, the unified data, analytics, and research solution that supports its enterprise solutions, and expands the capabilities of the current Advisor Workstation application.

“Direct Advisory Suite represents the next evolution in advisor software,” said James Rhodes, president of the Direct Platform. “By integrating a connected set of capabilities, it simplifies the complex workflows of today’s financial advisors. Powered by Morningstar’s robust data, research, and analytics, the suite empowers advisors to engage with their clients with personalized advice that is easy to understand.”