Advanced Planning with a Twist of AI


Recorded at the T3 Advisor Conference 2022.  Presented by:

Advisorpedia interviewed Andrew Altfest, President of Altfest Personal Wealth Management, at the T3 Advisor Conference in May, 2022.

Resources: Altfest Personal Wealth Management

Related: Why Advisors Need a Great Data Culture


Planning today. I mean, it's it's hard enough to do. And it's most of the industry is still not even doing planning. It's time consuming. . .

And then when you get into specialized planning, you get into advanced planning, these areas that are complicated where you're reviewing tax documents, and you're trying to find opportunities to reduce client taxes or estate planning the gaps and opportunities and you're reading legal documents, insurance, the same thing, and so on and so forth.

I mean, estate planning, these specialized areas like estate planning are just so time consuming, so complex. And so trying to get people to to practice in them has been really challenging. What we are doing with AI is that we are making it incredibly simple. The estate planning snapshot is a first of its kind tool, doesn't it? This doesn't exist anywhere else.

We launched the at the T3 conference after being in pilot with a very large publicly traded company in their advanced planning team. And what it does is it allows advisors to upload legal documents wills trust, whether the revocable a revocable FPL for uses AI to read those trusts, and then summarize them creating a flowchart. And so according to those documents, you can see how a client's estate is set to transfer and who are the key people. And so something that either we had to do manually using PowerPoints and reading documents, that would take a huge amount of time and wasn't very fun to do, either. That was the the way of doing it for the wealthy. Or it just wasn't done before because there's only so much time in the day. And even if you're doing it for the wealthy, there's no way that many people can justify doing it for all their clients. So we're enabling advisors to provide an important estate planning deliverable to all their clients and save an incredible amount of time. And clients are demanding this service, over 90% of them want it and so we're really excited about the opportunity and the release at the T3 conference.