FP Alpha, a tech company based in New York, has introduced a tool designed to help advisors create a detailed picture of their clients’ financial status by incorporating insurance information.
The firm will also be unbundling its estate planning module, the Estate Lab 2.0, so advisors can purchase it separately without having to buy its entire platform.
The firm, which runs an AI-driven planning platform for advisors, rolled out P&C Snapshot as a tool that will analyze a client’s overall insurance protection, said Andrew Altfest, the founder and CEO of FP Alpha.
It will also recommend ways to improve the client’s financial status, according to Altfest, who is also the president of his family’s namesake firm, Altfest Personal Wealth Management.
“Most clients of financial advisors want them to help with home and auto coverage but there hasn’t been a way for clients to actually get that help,” he said. “Almost no advisor was offering that help because there was no way for them to look at homeowners' and auto insurance.”
P&C Snapshot will become available to advisors in two months, Altfest said. The price of the product has not yet been released.
The firm also announced it has unbundled its Estate Lab from the rest of its tax and insurance capabilities. To use the lab, advisors submit their client’s relevant documents, including wills, trusts, medical directives, and uses FP Alpha’s AI to lay out the likely outcome of different scenarios.
“To further improve their planning, the advisor can run different scenarios,” Altfest said.
The tech firm also unveiled enhancements to the lab that will allow the system to automatically transfer important information from wills and trusts to the lab, instead of through manual input.
“This will allow advisors to easily compare alternative estate planning scenarios to the current one, by pulling in assets to illustrate how those assets would transfer at death today and at death of the first and second spouse,” the firm said in a statement.
Advisors can purchase this module at a cost of $1,899, Altfest said.