Investors are looking for more complex advice, so how is technology helping bridge the gap in areas of financial planning that are currently underserved, like estate and tax planning?
In this episode, Shannon Rosic, director of WealthStack Content and Solutions, speaks with Andrew Altfest, CEO and founder of FP Alpha, to learn how his firm is empowering advisors to identify more actionable opportunities.
Shannon and Andrew discuss:
- Why there’s a disconnect in what investors want and what some advisors deliver;
- Why investor needs have become so complex;
- How AI is being used effectively now in the financial planning process; and
- How financial advisors can use advice engagement tools to quantify and communicate the value they are creating for clients.
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About Our Guest:
Andrew Altfest, CFP, MBA is the founder and CEO of FP Alpha, the first AI-driven comprehensive financial planning solution that enables advisors to provide actionable and personalized recommendations to clients across over 15 financial planning disciplines, and is complementary to their current retirement planning software, starting where it stops.
The software enables financial advisors to save time in the planning process through document automation, showcase their value beyond investments and create a customized deliverable for their entire client base.
Founded in February of 2020, FP Alpha is regularly cited by industry experts and advisors as one of the most innovative wealthtech solutions for advisors. Andrew is also the president and principal advisor at Altfest Personal Wealth Management, a $1.5B RIA based in New York City. There he advises clients about their personal finances and drives financial planning strategies across the firm. He is also an active member of Altfest’s Investment Committee and the Portfolio Action Group, which sets investment strategy for client portfolios.
As a leader of Altfest Personal Wealth Management, Andrew has spearheaded a number of initiatives to expand the firm. These have included organizing different practice groups focused on client segments, launching private equity solutions and directing the firm’s Young Professionals group aimed at millennials. He also has encouraged further formalizing investment processes and led the introduction of a new technology process mandate with digital planning, to enhance decision-making, client experience and productivity. Additionally, Andrew leads the firm’s efforts in the tax management of investment portfolios and advises clients on charitable contributions.