FP Alpha has updated its Estate Lab software with a new tool designed to give advisors and their clients a clear picture of how asset growth could impact estate tax liabilities and the amount of wealth to be passed to heirs.
Estate Lab lets advisors show clients how their assets will progress in the near term and longer term if they implement the advisor’s estate planning recommendations, according to a news release from FP Alpha. The updates are to Estate Lab’s Estate Planning Module.
Using the new Asset Projection functionality, advisors can input custom growth rates per asset and project balances over time, providing clients with a clear picture of how asset growth could impact estate tax liabilities, and the amount of wealth passed to heirs. Advisors can show asset and tax projections without having to build complex custom flowcharts in PowerPoint, according to the release. “This saves time and allows advisors to provide this service at scale to all their clients, not just the ultra-high net worth,” the company stated.
“In light of the upcoming changes to the Tax Cuts and Jobs Act, these enhancements are timelier and more impactful than ever,” said Andrew Altfest, CFP, CEO of FP Alpha. “The ability to project and quantify asset growth provides both advisors and clients with valuable insights for future estate planning decisions.”
Additionally, FP Alpha integrated the Automation for Joint Cases into the Estate Snapshot Feature. This complements existing automations for simple cases (revocable trusts, wills, POAs, and healthcare directives) and A/B use cases launched earlier this year. The update streamlines the process, which lets advisors provide more precise and tailored estate planning to all their clients, not just those who are ultra high net worth.
FP Alpha also announced that it has just been recognized by two industry media brands, Financial Planning and WealthManagement.com.
Financial Planning named FP Alpha as one of nine winners of its inaugural AI Innovation Awards, honoring achievements in developing AI technology within the wealth management industry and implementing solutions that improve the growth and scalability of firms and enhance client engagement and experiences.
WealthManagement.com awarded FP Alpha the “Wealthie” for Technology Innovation in Estate Planning. “It means a lot to me and to the FP Alpha team to get this recognition, especially with all the many competitive firms that were up for this award,” said Altfest.
