Envestnet | MoneyGuide, FP Alpha Integration Empowers Advisors to Offer More Personalized Advice
On Jan. 20, 2022, FP Alpha announced a new integration with Envestnet | MoneyGuide aimed at enhancing personalized financial planning for advisors. This integration enables advisors to upload client financial documents and instantly identify actionable planning opportunities, streamlining the advisory process. The tool leverages AI for summarizing client data, allowing advisors to provide tailored recommendations efficiently. A webinar showcasing the integration will be held on Feb 1, 2022.
- Integration enables streamlined financial planning, reducing duplicate data entry.
- AI-driven tool enhances the personalization of financial advice, benefiting both clients and advisors.
- The collaboration is anticipated to improve the advisory value proposition by offering comprehensive, actionable recommendations.
- None.
NEW YORK, Jan. 20, 2022 /PRNewswire/ -- FP Alpha, an artificial intelligence-driven, holistic financial planning solution, and Envestnet | MoneyGuide, an industry leader in client-centered financial planning innovation, announced today a powerful integration which will allow advisors to take their goal-based planning for clients one step further by highlighting additional planning recommendations increasing their overall value proposition.
FP Alpha enables advisors to upload a client's financial documents: wills, trusts, tax returns, and insurance policies to instantly summarize the data and identify actionable and personalized planning opportunities. This quantifies the value of the advice to clients and prospects. With 40 subject matter experts, including estate attorneys and insurance specialists, FP Alpha offers comprehensive financial advice spanning a person's life.
"Many of the advisors who utilize FP Alpha also use Envestnet | MoneyGuide as their retirement planning software and they asked us to prioritize this integration, and so we did just that," said Andrew Altfest, CFP, Founder and CEO of FP Alpha and President of Altfest Personal Wealth Management. "The integration eliminates duplicate data entry therefore saving the advisor significant time and getting to the advice of the tool faster – which is where the real value add is."
Specifically, the tool, utilizing AI, reads client documents such as tax returns, wills, trusts, insurance policies, extracts and analyzes the data and provides specific recommendations based on those documents. The Tax and Estate snapshot allow advisors to provide a summary of the clients' current situation in the matter of minutes. They can also model various tax and estate scenarios to show the value of their advice.
The MoneyGuide integration will allow FP Alpha to populate demographic data as well as the net worth items including Traditional and Roth IRA's, 401(k) and 457 Plan's, Brokerage Accounts, Life Insurance, Student Loan's, and 529 Plans, to name a few. A joint webinar to explain how the integration works will be held on Feb 1st and is complimentary and can be found here, Registration (gotowebinar.com)
"At Envestnet | MoneyGuide, we believe the future of financial advice revolves around data and personalization," said Rose Palazzo, Group Head at Envestnet | MoneyGuide. "This integration with FP Alpha will help advisors to connect more dots for clients, seamlessly bringing more of the details on a client's overall financial life, including estate planning and retirement goals, into the picture."
About FP Alpha Founded by financial planner and industry leader, Andrew Altfest, CFP ®, FP Alpha is an AI-driven comprehensive wealth management solution that helps advisors identify actionable recommendations to clients, in a scalable, intelligent, and cost-efficient manner. FP Alpha is designed to integrate seamlessly into the many stages of the financial planning process and is complementary to the advisor's current financial planning software, starting where they stop. By leveraging AI learning and subject matter experts across 16 financial planning disciplines, this innovative tool allows advisors to uncover new planning opportunities and provide clients with more holistic advice. For more information, please visit: https://fpalpha.com and follow us on Twitter @_FPAlpha and on LinkedIn.
About Envestnet
Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Nearly 108,000 advisors and more than 6,000 companies—including 17 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies—leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors, and their clients.
For more information on Envestnet | MoneyGuide, please visit www.moneyguidepro.com and follow us on Twitter at @ENVMoneyGuide or LinkedIn.
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SOURCE FP Alpha
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