Altfest On Using Artificial Intelligence To Better Serve Clients

Andrew Altfest, President of Altfest Personal Wealth Management and Founder & CEO of FP Alpha, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss how FP Alpha uses artificial intelligence to help his firm and other advisors better serve clients. 

Altfest believes advisors should always seek opportunities to serve clients better.  Advisors can reach this goal by offering differentiated services as the advisory business becomes more competitive.  Advisors offering more services to clients may be able to charge higher fees while meeting more of their clients’ needs.  While clients find it relatively easy to find assistance with their investments, it can be more challenging to find help on estate, tax, and insurance planning issues. 

As Altfest was running and growing his own RIA firm, he found assisting clients with those issues difficult and time-consuming.  Altfest set out to automate those issues in 2017 and launched FP Alpha in 2020.  FP Alpha uses artificial intelligence to review client documents related to taxes, insurance, and legal issues.  The AI system scans and summarizes documents related to taxes, wills, trusts, and insurance policies, identifying gaps.  The system also generates reports that advisors can share with their clients.  Through automation, advisors can offer more services without spending more preparation time.


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