The Future of Financial Planning

In this episode, host Jason Pereira talks to Andrew Altfest - Founder and CEO of FP Alpha, CFP and President of Altfest Personal Wealth Management. 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.

Episode Highlights:

• 01.16: Andrew Altfest talks about his inspiration to launch FP Alpha. In 2015 one of his advisors was asked this question “How are you different than a Robo-Advisor?”
• 02.11: FP Alpha provides a premium wealth management experience to clients; the fee justifies the value-add service that they provide. 
• 05.01: Andrew worked closely with his CTO, who has a background in Tech Development, and they built the first beta version of FP Alpha. It was used in his wealth management firm since 2018. Finally, in 2020 it launched it at the T3 conference. 
• 06.27: Andrew is focused on providing financial planning for the future. He is trying to evolve financial planning to Ver 2.0.
• 07.11: Jason talks about the other AI financial planning software that he has seen that are good. But with FP Alpha covers the semi-obvious gaps in the market. 
• 09.44: Jason enquires about “How the tax snapshot works?”
• 12.05: Jason and Andrew discuss how Investment is one thing, but taxation is entirely different. He is impressed by how Andrew has done extensive due diligence, and FP Alpha covers those points which can be easily missed. 
• 16.29: Jason and Andrew talk about the pricing structures. He points out Andrew has created a very differentiated service that provides tremendous value. 
• 18.15: Jason is really impressed by FP Alpha and asks to share Andrew about the roadmap.
• 19.50: Andrew talks about the first-of-its-kind holistic tool that they are going to launch. 
• 24.27: Jason talks about the reality that even if the system does all the work the level of knowledge, you have to have in order to understand why the system did what it did.
• 25.09: Andrew reveals the biggest challenge that he has faced to bring the company where it is today. 
• 28.50: Jason says that advisors can be indispensable at the end of the day if they provide greater and greater value to their clients. 

3 Key Points:

1. Andrew talks about his vision to help clients handle their financial issues with minimal time using advanced technology. 
2. Andrew explains, “FP Alpha extracts information using AI from documents and understands what that information is, that is then combined with algorithms and recommendations around planning opportunities are provided to advisors.”
3. Jason talks about how he is excited about the new platform. He inquiries about the modules Andrew has built so far and the value proposition.

Tweetable Quotes:

• “As much as we do today there is so much more that we are adding to the software.” - Andrew Altfest
• “I am truly excited with all this new stuff, because it is going to liberate so much more time, it is ultimately going to better client’s life.” - Jason Pereira
• “The best way to win pricing against commodity is not to be a commodity.” - Jason Pereira
• “We as an industry need our own propriety technology to showcase our value.” - Andrew Altfest
• “A consumer will never understand the level of complexities that a trained professional will. - Jason Pereira

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• FP Alpha
• Podcast Editing

Hosted on Acast. See acast.com/privacy for more information.