Andrew Altfest, president of Altfest Personal Wealth Management, claims he’s launched “the first comprehensive wealth management platform to utilize artificial intelligence.”
Dubbed FP Alpha, the software is designed to streamline various financial planning processes and integrate with existing financial planning software, allowing advisors to scale up, increase productivity and reduce time spent on administrative tasks and other labor-intensive duties, Altfest says in a press release. At the same time, Altfest’s aim is to help advisors demonstrate their value and justify their fees through “compelling output displays” that will set them apart from mere robo-advisors, the company says.
“The emergence of artificial intelligence allowed us to build a tool that meets clients’ needs for more in-depth financial planning services while analyzing their financial wellness on a deeper level than humanly possible,” Andrew Altfest says in the press release. “Previously when working comprehensively, there has been no way to scale, while the robo-model has essentially commoditized basic planning. Our industry needed a user-friendly wealth management tool that allows us to cover more ground quickly and gives us an edge as premium service providers, which is what FP Alpha provides."
Altfest Personal Wealth Management oversaw around $1.3 billion as of December 2019, the company says. Andrew Altfest is a certified financial planner who’s been in the industry for more than 15 years and is a member of the National Association of Personal Financial Advisors and chairman of its New York City chapter, according to the press release.
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