FP Alpha, the innovative AI-powered advanced planning platform, has officially announced the launch of its FP Alpha TAX, which departs from the company’s original platform to become available as a standalone product.
According to certain reports, the stated departure is expected to help the company provide cutting-edge tools, all for the purpose of enhancing its customers’ value proposition and offering advanced planning services, such as tax and estate planning services.
More on the same would reveal how FP Alpha TAX is designed to simplify tax planning, increase efficiency, and deliver value at the disposal of clients through actionable insights. You see, by leveraging the ability to project, compare, and optimize tax strategies, FP Alpha TAX will effectively turn the often complex and time-consuming process of tax planning into a streamlined, impactful advisory service.
Talk about the given solution on a slightly deeper, we begin its promise to provide a tax snapshot and insights. Here, FP Alpha TAX brings forth over 20,000 Tax Snapshots to help advisors and firms access instant, visual summaries of key tax return details, including MAGI tiers, federal and state tax data, charitable deductions, QBI analysis, and more. Such a comprehensive data, like you can guess, can help users stay ahead of pending legislation updates and their potential impacts on client scenarios.
Next up, we must dig into the solution’s tax projector tool, which makes it possible for users to upload client tax documents before projecting and comparing various federal and state tax scenarios. This includes model income tax projections across multiple years, along with an option to evaluate dozens of tax strategies side by side, including changes in filing status and income levels.
In terms of comparison, you can also compare strategies such as Roth conversions, charitable giving, and income-related planning techniques to reduce tax liabilities and provide measurable client value.
Staying on the point of Roth Conversations, FP Alpha’s latest brainchild also comes decked up with a Roth Conversation Stimulator. The stated stimulator can be expected to identify optimal Roth conversion strategies, including amounts, timing and the overall impact. Furthermore, users can leverage the given solution to customize conversion inputs and visualize the effects on Roth and Traditional IRA accounts, as well as lifetime taxes.
In case that wasn’t enough, you can also use the “Optimize” function to pinpoint the most efficient strategies for conversion.
“Unbundling our Tax offering to create FP Alpha TAX, is a game-changer for financial advisors who want to focus on delivering unparalleled value in tax planning,” said Andrew Altfest, CFP and Founder of FP Alpha and President of Altfest Personal Wealth Management. “Our tax planning tools empower advisors to efficiently tackle complex tax scenarios, saving time while enhancing the client experience. We’re thrilled to offer this flexibility and help advisors elevate their services in a meaningful way.”
Among other things, we ought to mention how FP Alpha TAX is designed to improve upon client experiences, an objective it achieves by reducing clients’ tax bills through personalized, data-driven strategies that demonstrate clear value. The solution also deploys here a set of actionable insights on tax opportunities to help clients achieve their financial goals.
Beyond that, there is the prospect of enhanced efficiency, which is realized on the back of streamlined tax planning workflows with automated document uploads and analysis. For instance, we referred to how FP Alpha TAX can generate sophisticated projections and comparisons, but what we haven’t mentioned yet is that it can do so within minutes. This frees up time for client engagement and strategic planning.
Rounding up highlights is a facility to increase advisor differentiation. Here, the methodology involves delivering tax planning expertise typically unavailable from traditional advisory firms. Apart from that, it includes building stronger client relationships by addressing a critical and often overlooked area of financial planning.
Founded in 2018, FP Alpha’s rise up the ranks stems from empowering advisors to identify actionable recommendations for clients, in a scalable, intelligent, and cost-efficient manner. The company’s stature, at the moment, can also be understood once you consider it offers AI learning and subject matter experts across 16 financial planning disciplines, including tax, estate and insurance.
