In this episode of Focused on the Future, industry veteran Suzanne Siracuse sits down with Andrew Altfest, president of Altfest Personal Wealth Management and founder of FP Alpha, to explore the transformative power of AI in financial advising and how it is reshaping the value proposition of the advisor.
Andrew shares his journey from early exposure to the world of wealth management to his groundbreaking work in developing FP Alpha, a cutting edge wealth technology solution. He discusses why more than traditional approaches may be needed for advising in the future and how advisors can redefine their value proposition to meet evolving client demands.
Specifically, Andrew discusses:
- His early exposure to the world of wealth management
- Why what has worked for advisors in the past will most likely not work for advisors in the future.
- Redefining your value proposition to respond to customer demands
- The catalyst that led him to create wealth technology solutions, FP Alpha
- Both technology and AI are supporting holistic planning
- Lessons learned from his mother on the importance of EQ
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About our guest:
Andrew Altfest, CFP®, MBA is President and Principal Advisor at Altfest Personal Wealth Management, a $1.7 billion RIA based in New York City. There he advises clients on their personal finances and leads firm-wide financial planning strategies.
Andrew is also the founder and CEO of FP Alpha, the first advanced AI-driven planning solution covering more than 16 areas of financial planning. The software enables financial advisors to save time in the planning process through automation, demonstrate their value beyond investments, and deliver a personalized and comprehensive experience that clients demand. FP Alpha provides financial advisors with the scale and depth of knowledge needed to enhance their planning practices by offering key offerings such as tax, wealth and insurance to their entire client base, usually reserved for high-end clients only. .