By John Manganaro
Income Laboratory, a retirement planning software provider, has introduced a suite of artificial intelligence tools designed to save advisors time, reduce manual work and improve client confidence throughout the planning process.
The new suite includes three individual tools in the form of an AI plan builder, an AI interviewer and an AI assistant.
The plan builder eliminates manual data entry and can turn unstructured data from notes, documents and transcripts into usable data. The interviewer guides clients and prospects through focused planning conversations that can be fed into the plan builder. Finally, the AI assistant delivers answers to advisors’ planning questions and concerns.
Derek Tharp, head of innovation at Income Lab, detailed the new features in a video posted on LinkedIn, where he demonstrates how the AI tools can be used to build a financial plan in a matter of minutes.
“With this, we can [use] any text or PDF document, maybe an old financial plan, maybe a financial planning questionnaire,” Tharp said. “It could be an old transcript or meeting summary from an AI notetaker. What I think is actually really fun is building a plan from just a voice note. Quite literally just talking to build a plan.”
In a statement, Income Lab’s co-founder and president, Justin Fitzpatrick, said the AI suite was designed to work alongside advisors, not replace them.
“The new tools eliminate hours of work building and updating plans, giving advisors more time to focus on strategy, deepening client relationships, and the human side of advice,” Fitzpatrick added.
The article was originally published on ThinkAdvisor here: https://bit.ly/3Jg6Dhd
