How Advisors are Leveraging AI Tools to Increase Their Bottom Line
Executive Summary
· Tax Planning: Holistiplan automates tax planning and identifies planning opportunities.
· Note Taking: Zocks takes better, more detailed notes with the click of a button.
· Prospecting: Catchlight provides household data with a name and email address.
Advisors are leveraging AI tools to streamline manual work and operations so they can serve twice as many households without doubling payroll. Here's a quick rundown on three AI tools advisors continue to rave about!
Holistiplan Tax Software - What used to be a manual process of reviewing tax documents and excel calculations is now as simple as scan, review, and implement. Holistiplan generates clear, concise reports advisors can use to know exactly how much money a client can ROTH convert without bumping into the next tax bracket, where opportunities are for tax-loss harvesting, and show clients proactive tax strategies. https://www.holistiplan.com/
Zocks Note Taking - I had an advisor recommend this a couple months back, and her recommendation has led to some serious time saved! A client meeting used to require ~30 minutes of manually entering notes into our CRM. Zocks takes better, more detailed notes and only requires a couple minute review to ensure everything is accurate. It integrates with all the major CRMs. https://www.zocks.io
Catchlight Prospecting - Catchlight saves advisors time scouring the internet for prospect info by providing hard to get household data. With a name and email address they get you data on net worth, income, age range, hobbies, etc. https://catchlight.ai
Spotlight Client Solution*
7.6% Immediate Income at Age 65
A 65 year old would need to earn a net return of 6.55% each year until they're 90 if they wanted to use $100k to generate $7,600 of income without running out of money.
It's possible to do this in the market, but many advisors are using F&G's Safe Income Advantage to provide their clients with baseline income to supplement social security.
Notable Client Solutions*
Lock-in 6.00% for 5, 7, or 10 years
The Fed is expected to lower rates later this month, and that has prompted many advisors to lock in today's rates for a longer duration rather than deal with potential reinvestment risk.
Revol One is leading the charge with a 6.00% guaranteed rate on their 5, 7, and 10 year MYGAs. Their product also offers liquidity riders for a small rate reduction.
8.75% Guaranteed S&P Cap
Revol One's Enduris 6 has become the go-to guaranteed S&P cap product after recent decreases from MassMutual Ascend and Global Atlantic.
· S&P annual cap guaranteed at 8.75% for all 6 years of the surrender schedule.
· 10% liquidity available years 2-6.
· Former CEO of Allianz is their CEO.
*Rates may be subject to premium banding. Products may not be available in all states. Replacement must be suitable and meet all requirements.
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