Archives

FP Alpha releases 2nd Generation Roth Conversion tool, The Roth Conversion Simulator, allowing financial advisors to instantly optimize, visualize, and quantify Roth conversions to better serve clients

FP Alpha

FP Alpha, an AI-driven advanced planning platform for financial advisors, announced the next iteration of its Roth conversion tool, The Roth Conversion Simulator, enables advisors to identify how much to convert, when to convert, and what it’s worth, simply by clicking a button.

The enhanced Roth Conversion Simulator allows advisors to customize inputs such as conversion amounts, years to convert, and kick-off age and the tool shows the effects of this conversion on the Roth account and Traditional IRA account as well as total taxes paid over the client’s lifetime.

Also Read: EverView Appoints Dean Cherry to Chief Executive Officer Role

FP Alpha, the AI-driven advanced planning platform for financial advisors, releases The Roth Conversion Simulator 

Additionally, if an advisor is unsure of how much to convert or when, they can use the tool’s optimize function which will tell them exactly how much to convert, for how many years and at which age to start converting.

The new enhancements focused on increased functionality and calculation flexibility within the tool that includes adding a kick-off age variable, the ability for advisor to edit income for specific years, and interactive year over year graphical analysis.

“Our enhanced Roth Conversion Simulator allows advisors to model custom conversion amounts, number of years and kick-off age which is incredibly important when providing holistic planning services to clients,” says Andrew Altfest, Founder and CEO of FP Alpha.

“And what makes our tool even more unique is its simplicity, the optimization function tells the advisor the optimal conversion scenario for that client,” he continues.

“Additionally, the new input screen allows an advisor to make all adjustments in one place, a huge benefit, and also includes flexibility with a new toggle to pay conversion taxes from an outside account or not, the most highly requested feature to enhance,” Altfest says.

The Roth Conversion Simulator, part of FP Alpha’s Tax Module, is easy to utilize.  Advisors just simply upload clients’ tax returns and the platform’s AI will read and extract the data in a matter of minutes, saving significant time and resources.

In November, FP Alpha enhanced their other tax tool, The Tax Projector, bolstering its functionality, adding state and federal analysis along with a multi-year, unlimited scenario offering enabling advisors to further scale and automate their tax planning efforts as well as estate and insurance.

Now with enhancements to both the Roth Conversion Simulator and the Tax Projector tools, it is easier for financial advisors to take a proactive role in the tax planning process with their clients.

SOURCE: PR Newswire