Mili, an AI platform for wealth management firms, and Holistiplan, a financial planning platform, are partnering to enable financial advisors to include complete tax planning information in all client meetings, the two firms announced yesterday.
The partnership lets advisors include tax planning numbers and strategies in all of a client’s planning sessions.
Through information accessed and analyzed with AI, the advisor can include an individual client’s data in each relevant stage of the planning process. At the first client meeting, the advisor can have the client’s latest tax summary in his or her possession, so he or she can ask specific questions and get answers drawn from the tax return itself. He or she is then able to use Holistiplan’s analyses during the planning conversation.
The use of the AI tools allows the advisor to find strategies that work for the client across all aspects of the planning process so that tax planning is weaved into the total plan, Mili said.
Holistiplan says its platform is used by more than 10,000 firms nationwide, and that it analyzes tax returns, insurance policies, and estate documents to find planning opportunities and generate client-ready documents for the advisor.
“The partnership makes a client’s tax picture part of the whole advisory relationship, extending tax advice from a seasonal exercise to a year-round discipline,” the two firms said in announcing the partnership.