Altruist has launched an AI-powered financial planning agent within Hazel, its AI platform for financial advisors, allowing advisors to create personalized financial plans in minutes.
The offering covers six core planning workflows: retirement planning, investment optimization, cash flow analysis, estate planning, tax strategy, and insurance and risk.
Altruist said these workflows traditionally take advisors hours to complete, while Hazel can produce comprehensive advisor-ready plans within minutes.
The financial planning agent is available to advisory firms regardless of whether they custody client assets with Altruist.
Advisors can also use the platform for real-time scenario modeling with clients, examining how changes to savings, investment, and spending strategies could affect financial outcomes.
Hazel builds plans using information collected from financial documents and data automatically captured from client meetings, communications, notes, and connected data sources.
Altruist said Hazel uses AI to gather and understand client information but does not rely on generative AI to calculate financial figures. Dedicated calculation programs perform the computations, meaning the numbers included in financial plans are calculated rather than AI-generated.
The platform operates under zero-data-retention agreements with its AI model providers. Those providers are prohibited from retaining Altruist or customer information, and Altruist said Hazel customer data is neither used to train AI models nor sold to third parties.
The financial planning agent follows Hazel’s earlier AI-powered tax planning capabilities and represents the second installment in a broader series of planning solutions expected for the platform.
KEY QUOTES:
“Hazel’s financial planning agent allows a single advisor to do much of the work that a shop full of specialists would do, in a fraction of the time. We believe this launch will fundamentally shift how advisors operate and how firm owners run their businesses.”
Jason Wenk, Founder and CEO of Altruist
