Your Financial Plan Preparation Agent Drafts Updates While You Advise
What it takes off your plate
The AgentWorks Financial Plan Preparation Agent takes the gathering and drafting behind every plan update off your advisor and paraplanner, so the advisor's evenings go back to the household and the working day goes to the clients sitting across the table.
Here is how plan updates happen in most practices. The top households get a refreshed plan every year because the advisor makes time for it. Everyone else, the B- and C-tier households who trusted you just as much, waits. Their plan was built when they became clients and has not moved since. The retirement date changed, a child started college, an old employer plan was rolled over, and none of it made it into the planning software, because updating a plan means chasing the client for statements, logging into the custodian, re-keying balances and checking every assumption by hand. That is a project for several evenings, and the week never has several evenings in it.
The cost is quiet. Clients sit in review meetings looking at projections built on a life they no longer live, and prospects referred by those clients hear that the plan "was done a while ago."
What the Financial Plan Preparation Agent does, step by step
The Financial Plan Preparation Agent starts with the client outreach that stalls most updates, then does the data work.
- Asks the household what changed. Ahead of each scheduled update, it emails or texts the client a short set of questions: a new job, a new child, a home purchase, a change in retirement plans, a new account held away.
- Chases the missing statements. When a household has a workplace retirement plan held away, an old IRA or a policy you do not custody, it requests the current statement and follows up until it arrives, logging every attempt.
- Confirms the review meeting. Once the update is drafted, it offers the client times on the advisor's calendar and sends the confirmation and a reminder.
- Pulls current balances and positions. It gathers custodian data from your portfolio system, such as Orion, and matches each account to the household in the plan.
- Drafts the plan update in your planning software. It enters the new balances, contributions and client answers in the format your planning software, such as eMoney, expects.
- Flags assumption changes. It lists every assumption that moved, such as a retirement age, a savings rate or an income need, next to the old value, so the advisor sees what changed and why.
The Financial Plan Preparation Agent does not change a recommendation or give advice. It prepares the draft under your firm's planning procedures; the advisor reviews every assumption, decides what the plan says and signs off before the client sees it.
Where the work is recorded
An agent that cannot record its results is a chatbot. The Financial Plan Preparation Agent writes its work where your team already looks. In the CRM, such as Redtail or Wealthbox, each household record shows the questions sent, the client's answers, which statements are still outstanding and when the review is booked, so a service associate can pick up exactly where the agent left off.
The draft itself lives in the planning software, marked as awaiting advisor review, with the list of changed assumptions attached to the household. When the advisor approves it, the plan version and the approval date are recorded for your files.
So the next morning the advisor opens one list and sees which households have a draft ready for review, which are waiting on a statement, and which clients answered overnight with news worth a phone call. Turning a draft into a finished plan becomes a review session, not a rebuild.
Advisors who keep their plans current also tend to fix the rest of their prep, as described in ending the midnight scramble before client reviews and a client review workflow for wealth managers.
What your people do instead
Your advisor gets the evening back and spends the day with clients. The meeting that used to open with "let me pull up your plan" opens with the question the draft raised: the client moved their retirement date, so what does that mean for the house they want to buy? That is a planning conversation, and it is the one clients pay for.
Your paraplanner stops re-keying balances and starts reviewing the flagged assumptions with the advisor. Your service associate answers the client who called about a distribution, not the one who wants to know when their plan will be updated. Every household, not only the largest, gets a plan that reflects their life.
The agent keeps the outreach, the statements and the drafts moving. Your people keep the relationships. The same division of work shows up in cutting the midnight prep drag before each review.
One next step
Not sure plan updates are the first workflow to hand over? The free Financial Advisor Industry Assessment shows which workflow an agent should take first in your practice. To see the AgentWorks Financial Plan Preparation Agent alongside the rest of the advisory team, visit the Financial Advisor industry page.
See where the Financial Plan Preparation Agent would start in your financial services business.
I'm Harris, the Financial Services ambassador here. The free Industry Assessment reads your website and asks how calls, follow-ups and records happen today, then shows the first workflow worth handing to an agent like this one — and what your team gets back. Leave your email and I'll send the link.
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