Integrated Financial Planning is crucial for every individual in the fast-developing world of today. According to Gallup and their findings, 55% of American adults with annual household incomes of $75,000 or more have a will.
The most important aspect of financial planning is Estate Planning to anticipate and make preparations for the management and distribution of a person’s assets while they are alive.
Taking into account these essential factors, Azilen collaborated with its client to develop an innovative solution to meet the expanding needs of Financial Advisors in the industry.
Compliance Management
Editing Engine
Estate Plan Creation and Mgmt.
Document Management
Broker-Dealer Management
Micro-service Architecture
The client is a leading financial services provider assisting Financial Advisors with new and relevant tools. These tools holistically improve its end client’s asset management & estate planning experience.
The client collaborated with us owing to our rich experience in developing and deploying similar integrated solutions in the Financial Planning domain. Azilen, undertook this assignment to implement a coherent platform supporting multiple stakeholders and users on it.
Financial Advisors Onboarded
Financial Institutions Integrated
Satisfied Clients
The customer sought to create a product with the latest business and technological developments in the estate planning industry. In order to coordinate estate planning strategies for their final clients, we merged the efficiency of cutting-edge technology with financial advisors and their firms in this solution. We developed a white-labelled SaaS platform that integrates and connects the estate planners, financial advisors, and their end clients under a single roof.
The overall solution for Integrated Planning (IP) comprises of a comprehensive platform that collaborates with financial stakeholders in executing an efficient estate planning process for the end clients and their families. The below infographic summarizes the platform and its stakeholders:
Estate planners are realizing that implementing the latest technology into their financial services is a faster, more efficient, and less costly way of working to produce legal documents for their end clients. It has multi-fold advantages such as:
Will be the super admin of the entire platform responsible for the configuration & creation of the estate plans & setting up the compliance for the respective broker-dealers.
Is essentially an Estate Plan reviewer for the various plan submitted by financial advisors. Also, the IP admin will handle the support tickets created by advisors /clients.
Is the Financial Firms rep. who will onboard the financial advisors, manage the firms’ white labeling aspect, & purchase & assign subscriptions/bundles to their advisors.
Is the face of the firm for the end clients. S/he will be able to help the clients to initiate their estate planning journey starting by form filling to getting the legal documentation done from the IP Admin.
Is the receiver of the estate plan service via the respective firm and advisor.
The following modules leverage technology with advisor support to enhance the capabilities of trusted financial advisors in solving end clients’ estate planning requirements.
1. Making processes secure and accessible through Authentication, Authorization, and Administration services:
2. Solving the content needs of Content Management & Support:
3. Creating and delivering different types of reports using Reporting Services:
4. Making the payment process rapid and secure using Subscription and Billing services:
5. Easing the Estate Plan Management workflows using:
6. Automating the Backend Processes & Operations through:
Traditionally, advisors drive clients’ concerns and advise them on estate planning with plan documentation. This Estate Plan document is usually a physical doc that is notarized with the state to make it legal. Following are the challenges associated with the same:
To solve the above-mentioned challenges, we proposed a blockchain-based signage module within the platform. In this, estate plans will be signed digitally and the final copy will be stored on Blockchain. The link for this final copy will be shared with clients for their access to the document.
This will not only help clients to not manage the physical documents but also increase trust as the blockchain-based ledger is immutable, so nobody can tamper with it. Some of the advantages of BaaS are as follows:
