Tech roundup: New financial planning software launches

Toronto-based financial planning and analysis software company Friedmann AI launched in December.

Friedmann is trying to win advisors with its user interface, Michael Dutra, CEO of the fintech, said in an interview. Many values like the interest rate, registered account contributions and years of property ownership are adjusted on sliders.

Another core offering is its dictation input. Instead of filling out individual fields, advisors can talk to the software and the natural language processing AI will input the data.

The dictation input area is also a chat box where advisors can query the client profile, such as how much is in each registered account has or the total value of their properties. The AI also suggests next steps, such as creating a RESP for the client’s grandchildren.

Advisors can also copy a full transcription of a client meeting into the textbox and ask it to update the fields. In the near future, users can schedule Zoom meetings directly through Friedmann, Dutra is just waiting for Zoom’s approval for the integration.

IBM built Friedmann’s technical architecture, Dutra said. AI capabilities require lots of processing power, so partnering with IBM allays server capacity concerns.

In the three months prior to the launch, 24 financial advisors beta tested the software, Dutra said. In addition, he had consulted with industry practitioners from independent advisors to executives of large firms.

Friedmann can model the lifetime capital gains exemption for Canadian business owners, model future capital gains taxes for secondary properties and estimate estate values and probate costs, among other capabilities.

Friedmann doesn’t have any customer relationship management software integrations yet, but Dutra said this can be done on large enterprise deals. To support advisors who want to switch from another financial planning software to Friedmann, the AI can import plans created by competing software from the PDF plan.

Pricing comes in three tiers. It will cost about $50 monthly for 50 clients, $70 monthly for 100 clients and $90 a month for unlimited client profiles. The AI dictation input feature isn’t available on the lowest tier due to the tool’s running cost, Dutra said.

Conquest Planning’s new CEO

Financial planning and analysis software firm Conquest Planning has a new CEO; Brad Joudrie succeeded Mark Evans on Jan. 1.

Joudrie joined Conquest in 2019 and was previously the chief revenue officer. Evans will stay on as executive chairperson to guide the company’s long-term product strategy.

Online insurance company partners with RESP promoter

Online insurance company PolicyMe has entered into a referral partnership with RESP promoter Embark.

Embark clients are introduced to PolicyMe’s insurance website after opening an RESP account, according to a release. “This collaboration helps families plan comprehensively, helping ensure children’s educational futures while protecting loved ones from financial hardship in the event of a sudden loss.”

The two companies will also hold joint webinars and make educational on savings and life insurance.