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New AI tool helping financial advisors explain annuities to clients

On Behalf of | Jan 12, 2024 | Firm News

As the financial industry continues to utilize artificial intelligence, a new AI product is reported to be helping advisors in the annuity sector.

According to InvestmentNews, the AI Annuity Assistant has been developed by Wealth 2K.  It is aimed at assisting financial advisors in educating their clients and prospects about annuities, which can sometimes be particularly complex for new investors to grasp.

“Annuities are difficult for many financial advisors to explain to consumers. Consequently, many people don’t take advantage of the unique benefits annuities provide,” David Macchia, founder of Wealth2K and developer of AI Annuity Assistant, was quoted as saying.

With specialized video content and AI avatars, AI Annuity Assistant creates customized AI Annuity Assistants that support the human agent in explaining the different types of annuity products and how they fit into an investor’s overall retirement plan.  The program gives advisors their own customized website that features the educational content.  AI Annuity Assistants can also urge prospects to connect with the advisor for a one-on-one meeting.

Macchia said the AI assistants are not meant to replace human financial advisors, but to help them provide an informative experience regarding annuities. “Their role is strictly to strengthen the human advisor, extend the advisor’s reach, and deliver maximum convenience to the annuity prospect,” he said.

The company says the tool’s digital elements combine to create a showcase for an annuity and the benefits it delivers.

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