Conquest Planning, the Canada-based next-generation planning application developed by Mark Evans,has revealed upgrades to its artificial intelligence-based strategic advice manager (SAM).
The new features were unveiled at BNY Mellon’s Pershing X INSITE 2024 Conference in Nashville. Included among the upgrades are SAM INSIGHTS, Ask SAM and SAM Score.
Built to allow advisors to create detailed financial plans quickly, SAM is currently being used in BNY Mellon’s Pershing X multi-custodial wealth management platform, Wove. Pershing X President Ainslie Simmonds said this allows advisors to create financial plans in minutes instead of hours.
“That’s transformational for advisor productivity,” she said.
SAM INSIGHTS is designed to identify issues and opportunities in an estate, education or retirement plan, such as insufficient insurance or new strategy considerations. Plan projections can span up to 60 years. Advisors can revisit plans regularly and make immediate adjustments.
The command query feature, Ask SAM, allows users to ask questions about the plan using voice or text.
These new features also include a so-called SAM Score, which is designed to provide a “health check” on the plan.
Upcoming upgrades will include the ability to ask the application to summarize plans for clients, as well.
The software developer closed its C$24 million (USD$17.8 million) Series A round in February 2023. Conquest was founded in 2018 by Evans, its CEO who was one of the original developers of the NaviPlan cash flow-based financial planning application.