The use of artificial intelligence is set to revolutionize the operations of financial advisors and wealth managers, offering various applications that streamline and expedite processes. One company taking advantage of AI is Vanilla, a firm specializing in estate planning solutions. They aim to harness the power of AI to expedite daily tasks, such as converting estate documents into diagrams and creating projections for federal and state-specific estate taxes, as well as beneficiary summaries. Vanilla has developed its own AI model, known as VAI, to support their newly launched suite of tools. These tools will assist advisors in understanding the unique circumstances and challenges faced by high-net-worth families, including the identification of planning opportunities to stay ahead in the field. Vanilla's CEO, Gene Farrell, expressed pride in introducing comprehensive and technology-forward solutions that enable wealth planners and advisors to offer proactive planning advice to clients at an enterprise scale.

The company expects their tools to have a significant impact on developing plans for high-net-worth clients, simplifying what has traditionally been a complex process. Founded in 2019, Vanilla achieved a funding round of $11. 6 million just two years later, with investment from basketball legend Michael Jordan. Additionally, Vanilla plans to leverage its AI model to enhance education for advisors and clients and improve plan implementation. The company's solutions will also adapt to changes in laws and regulations, ensuring clients' plans remain up to date. The suite of tools offered by Vanilla includes Vanilla Estate Builder, Vanilla Scenarios, and Vanilla Document Builder. Farrell believes that as wealth advisors evolve toward providing comprehensive estate advisory services, innovative technologies like Vanilla's dynamic visual technology will help deepen client relationships and expand their share of the market.