In a groundbreaking industry innovation, advisors can now transform an entire suite of client documents into dynamic digital records with AI assistance – right before their eyes, in just minutes. This bulk-processing capability unlocks a rapid path to data visualization, scenario analysis, and the creation of customized client deliverables, bringing a new level of efficiency to estate planning.
NEW YORK, Nov. 18, 2024 /PRNewswire/ —
Overcoming disparate estate planning data
Advisors often face the challenge of navigating vast amounts of complex and fragmented information when seeking to understand and analyze a clients’ estate structure. The disparate nature of information not only slows down the planning process, but also increases the risk of human error, misinterpretation, and the formation of data silos, making it difficult to gain a cohesive and comprehensive view of the client’s estate. Traditional methods of managing multiple excel and powerpoint files make it challenging to analyze and visualize data efficiently, hampering an advisor’s ability to provide timely insights and customized recommendations.
From dense to digital in minutes
With Luminary’s new AI onboarding, advisors can instantly transform disconnected information into cohesive digital records, ready for analysis. Luminary has developed a proprietary AI solution with specialized expertise in understanding and analyzing Trust & Estate documents. Designed to process multiple complex documents simultaneously – from Trusts and Wills to Operating Agreements and Tax Returns – Luminary AI extracts and organizes active and testamentary entities, individuals, and organizations, within Luminary as a digital source of truth.
This structured data can then be harnessed within Luminary’s visualization and analysis tools, including mapping estate waterfalls and conducting hypothetical ‘what-if’ analysis on current estate plans, to create personalized client deliverables in minutes. This streamlined approach significantly reduces administrative time, and enables advisors to focus on higher-value tasks, such as strategic planning and client relationship management.
Additionally, Luminary AI automatically generates summaries of each uploaded document, highlighting key information in an easy to read format. With proprietary summary templates for over 30 document types – and an expanding library – Luminary provides estate planners with a streamlined way to institutionalize knowledge and seamlessly share it with the client and their ecosystem of advisors.
Unmatched accuracy and coverage
Luminary AI achieves a 98% accuracy rate in extracted entity details and is designed with a human-in-the-loop approach, enabling users to verify data and trace it directly back to its original location in the documents. Users can also pose questions, such as, “Who benefits from this trust upon death?” and Luminary AI will provide a concise answer while guiding users to where the answers are found.
As the leading AI-powered platform in estate planning, Luminary offers the most comprehensive trust & estate data extraction solution in the field, with support for revocable trusts, irrevocable trusts, SLATs, ILITs, trust amendments, LLCs, LPs, GPs, S-corporations, and C-corporations.
“Luminary AI makes bulk data extraction easy, from nearly any kind of document. This isn’t a black box. Our human-in-the-loop AI workflow helps our users better understand the information they are working with, institutionalize that knowledge, and leverage it to significantly increase the standard of service they are delivering to their clients.” – David Barnard, CEO
As easy as drag, drop, and go
Getting started is simple: bulk upload all of your client’s documents and let Luminary AI do the work for you. Once data extraction is complete, identified entities, individuals, and organizations are presented in a guided, multi-step flow, allowing you to easily confirm and select the details to save into the database. Clear, concise summaries are automatically generated for each uploaded document.
“This is going to make getting up to speed on new clients much easier. We usually get a stack of documents handed to us from the client or their attorney and spend hours fumbling through them. It is awesome to be able to upload them and get summaries automatically created. And it builds out a profile for the client in Luminary, amazing!” – Wealth Strategist, RIA based in San Francisco
Luminary’s innovative AI onboarding process is already in the hands of beta users, and rolling out to all customers this month. Interested in seeing it in action? Reach out to Luminary’s sales team today to experience a live, personalized demo.
About Luminary
Luminary is a data and collaboration platform purpose-built for the delivery of trust & estate services. Customers include family offices, RIAs and wealth management firms of all types, as well as professional practices in the legal and tax industries, and major insurance companies.
The company’s unique open-architecture collaboration technology enables multiple parties to work seamlessly together in service of a shared client. It uses human-in-the-loop AI assistance to digitize information that otherwise lives in original documents, and connects it to applications that enable users to create rich visualizations, perform forward looking scenario analysis, and incorporate what-if strategy modeling.
Luminary is based in New York City, SOC2 Type II certified, and backed by leading venture capital investors, prominent wealth management firms, as well as several family offices.
Learn more at www.withluminary.com
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SOURCE Luminary Platforms, Inc.
