The former co-founder of the business is joining a firm seeking to modernize how people conduct their estate plans. Data has shown that too few US citizens have a functioning will in place, and plans for dealing with death and old age.

EncorEstate Plans, a fintech company that provides estate planning software for financial advisors, has hired Riskalyze co-founder Matt Pistone as the firm’s first chief technology officer.

Previously, Pistone was CTO for 10 years at Riskalyze, where he served as the chief technology officer for 10 years.

Today, the EncorEstate business has completed nearly 10,000 estate plans, working with thousands of advisors at more than 600 firms in all 50 states, it said in a statement earlier this week. 

“As a startup, EncorEstate Plans already has strong revenue and product-market fit. I look forward to helping to take the company to the next phase of growth as we add more platform features and processes to better serve the needs of our advisors,” Pistone said. 

EncorEstate said that industry data shows the importance of estate planning and how too many Americans don’t have plans in place. For example, it cited a recent Merrill Lynch survey showing that only 55 per cent of citizens aged 55 and above have a will, and just 18 per cent have the recommended essentials of a will, healthcare directive or proxy, and durable power of attorney.

The firm recently added a service that allows advisors and clients to revise and update out-of-date plans, providing a one-page visual summary that makes it easy to review all pertinent information and identify any gaps or outdated information.