RightCapital - Detailed Review
Finance Tools
RightCapital - Detailed Review Contents
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RightCapital - Product Overview
Introduction to RightCapital
RightCapital is a financial planning software that has been making significant waves in the finance tools sector since its launch in 2015. Founded by brothers Shuang Chen and Song Chen, RightCapital aims to create “Right Plans for Real People” by simplifying the financial planning process for both advisors and their clients.Primary Function
The primary function of RightCapital is to provide a comprehensive financial planning solution that helps financial advisors create and manage personalized financial plans for their clients. This includes tools for retirement planning, tax-efficient distribution strategies, and various other financial planning needs.Target Audience
RightCapital is primarily targeted at financial advisors, including those associated with broker-dealers and Registered Investment Advisors (RIAs). However, its features also cater to a wide range of clients, from younger individuals with student loan debt to retirees and those planning for estate and insurance needs.Key Features
Interactive Retirement Planning
RightCapital allows advisors to engage in real-time collaborative planning with clients, using “levers” to show the immediate dollar impact of different retirement strategies. This includes modeling retirement liquidation/distribution strategies and demonstrating the benefits of tax-sensitive withdrawal strategies.Tax-Efficient Distribution Strategies
The software stands out for its detailed tax-sensitive decumulation planning, including the ability to model sequential withdrawal strategies and systematic partial Roth conversions. This helps advisors demonstrate significant tax savings to their clients.Social Security Optimization
RightCapital includes a module for optimizing Social Security benefits, helping clients make informed decisions about when to claim their benefits.Student Loan Management
It offers built-in student loan planning capabilities, which is particularly useful for younger clients or those concerned about their children’s student loan debt.Budgeting Tools and Account Aggregation
The software provides budgeting tools and account aggregation features, allowing clients to view their financial situation comprehensively.Insurance Needs Evaluation and Estate Planning
RightCapital also includes tools for evaluating insurance needs and estate planning, ensuring a holistic approach to financial planning.RightIntel Business Intelligence Dashboard and RightPay Integrated Payment Solution
These features help advisors manage their practice more effectively, with business intelligence insights and integrated payment solutions.Mobile App
RightCapital offers a mobile app, making it easier for advisors and clients to access financial plans on the go.Lead Generation
The RightCapital Leads program allows advisors to generate new business by sharing a unique link that prospects can use to create their own accounts and access basic tools, facilitating the onboarding process. RightCapital’s intuitive interface, speed in calculations, and flexibility in choosing between cash-flow-based or goals-based planning approaches make it a strong contender in the financial planning software market. Its focus on tax-sensitive decumulation strategies and student loan planning sets it apart from other financial planning tools, making it a valuable resource for advisors and their clients. RightCapital - User Interface and Experience
User Interface Overview
The user interface of RightCapital is highly praised for its ease of use, intuitive design, and engaging visual elements, making it a standout in the finance tools category.Intuitive Organization
RightCapital is organized into dashboards based on specific subject areas such as investments, retirement, insurance, education, taxes, and estate planning. Each dashboard contains several subcategories organized into tabs, allowing for a detailed and structured analysis of various financial aspects.Visual Appeal and Engagement
The platform is known for its aesthetically pleasing and intuitive visuals. Features like the Blueprint™ and Snapshot tools are particularly highlighted for their ability to communicate complex financial information in a clear, clean, and engaging manner. The Snapshot module, for instance, presents multiple aspects of a client’s plan on a single screen, which can be fully customized by the advisor. This module also serves as a home page to easily access different areas of the client’s plan.Ease of Use
Advisors have consistently praised RightCapital for its simplicity and ease of use. The platform allows for streamlined meetings, where advisors can quickly access and analyze cash flows and other financial data with minimal clicks. This efficiency is a significant advantage over other platforms, which may require multiple screen changes to access the same information.Real-Time Interactivity
RightCapital enables advisors to perform scenario analysis and graphically illustrate the effects of various plan changes in real-time, directly in front of clients. This capability to update future cash flows and simulations almost instantaneously enhances the collaborative experience between advisors and clients.Client Engagement
The platform is designed to engage clients actively in their financial planning. Clients can input their own financial data, link their financial accounts via an aggregation platform, and upload supporting documentation to a secure vault using drag-and-drop functionality. Advisors can also assign tasks to clients and allow them to change some planning variables on their own, fostering a more interactive and collaborative planning process.Customer Support
RightCapital’s user experience is further enhanced by its top-notch customer support. The platform boasts a 98% satisfaction rate with customer support, a median inbound answer time of under 90 seconds, and a 9.5 out of 10 rating for overall support quality. Users appreciate the quick responses and the support team’s willingness to forward feature requests to developers.Conclusion
Overall, RightCapital’s user interface is characterized by its intuitive design, engaging visuals, ease of use, and strong customer support, making it highly effective for both advisors and their clients. RightCapital - Key Features and Functionality
RightCapital Overview
RightCapital is a comprehensive financial planning software that offers a range of features and functionalities to help financial advisors and their clients manage and plan their finances effectively. Here are the main features and how they work:Dashboard Organization
RightCapital is organized into intuitive dashboards based on various subject areas such as investments, retirement, insurance, education, taxes, and estate planning. Each dashboard contains several subcategories organized into tabs for more detailed analysis, making it easy to focus on specific aspects of financial planning.Investment and Retirement Analysis
The platform provides advanced investment portfolio analysis and retirement projection tools. These tools use the client’s actual holdings and historical returns for various asset classes, which can be customized by the advisor. Retirement analysis includes Monte Carlo simulations and detailed cash flow projections for future plan years, along with forecasted withdrawal rates. These projections are supported by a robust tax engine that forecasts estimated effective tax rates and can generate example IRS forms for future plan years.Tax Planning
RightCapital’s tax engine is a key feature, allowing advisors to forecast estimated effective tax rates and generate example IRS forms, including Form 1040 and associated schedules. The recently introduced Tax Analyzer tool, available with Premium and Platinum subscriptions, uses Optical Character Recognition (OCR) technology to read and analyze uploaded tax forms quickly. This tool helps advisors assess tax impacts and identify strategic changes to minimize tax burdens.Client Engagement and Collaboration
The software enables collaborative planning between advisors and clients. Advisors can walk clients through a plan directly within the platform, demonstrating the effects of various plan changes in real time. Clients can be given access to specific dashboards via the client portal, and they can even change some planning variables on their own. This real-time scenario analysis and graphical illustrations of stress tests enhance client engagement and understanding.Account Aggregation and Budgeting
With the Premium subscription, RightCapital offers an account aggregation tool that allows clients to link their accounts, ensuring values are updated daily. There is also a budgeting tool that auto-categorizes purchases into groups, helping clients see where they are spending their money.Business Intelligence
The Premium subscription includes RightIntel, a business intelligence tool that provides a comprehensive view of the advisor’s book of business. This includes overviews of insurance coverage, account values, interest rates, and more, helping advisors identify additional opportunities to deliver value to their clients.Risk Assessment
RightCapital’s new risk assessment tool, introduced in 2024, provides an integrated solution for incorporating risk assessments into financial plans. This tool offers concise visual representations of risk tolerance scores, household risk summaries, and interactive risk-return analysis. It also includes customizable questionnaires, making it easier for advisors and clients to analyze and compare risk profiles.Integrations
RightCapital integrates with various technology platforms to streamline the data entry process. These integrations allow for the reliable and secure transfer of data, reducing the time needed to create and update client plans. Integrations include connections with CRMs, portfolio analytics tools, and other financial platforms, ensuring that client information, plan details, and investment data are seamlessly updated.Interactive Planning and Personalized Insights
The platform aims to engage clients through interactive planning and personalized insights, making the financial planning process more efficient and engaging. Advisors can use the software to create comprehensive financial plans, manage client data, and facilitate retirement planning with features like tax-efficient withdrawal strategies and budgeting.Conclusion
Overall, RightCapital leverages advanced tools and integrations to provide a comprehensive and interactive financial planning experience, benefiting both financial advisors and their clients. RightCapital - Performance and Accuracy
Performance and Accuracy of RightCapital
When evaluating the performance and accuracy of RightCapital in the finance tools category, several key aspects stand out:Real-Time Calculations and Scenario Analysis
RightCapital is praised for its ability to perform real-time calculations and scenario analysis. This feature allows financial advisors to modify plans during live client sessions and instantly illustrate the impacts of those changes. This real-time capability is particularly useful for presenting different “what-if” scenarios, making the financial planning process more interactive and comprehensible for clients.Tax-Sensitive Decumulation Planning
One of the standout features of RightCapital is its detailed and tax-sensitive retirement distribution planning. The software models retirement liquidation strategies, including proportional and sequential withdrawal strategies, and shows the tax benefits of converting to a Roth IRA. This module helps advisors demonstrate the tangible value they bring to clients by quantifying the tax savings over time.User Interface and Collaboration
RightCapital boasts an intuitive and clean user interface that facilitates collaborative planning between advisors and clients. Advisors can adjust plans on a single screen, engage in interactive planning, and present results directly from the software. This simplicity and flexibility make it easier for advisors to communicate complex financial planning results to their clients.Accuracy in Financial Planning
The software uses a state-of-the-art calculation engine that provides fast and accurate results. It offers detailed cash flow reporting, asset allocation modeling, and Monte Carlo simulations, which are essential for accurate financial planning. The ability to switch between goals-based and cash-flow-based planning approaches further enhances the accuracy and relevance of the plans for different client circumstances.Limitations and Areas for Improvement
Despite its strengths, RightCapital has a few limitations. One area is the integration with other financial tools. While RightCapital has improved its list of integrations, it still lags behind some competitors, particularly in integrating with Salesforce, which is common in the financial services enterprise space. Another area for improvement is the budgeting feature, which is currently limited. Enhancements to this feature, along with the development of an official mobile app for clients, could further improve the overall user experience and engagement. Additionally, while RightCapital offers Social Security optimization, its module is not as comprehensive as some standalone Social Security optimization tools. It only considers a limited subset of claiming ages and does not fully account for integrated claiming strategies for couples.Client Portal and Data Entry
RightCapital’s client portal is highly effective in improving efficiency by allowing clients to enter their own data, which saves advisors time and allows them to focus more on relationship building and strategic financial planning. This feature also helps clients become more familiar with their financial plans, leading to deeper discussions and better engagement.Conclusion
In summary, RightCapital performs well in terms of real-time calculations, tax-sensitive decumulation planning, and collaborative interface. However, it has areas for improvement, such as expanding its integrations, enhancing its budgeting feature, and developing more comprehensive Social Security optimization capabilities. RightCapital - Pricing and Plans
RightCapital Pricing Model
RightCapital offers a structured pricing model with three main subscription tiers, each designed to cater to different needs and scales of financial advisory firms.Subscription Tiers
Basic
The Basic plan is the entry-level subscription. While specific details on the Basic plan’s features are not extensively outlined in the provided sources, it is clear that it serves as a foundational package. For a detailed comparison, it is recommended to contact RightCapital directly or visit their pricing page.Premium
The Premium subscription includes several advanced features:- Account Aggregation and Budgeting Tools: Allows clients to link their accounts for automatic updates and includes a budgeting tool with auto-categorization of purchases.
- Business Intelligence: The RightIntel tool provides a dashboard overview of insurance coverage, account values, interest rates, and more.
- Risk Assessment Tool: The new RightRisk module integrates risk assessments into financial plans, offering visual representations of risk tolerance scores and customizable questionnaires.
- Tax Analyzer Tool: Introduced in 2025, this module uses Optical Character Recognition (OCR) to analyze tax forms and help advisors assess tax impacts and identify strategic changes.
Platinum
The Platinum subscription adds additional features on top of those in the Premium plan:- Team Collaboration: Enables shared clients between advisors and firm-level oversight, which is particularly useful for larger firms.
- Firm-Level Assumptions and Models: Allows for custom asset classes and standard assumptions and models to be set at the firm level.
Additional Options
Enterprise Solution
For firms with 50 or more advisors, RightCapital offers an Enterprise solution. This requires direct contact with their sales team to address specific needs.Add-ons
- RightPay® Payment System: An optional add-on for easy fee collection and flexible payment options within the platform.
- RightFlows™ Workflow Management Tool: Streamlines financial planning processes with client collaboration, assignable tasks, and a centralized dashboard.
- Assistant Access: Available for Premium and Platinum subscribers, this add-on provides additional licenses for assistant roles, primarily for data entry and review.
Free Options
RightCapital offers a 14-Day Free Trial that allows potential users to experience the full range of features, including Social Security optimization, dynamic retirement spending strategies, one-click tax strategies, and more. For more detailed pricing information, it is recommended to visit RightCapital’s pricing page or contact their sales team directly. RightCapital - Integration and Compatibility
Integration with Advisor Platforms
RightCapital integrates with several advisor technology platforms. For instance, it is integrated with Betterment Advisor Solutions, allowing advisors to connect client account information, positions, transactions, and tax lots. This integration enables daily updates of account values in RightCapital, making financial planning more efficient.
Another notable integration is with LPL’s ClientWorks technology platform. This integration facilitates the transfer of data, helping advisors manage client plans more effectively.
Asset Custodians and Aggregators
RightCapital integrates with various asset custodians and aggregators to pull in client account data automatically. This includes pulling holdings-level data for each account, which is updated daily. Such integrations help keep client data up-to-date and reduce the time spent on manual data entry.
CRM Integrations
RightCapital also integrates with Customer Relationship Management (CRM) tools, allowing advisors to store and manage client information such as contact details, date of birth, and resident state. This ensures that all client data is centralized and easily accessible.
Portfolio Analytics and Risk Management
The platform integrates with portfolio analytics tools, providing advisors with detailed reporting data to analyze client investment portfolios. Additionally, it supports risk management solutions by translating model portfolios into asset classes using the Morningstar breakdown, which is visible on the Investment and Retirement Analysis screens.
Specific Integrations
RightCapital has a two-way integration with Black Diamond, a portfolio management system. This integration allows for the transfer of position-level account data from Black Diamond into RightCapital, updating client net worth and investment information. It also enables a secure single sign-on (SSO) from Black Diamond to RightCapital and allows advisors to send reports directly to Black Diamond’s Timeline feature.
Setup and Compatibility
To set up an integration, advisors typically need to access the Integrations tab within the RightCapital Advisor Portal. Here, they can search for the desired integration partner, follow the setup instructions, and establish the connection. Each integration has specific steps and may require login credentials to the respective platform.
RightCapital’s integrations are generally compatible across various devices and platforms, given that they are web-based and accessible through a secure login. This ensures that advisors can manage client data and plans from any device with an internet connection.
Conclusion
In summary, RightCapital’s extensive integration capabilities make it a versatile tool for financial advisors, allowing them to streamline their workflow, reduce manual data entry, and provide more accurate and up-to-date financial planning services to their clients.
RightCapital - Customer Support and Resources
When You Need Support
When you need support or additional resources for RightCapital’s financial planning software, there are several convenient and effective options available to you.
Contacting Support
RightCapital offers multiple ways to connect with their support team:
- Phone Support: You can call (888) 982-9596 and press “2” to reach the support team directly. If you can’t get through immediately, leave a message, and they will call you back shortly.
- Chat Support: The in-platform chat is a quick and efficient way to get help. During business hours, this is the fastest way to speak with a real person. The chat service is available even after hours, allowing you to leave a message or pick up where you left off when you return.
- Email Support: You can email the support team at support@rightcapital.com. While they are available during business hours (Monday – Friday, 9:00 am – 6:00 pm Eastern Time), they will respond to emails received after hours on the following business day.
Additional Resources
RightCapital provides a range of resources to help you maximize the software’s capabilities:
- Scheduled Case Reviews: You can schedule a one-on-one session with a product expert to review a client proposal. This session helps ensure your plan is presentation-ready.
- Product Updates and Webinars: Stay informed about the latest enhancements through a chronological list of product updates and monthly product update webinars. These webinars offer a deep dive into new features and how they add value to client presentations.
- YouTube Channel: RightCapital has a YouTube channel where you can find helpful videos and tutorials to assist with using the software.
- Weekly Announcement Emails: You can join their weekly email list to receive high-level updates, information about upcoming webinars, and other events. Simply email Marketing@rightcapital.com to be included.
- Training and Best Practices: As a customer, you have access to training resources and best practices to help you use the software effectively. This includes client-facing materials and insightful resources to enhance your experience.
Feedback and Continuous Improvement
RightCapital values feedback from its users. You can contact them directly via phone or email to provide suggestions or ideas for future improvements, helping to shape the software to better meet your needs.
These support options and resources are designed to ensure you have a smooth and productive experience with RightCapital’s financial planning software.
RightCapital - Pros and Cons
Advantages of RightCapital
RightCapital offers several significant advantages that make it a strong contender in the financial planning software market:User-Friendly Interface
RightCapital is praised for its clean, intuitive, and easy-to-use interface. This makes it simpler for advisors to present complicated financial planning results to clients in a streamlined and simplified format. The interface allows for real-time collaborative planning, enabling advisors to adjust plans on a single screen and engage clients interactively.Tax-Sensitive Decumulation Planning
One of the key differentiators of RightCapital is its detailed and tax-sensitive retirement distribution planning. It models retirement liquidation strategies, allowing advisors to switch between proportional and sequential withdrawal strategies, and demonstrates the tax benefits of converting to a Roth IRA. This feature helps advisors show the tangible dollar value of their advice, particularly in tax planning.Flexible Planning Approaches
RightCapital allows advisors to choose between goals-based or cash-flow-based planning approaches, depending on the client’s needs. This flexibility is a significant advantage, as it caters to different client circumstances and advisor preferences.Social Security Optimization
The software includes a Social Security optimization module that helps advisors show clients the dollar impact of different retirement age options. While it may not cover all possible claiming strategies, it provides valuable insights into optimal claiming ages.Student Loan Planning
RightCapital is the only full-scale financial planning software with built-in student loan planning capabilities. This feature is particularly useful for younger clients with student loan debt and older clients concerned about their children’s debt.Risk Tolerance Tool
Recently, RightCapital launched RightRisk, a risk tolerance measurement tool integrated into its premium and platinum subscriptions. This tool uses a 13-item questionnaire based on the Grable and Lytton scale and allows for customization, providing a household risk summary and visual risk-return analysis.Strong Customer Support
Advisors have rated RightCapital’s customer support highly, with a median inbound answer time under 60 seconds and a 98% satisfaction rate. This is significantly higher than the ratings for some of its competitors, such as eMoney.Integration Capabilities
Although RightCapital initially lacked extensive integrations, it has expanded its list to include CRMs, performance reporting tools, custodians, and other financial services. While it still lags behind some competitors in the number of integrations, it now offers a solid roster of 31 integrations.Disadvantages of RightCapital
Despite its many advantages, RightCapital also has some limitations:Limited Integrations Compared to Competitors
While RightCapital has improved its integration capabilities, it still does not match the breadth of integrations offered by some of its competitors, such as MoneyGuide. Notably, it lacks integration with Salesforce, which can be a significant gap for larger advisory firms.Limited Social Security Optimization
RightCapital’s Social Security optimization module, although useful, does not fully consider integrated claiming strategies for couples or the full impact of spousal and widow(er) benefits. This makes it less comprehensive than standalone Social Security optimization tools.Accumulation Planning
On the accumulation side, RightCapital is not as robust as some other platforms, such as MoneyGuide’s goals-based planning tool. It provides a detailed Monte Carlo simulation but does not stand out in this area compared to other full-stack financial planning software providers.Cost Considerations
Some features, such as account aggregation via Yodlee, are available only in the Premium and Platinum plans, which may add additional costs. This could be a consideration for advisors on a budget or those who do not need these advanced features. Overall, RightCapital offers a strong suite of features that cater to various financial planning needs, especially in tax-sensitive decumulation and student loan planning. However, it has some limitations, particularly in the breadth of integrations and the depth of certain modules like Social Security optimization. RightCapital - Comparison with Competitors
Comparing RightCapital to Competitors
User Experience and Efficiency
RightCapital is often praised for its user-friendly interface. According to the Kitces Report, advisors find RightCapital more intuitive, with a shorter learning curve compared to other platforms like eMoney. This is particularly evident in its data entry approach, which helps advisors avoid missing important details that can impact client projections.Presentation Modalities
RightCapital offers a variety of presentation formats, including the Sankey-style Cash Flow Map, plan overview Snapshot, and visual-summary Blueprints for net worth, goals, and cash flows. These tools are designed to simplify complex financial situations into client-friendly, digestible presentations. This contrasts with eMoney, which, while offering detailed and interactive planning tools like the Decision Center, may be more suited for advisors dealing with higher net worth clients and more complex financial scenarios.Client Engagement and Onboarding
Both RightCapital and eMoney feature intuitive client portals for self-directed onboarding, monitoring, and task management. However, RightCapital’s mobile app stands out by allowing clients to receive push notifications for assigned tasks, enhancing client engagement. eMoney’s client portal, while mobile-friendly, requires logging into a web-based app, which might create a slight behavioral hurdle for clients.Analytical Capabilities
RightCapital has a strong cash flow engine and excels in areas such as student loan analysis and tax planning. While it may not match eMoney’s granular cash flow modeling for very complex plans, it is sufficient for the vast majority of cases. eMoney, on the other hand, is favored by firms serving higher net worth clients due to its detailed cash flow modeling and advanced planning options.Customer Support
RightCapital and eMoney both offer high-quality customer support with phone, chat, and email options. RightCapital’s support team is available from 6:00 AM to 6:00 PM EST, with an exceptional customer support rating of 9.0. eMoney’s support is available from 6:00 AM to 8:00 PM EST, with a still-impressive rating of 8.3.Competitors and Alternatives
Facet Wealth
Facet Wealth is a significant competitor that offers a broad range of financial services, including financial planning, investment advice, retirement planning, insurance planning, tax planning, and estate planning. It also provides guidance on family planning, real estate, education planning, and small business management. Facet Wealth is known for its comprehensive approach to financial services.InvestCloud
InvestCloud focuses on transforming the financial industry’s digital approach with a no-code software platform for digital and commerce enablement. It provides cloud-native, multi-tenanted solutions that help banks, wealth managers, and asset managers overcome technology debt. While not directly competing in the same financial planning space, InvestCloud’s solutions can be complementary to RightCapital’s offerings.Retirable
Retirable specializes in holistic retirement solutions, offering financial planning, investment strategies, and reliable monthly income plans tailored to the retirement lifestyle. Its primary focus is on individuals planning for or in retirement, making it a niche competitor to RightCapital’s broader financial planning services.Range
Range offers all-in-one wealth management services, including investment management, retirement and estate planning, tax optimization, insurance coverage assessment, and educational savings advice. It serves individuals seeking integrated financial planning and wealth management solutions, making it another competitor in the comprehensive financial planning space.Wealthscope
Wealthscope provides investment and retirement analysis tools, focusing on portfolio management, retirement planning, and investment analysis. It aims to improve transparency, efficiency, and trust in wealth management, primarily serving DIY investors, financial advisors, and enterprises. Wealthscope’s tools can be seen as complementary or alternative to RightCapital’s financial planning capabilities.eMoney
eMoney is a major competitor in the financial planning software category. It is known for its detailed cash flow analyses and real-time data feeds. eMoney’s client portal, emX, provides secure access to client finances, and its Decision Center allows for interactive planning. While eMoney is more detailed and suited for complex financial scenarios, RightCapital is often preferred for its user-friendly interface and client engagement features.Conclusion
In summary, RightCapital stands out with its intuitive interface, client-friendly presentation tools, and strong analytical capabilities, particularly in student loan and tax planning. However, depending on the specific needs of advisors and their clients, alternatives like Facet Wealth, InvestCloud, Retirable, Range, Wealthscope, and eMoney may offer different strengths and focus areas that could be more suitable. RightCapital - Frequently Asked Questions
Frequently Asked Questions about RightCapital
What is RightCapital and when was it launched?
RightCapital is a financial planning software designed to provide a simpler and more intuitive interface for financial advisors and their clients. It was first launched in September 2015 at the XY Planning Network conference.What are the key differentiators of RightCapital?
RightCapital stands out for its tax-sensitive retirement distribution planning, which includes detailed analyses of decumulation strategies and the benefits of Roth conversions. It also offers real-time collaborative planning, allowing advisors to show clients the dollar impact of different strategies immediately. Additionally, it provides student loan planning capabilities and the option to use either goals-based or cashflow-based planning approaches.How does RightCapital handle retirement planning and decumulation strategies?
RightCapital has a distribution module that models retirement liquidation/distribution strategies, allowing advisors to compare proportional withdrawals across all account types versus sequential withdrawal strategies. It also models the financial impact of converting to a Roth IRA and engaging in systematic partial Roth conversions to fill up lower tax brackets. This helps advisors demonstrate the tangible value of their tax planning efforts.What are the pricing tiers for RightCapital?
RightCapital offers several pricing tiers. The Basic tier costs $1,679.40 per year, the Premium tier costs $2,159.40 per year, and the Platinum tier requires a call with their team for pricing. The monthly cost can also be broken down, starting at $125 per advisor per month.Does RightCapital require a long-term contract?
RightCapital requires an annual commitment for the first year only. After the first year, there is no long-term contract obligation.How does RightCapital facilitate client engagement and collaboration?
RightCapital offers a collaborative planning interface that allows advisors to work with clients in real-time. Advisors can adjust retirement strategies using “levers” that immediately show the dollar impact, fostering greater client engagement. The client portal also provides clients with visibility into their plans, allowing them to access and adjust certain modules as approved by the advisor.What other financial planning features does RightCapital offer?
In addition to retirement planning, RightCapital provides detailed cash flow reporting, asset allocation modeling, Social Security optimization, and basic estate planning capabilities. It also includes a task manager for scheduling client tasks and automated reminders.How secure is RightCapital’s data handling?
RightCapital uses Amazon’s security features for its physical data centers and employs various network and data security measures to ensure the security of client data.Does RightCapital integrate with other financial tools and CRMs?
RightCapital has expanded its suite of available integrations with popular CRMs, reporting tools, and custodians. However, it still does not have the breadth of integrations compared to some other providers, so it’s important to check if it integrates with your specific tech stack.How does RightCapital compare to other financial planning software like eMoney?
RightCapital is generally more transparent and affordable in its pricing compared to eMoney. It also offers a simpler and more intuitive interface, which can be beneficial for advisors who prefer a less complex system. However, eMoney may offer more comprehensive estate planning and integration capabilities.Can RightCapital help with student loan planning?
Yes, RightCapital is the only full-scale financial planning software that includes in-depth student loan planning capabilities built-in. This feature is particularly useful for younger clients with student loan debt and older clients concerned about their children’s student loan debt. RightCapital - Conclusion and Recommendation
Final Assessment of RightCapital
RightCapital stands out as a formidable player in the financial planning software market, particularly for its advanced and user-friendly features that cater to a wide range of financial advisory needs.Key Strengths
- Tax-Sensitive Decumulation Planning: RightCapital’s most significant differentiator is its detailed and tax-sensitive retirement distribution planning. It allows advisors to model various decumulation strategies, including sequential withdrawals from taxable, tax-deferred, and Roth accounts, and to illustrate the financial benefits of Roth conversions. This capability helps advisors demonstrate tangible value to their clients, especially in terms of tax savings.
- Real-Time Collaborative Planning: The software offers a highly intuitive and interactive interface that enables real-time collaborative planning. Advisors can adjust retirement strategies and immediately show clients the dollar impact of these changes, fostering greater engagement and clarity.
- Flexible Planning Approaches: RightCapital allows advisors to choose between goals-based and cash-flow-based planning approaches, depending on the client’s needs. This flexibility is unique and makes it easier for advisors to adapt their planning strategies to different client scenarios.
- Additional Modules: The software includes modules for Social Security optimization, student loan planning, accumulation planning, and estate planning. These features are particularly beneficial for advisors working with younger clients or those concerned about student loan debt.
User Interface and Client Engagement
- Intuitive Interface: RightCapital’s interface is clean, intuitive, and easy to use. It allows advisors to make changes to plans on a single screen, facilitating more interactive and collaborative planning sessions with clients.
- Client Portal: The client portal provides clients with visibility into their financial plans, allowing them to access and adjust certain modules or analytical tools as approved by the advisor. This feature also includes data gathering and client task management capabilities, streamlining the planning process.
Who Would Benefit Most
RightCapital is particularly beneficial for:- Tax-Savvy Advisors: Advisors who focus on optimizing tax strategies for their clients will find RightCapital’s decumulation and Roth conversion modeling invaluable.
- Advisors Working with Younger Clients: The built-in student loan planning capabilities make it an excellent choice for advisors serving younger clients or those with significant student loan debt.
- Advisors Seeking Real-Time Collaboration: Advisors who value real-time, interactive planning sessions with their clients will appreciate RightCapital’s ability to show immediate dollar impacts of different strategies.
- Advisors Needing Flexibility in Planning Approaches: Those who prefer to switch between goals-based and cash-flow-based planning will find RightCapital’s toggle feature highly useful.