Data Entry: Using Account Aggregation
Linking outside accounts is simple, quick, and can greatly enhance the value to clients and prospects by sharing a more holistic and up-to-date picture.
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Elevate your practice with account aggregation
Leveraging account aggregation adds considerable value to your planning services. Below are three important benefits that account aggregation can provide:
Client's see up-to-date information in one convenient location — their Client Portal. This places you as the client's financial go-to source for answers, clarity, and direction in all their financial decisions, not just investments or retirement!
Enables use of the Budget tool to help guide a client toward financial success in their spending (short-term success), as you also manage their assets toward financial success in their saving (long-term success).
Identify and capture held-away assets. Clients may link accounts which are not under your management. This is a fantastic opportunity to identify held-away assets and propose a case for how your excellent advising will advance the wealth of those assets.
Using account aggregation
Once account aggregation has been activated in your subscription, clients will be able to use the green Link Account > Aggregation button on the Net Worth screen to link accounts from their financial institution.
Linking your accounts is quick and easy. Clients can follow the simple steps below:
- Open your client's financial plan
- Access the Profile > Net Worth area
- Click the green LINK ACCOUNT dropdown menu, then select the Aggregation button to link accounts from the client's financial institution.
- Selecting AGGREGATION displays a dialogue box with quick links to common connections and a search bar to find their specific institution. Use step one, Select, to click or search for the institution that the client is trying to link (not the URL).
- Once they have found their institution, click on the name. This will send them to step two, Verify, where clients can enter the login credentials that they use to access their financial institution’s website.
- Most sites will require additional security information as they begin to sync with the software. Be sure to enter any two-factor authentication details or security questions that appear on the screen.
- If any error messages appear, follow the instructions on the screen to resolve the issue. You will also see a lightbulb that can be clicked for hints for resolution.
- Insurance plans cannot be linked through this process.
- When linking an Employee Stock Ownership Plan or Employee Stock Purchase Plan, the aggregator may provide us with the share values but not the individual options.
- Once the credentials are accepted, the client will be brought to step three, View, where they can determine which accounts should be included in the data feed. Click the gear Icon to delete any unwanted accounts from the “link account” process. This will not have any impact on the accounts at the client's institution, rather it simply changes what accounts are viewed in their RightCapital portal.
- Click the CLOSE button on the bottom right, or the "X" in the upper right corner, to complete the link account process for the specified institution or select LINK ANOTHER SITE to link more institutions to add to your financial portal.
- The accounts will then appear under the appropriate bar on the left side of the net worth screen. A green checkmark will indicate that the accounts are connected and a time will be listed to illustrate
What Happens Once Log In Credentials are Entered?
|1.) The information provided is used to retrieve account balance and position information from the institution. It also creates a link to the account that RightCapital uses to update those values.||2.) If a bank or credit card account is linked, RightCapital will also retrieve the past three months’ worth of transactions for use within the Budget tool.||3.) Depending on the number of accounts and transactions at the financial institution, it may take a few moments to import the information. During import, the accounts may not be visable on the Net Worth's account list.||4.) Accounts will generally update daily but may update less frequently depending on the type of authentication used. To refresh all connections, click on the circular arrow (manual refresh) to the right of the Net Worth value.|
For assistance using account aggregation please contact RightCapital Support.