Recent updates and changes
You've got a lot on your plate, and don't always know when someone's moved your cheese -- let alone where it is now! Let this summary of recent updates and changes help.
The most current place for product notes is: https://updates.rightcapital.com/
September was another busy month of improving your RightCapital experience! Navigate to updates.rightcapital.com to read more about:
⬇️ Downloading your Cash Flow Data
👀 Seeing tax details for all plans
💰 Average AUM fees
⏳ Timing of the sale of business
🏡 Reflecting future property purchase and mortgages
Check out some of our recent webinars! And make sure you keep an eye out for upcoming webinars with partners and guest speakers during our Grow Your Business Webinar series.
- Grow Your Business- Retirement Healthcare Planning: Medicare Strategy Part 1 (CFP CE)
- Grow Your Business- The Fortune is in the Follow-up: 4 Essentials for your Lead-to-Client Conversion System
- See the New RightCapital and Finfolio Integration in action
- Illustrating Planning Scenarios with Tax Implications + Q&A
- Illustrating Business Income and Sale Scenarios + Q&A
- Illustrating Social Security Strategies + Q&A
- Review of New Growth Program Marketing Materials + Q&A
August was a busy month of improving your RightCapital experience! Navigate to updates.rightcapital.com to read more about:
📈 Social Security enhancements
🧘 Additional flexibility with a client's HSA distribution
💸 Adding extra one-time debt repayments
💵 Adding joint taxable saving accounts
🏡 Reflecting future property purchase and mortgages
But we've saved the best news for last... we've rolled out major improvements to the Cash Flow module! Now it is more intuitive to navigate and allows you to drill into each aspect of a client's cash flow for deeper insights, including:
💪 Improved UI
🕵️♀️ Clickable column headers reveal additional information (as in, clicking "Income inflows" column shows every current source of income for the client, as well as highlighting potential other income sources that may be held away assets or that the client may have forgotten to mention)
🗃️ Enhanced options for the "Accounts" tab
Cash Flow - how to use: We want you to get the most out of the Cash Flow improvements we've made, so we've launched a companion Help Center article to guide you through all the practical "how-tos" of using the new Cash Flow module.
Client Portal best practices and talking points: We always want you to increase your client retention and elevate your client experience. We have a whole article dedicated to helping you highlight how your client's experience will benefit from using the Client Portal.
Assistant login: Do you have an assistant who helps prepare for client meetings? Get your Assistant Login today!
More intuitive Client Settings: We've made it easier to quickly dial in your client preferences as well as providing more options for tailoring the best possible client experience.
Don't miss the recurring webinar on Creating your first plan. This webinar is hosted every Thursday at 2:00 pm EST and walks you through how to go from 0 to 100 with a client's profile in RightCapital. Register today for the next webinar!
- Grow Your Business Webinar - Retainer Pricing- What Should You Consider?
- Grow Your Business with Tax-Smart Savings Strategies
- How to Use the New Cash Flow Functionality & Q&A
- See the new RightCapital/My529 Integration in Action
- Review of Budgeting Capabilities
- Utilizing the RightCapital Stress Test + Q&A
- Reflecting Different Savings Strategies for Clients + Q&A
- Illustrating Different Student Loan Scenarios + Q&A
401(k) to IRA Rollover: You can now illustrate rolling 401(k) assets to an IRA account, and vice versa, using the Profile > Income > Distribution card. Use the "Convert/rollover" drop-down box to select the type of rollover.
After-tax 401k savings w/Roth conversion: We have added support for after-tax 401(k) contributions that are converted to Roth accounts, a strategy sometimes referred to as ‘Mega Backdoor Roth Conversions’. You can add a Savings card to reflect the after-tax 401(k) contributions and details on the type of Roth account and timing. Check our new Help Center article for more details: Adding after-tax 401(k) contributions.
Head of Household filing status: We have added the ability to select 'Head of Household' tax filing status for single clients. When selected on the Profile > Expense > Tax and Fees card, we will reflect the appropriate deduction and tax brackets in the tax calculations.
FinFolio integration: Integration with FinFolio is now available! This integration, currently in Beta mode, allows you to link account information held at FinFolio. Click here to jump right into getting your integration set up.
RightCapital Academy is here! We're pulling out all the stops to be sure your experience with RightCapital enhances your practice and removes obstacles from you being able to provide top tier service to your clients. There are three modules in this initial rollout (and keep an eye out for many more):
- RightCapital's defining framework
- Dive in to the Client Portal
- Rolling out RightCapital to your clients
Many of your clients pursue opportunities that advance their wealth and they count on you to be able to keep up and sort out the details. Lucky for you, we've got your back: check out our new article on adding a business to a client's profile. We've included how RightCapital automatically calculates taxation on various business types and how to ensure business income is reflected as the client desires.
As we continue to hold ourselves to the highest bar of customer delight, we've launched a new, recurring webinar on Creating your first plan. This webinar is hosted every Thursday at 2:00 pm EST and walks you through how to go from 0 to 100 with a client's profile in RightCapital. Register today for the next webinar!
- Grow Your Business: Stock options and RS/RUS planning (CFP CE)
- Grow Your Business by narrowing your focus (this is one you don't want to miss!)
- Creating your first plan + Q&A (our first weekly webinar)
- Illustrating investment models and allocations
- Mega Backdoor Roth Conversion Strategy
- Illustrating the Impact of Long Term Care Cost and Insurance
- Illustrating Different Student Loan Scenarios + Q&A
Site performance enhancement: A number of changes and updates have been made in June to help improve the speed and performance of the RightCapital platform. Our goal is to enhance your overall RightCapital experience and allow you to service your clients more efficiently!
Update "unknown" investments: You can now specify the asset class(es) for investments listed as 'Unknown Fund' or 'Unknown Equity' in accounts linked via integration partner or account aggregation. To specify the asset class(es) for these investments, click on the line for the unknown item and click the 'Asset Classification' button.
Inheritance with modified cash flow: If you utilize the Modified Cash Flow calculation method and add inheritance income, that income will now be automatically saved; you no longer have to add a taxable savings card to save any of the inheritance.
Updated RMD calculations: RMD calculations have been updated, including the use of joint life expectancy tables for clients with more than a 10-yr age difference. You may see a slight change in planning results due to the RMD changes.
Extended Roth conversions: Roth conversions on the Tax > Distribution screen will now extend past the first client's age 70 for as long as the conversions fill the tax bracket.
We love hearing you talk about RightCapital, and we've now made it even easier for you to have conversations with your clients about RightCapital. We'd also love to hear directly from you, so don't forget to engage us in some feedback!
- Grow Your Business: 5 Building Blocks for Financial Advisor Growth (Part 2, picking up from where we left off in the webinar in March)
- Grow Your Business: Attract Gen X/Y Clients with Student Loan Planning (CFP CE)
- Stock option and Restricted Stock scenarios
- See the new RightCapital/Capitect Integration in Action
- RightCapital Marketing Collateral Review + Q&A
- Illustrating Client Pension Options
- Selling properties and relocation
Spring is here and our Product team has been busy at work. There have been a ton of updates, here are just a few highlights.
- Cash flow timing options - choose whether you want to use a rolling 12-months projection, start at the beginning of the current year, or bump it to next year.
- Morningstar Office integration (currently in beta)
- Email verification - an added security feature to ensure you are your clients' accounts are safeguarded.
- Capitect integration - it's live!
- Future/current dollar toggle - on the Retirement tab, choose whether to display results in today's dollars or future dollars.
- Refined balance sheet - cash accounts are now split out from investment accounts
- Add co-client to reference name display - if you have a client and co-client, both their names will be displayed on the top navigation panel when you (and they) log in!
- Specify inflation on individual expenses - expenses inflate at different rates. Default to the global, or individualize inflation rates for various expenses.
- Cash flows for proposed and current plans - use the drop-down on the Cash Flows tab to view it not only for the proposed plan, but the current, too!
For more, see https://updates.rightcapital.com/
We've had TONS of requests for a video you can send clients on filling out their profile
There's quite a few this month, so grab a beverage and sit tight!
- Training videos - boiled down to the essential videos to get you off the ground.
- Customize asset class correlations
- Retirement: understanding the Medicare tab
- Disability insurance
- Features & capabilities (new landing page highlighting all the features at your disposal)
We have added support for Roth annuities. You can specify an investment account type of Roth annuity when entering an investment account or illustrating an annuity income strategy.
You can now reflect a separate asset allocation for your client’s variable annuities, as opposed to their other investment accounts. Variable annuity accounts will grow at their own rate of return according to the allocation of your client’s variable annuities. You can also specify a proposed Annuity allocation on the Retirement > Analysis screen.
Add links to notes and tasks
You can now copy and paste hyperlinks into the 'Write a Note' area of the Action Items sections as well as any tasks you create. Please note links must be cut and pasted, not typed directly.
Folio Institutional integration
We’re pleased to announce integration with Folio Institutional. This integration allows you to directly link accounts custodied with Folio to your clients’ RightCapital accounts. Please see our Help Center article for details on how to set up the integration.
Cash flows for proposed and current plans
You can now use the drop-down box on the Retirement / Cash Flows page to view the cash flow details for both the proposed and current plan.
Enter college goals by year
In addition to indicating the start and end of a college goal based on the student's age, you can now specify the start and end years directly.
Future / Current dollars toggle
On the Retirement > Analysis screen, you can use our new toggle to illustrate results in either future dollars or "current" dollars which are discounted for inflation. Illustrating in current dollars may help your clients better understand the results. Current dollars are only illustrated on the Retirement > Analysis screen at this time.
We are excited to announce integration with Capitect. You can use this integration to link account information held in Capitect. To set up integration with Capitect, go to the Integrations screen and input your Capitect ID and API key.
Have you ever wondered just how our retirement projections work? Our updated articles on Monte Carlo simulation and return scenarios are your answer! We've updated over 30 articles in April, including How to add SSI to a client's profile, explainers for the Liquidity tab and Life Insurance tab, and a great walk-through of Student Loans and Estate analysis.
- Marketing Tips and Tricks
- Client Onboarding Overview
- Building an Exceptional Operational Experience
- Review of New Annuity Features
- Building Investment Education into Financial Planning (CFP CE)
Property and Casualty insurance ☂️
We have launched support for Property and Casualty insurance.
You can now enter information about your clients’ homeowner, auto, and umbrella insurance policies on the Profile > Net Worth page.
Getting the name right is ...the name of the game? 🤔
Wow, that was a bad joke. Good thing our writers don't write this thing! They've been busy updating and clarifying tons of articles! Now our articles are more straightforward in both title and content. With over 40 articles updated this month, we won't list them all here but check out a couple: Cash Flows (tab), Understanding the Investments tab, Social Security Income, and Adding a College Savings Plan.
- 5 Building Blocks for Financial Advisor Growth (Part 1: Specialization) w/ Patrick Brewer, CFA, CPA
- Reflecting multiple scenarios within a household
- Review of New Property and Casualty Capabilities
- Debt management in client plans
- Social Security Optimization Strategy (CFP CE)
We have upgraded our CRM integrations with Redtail and Wealthbox to ensure that you can consistently import and sync your clients' names and contact information from those systems.
We have also expanded our Advyzon integration to handle custom securities.
Advisor Portal color
By popular demand, we have switched the menu bar color on the advisor portal screen to match the color that you see when opening a client's plan.
Splitting and adding budget transactions
One of our most popular feature requests, our Budget screen now allows you or your clients to split transactions imported by your clients and to add manual transactions. Budget functionality is available for our Premium and Platinum subscribers. For more information, please see our updated Budget page in the Help Center.
New client checklist ✅
In addition to the two checklists we launched in January, there's one more to — ready for it? — check off! The New client checklist is ready to help you set up the basics of any new client.
Timely resources to improve your practice efficiency
For Valentines Day we skipped the roses and instead streamlined a ton of content on the Help Center to make it more intuitive and easier to understand. Check out the new Client Profile article, or learn how to create your own models and change asset assumptions. We've tightened up the Security & Compliance articles and now all your questions about reports, editing reports, and printing reports are answered! We've also updated system-wide Client presets.
- Illustrating planning scenarios - Social Security strategies
- Illustrating planning scenarios - Roth Conversions
- Illustrating planning scenarios - Budgeting, including new enhancements
- Marketing review
Updated Tax Forms
The projected tax forms have been updated to reflect the new forms published by the IRS. This includes a revised 1040 plus new Schedules 1, 2, 3, and 4. You can review the updated forms at Tax > Tax Estimate > Details tab.
REITs added to Advyzon integration
Our Advyzon integration is now able to import REIT holdings. It can also process more stock options and holdings.
We ❤️ checking things off the list!
...So we've made two super-duper helpful checklists for you, our advisors! The first checklist is for new users and it helps you quickly and effectively implement RightCapital in your practice. The second checklist is to prep yourself for inviting clients to your Client Portal. Both are incredibly helpful in closing the gap and letting you be totally confident that you are on the path the success!
Is it a bird? Is it a plane? It's New Categories!
Our Help Center is now even more intuitive to navigate. Items are now grouped based on how you use the product, including a more natural Creating Plans section (to add clients, add assets, and adjust settings) and a super-duper Getting Started page. Take a minute and freshen up My Account.
Now you have printable and emailable (Is that a word? Let's say it's a word...) client-facing resources to continue to engage your clients with RightCapital's Client Portal. Check out what we've pushed so far, and keep an eye out for more coming soon.
Winning new Clients is easier than ever
- Grow Your Business - Incorporating Mortgage Financing Strategies into Your Practice (CFP CE) (LINK)
2019 Tax parameters updated
RightCapital has been updated to reflect all new 2019 tax parameters, including:
- Updated contribution limits for IRA, Roth, 401(k), HSA, etc.
- Updated phase out values for IRA deductions and Roth contributions
- Standard deductions for single and joint filing
- Updated tax brackets
- QBI phaseout limits
Integration articles are now more intuitive
Setting up integrations already saved you a boatload of time. Now we've made the articles even easier to read, making saving time even simpler.
Up your game with a stellar client experience
There is now a trove of articles on the Help Center to be sure you have the tools you need to create a Stellar Client Experience. Including how to introduce RightCapital to your clients, how to invite them to the Client Portal, how to hold effective Client Review Meetings with RightCapital, and so much more. Check out the whole list here.
The only video you need to watch this month
Want to get up to speed using RightCapital? This 17 minute walkthrough video covers all the bases to go from newbie to pro.
New webinars of interest
Client Onboarding: Presenting RightCapital to Your Clients + Q&A ( LINK)
Mobile app optimized for iPhone XS Max
We have optimized our mobile app for the iPhone XS Max screen.
Grow Your Business - Helping Clients Transition to Retirement with A Smart Tax Strategy w/ Kyle Moore ( LINK)
RightCapital Videos better than Cat Videos (well, maybe)
Here's a quick 3 minute overview of key RightCapital features and functions.
And here's a 6 minute video outlining the impact of RightCapital's Retirement module. Enjoy a happy and healthy retirement planning process!