Data Entry: Education Savings Accounts

RightCapital enables financial planning, done just right. That includes thinking about not just the clients, but also the client's children and their education.

There are two methods to capture college savings plans in RightCapital.

Using a Child card in the family

During the initial set up, or from the client's profile later on, click Add Participant from the family page. Indicate that the new participant is a child, and input their date of birth.

This will automatically generate a college savings goal on the Goals page.

Anticipated college costs

College costs are used within the College Goal as a reference for advisors.

National average costs are from published data. Specific college costs are taken from Department of Education published data.

We plan to review the data on an annual basis.

Manually add a 529 account

If the client does not want to include a child in the planning process, but does still want a college savings account (either for an anticipated birth or for a current child for whom they would like to keep their date of birth and name private), they can add a 529 account on the Net Worth page.

To do so, click Add Account > Investment. From the drop-down menu, select 529 college savings plan.

Be sure to indicate the Child as the beneficiary to have the account accurately reflect in the Client's plan.

Use a child's 529 to analyze college savings coverage

Navigate to the Education tab in a client's portal to gain deeper insight into the client's preparedness for a child's education expenses.