Iris - Prompts

Overview

Iris can answer questions about a client's plan, explain how RightCapital works, and help you dig into planning strategies. The preset tools (Double Check, Cash Flow Review, Plan Builder, and Find Opportunities) are a great starting point, but you can also type your own questions into the chat box to dig deeper into a financial plan!

The more detail you provide, the better the answer. Name the plan you're asking about, the timeframe, and the account or goal you care about. The examples below show the kinds of prompts that work well. You can copy them as written or change them to fit the specific client.

Basic Prompts

• Compare plans: Get a quick summary of how the client's current and proposed plans differ:
  • "Give me an overview of the current vs. proposed plan. What are the key differences, and how do they affect the probability of success?"
• Break down the household's net worth: Pull key figures from the plan without clicking through several tabs.
  • "What is this household's current net worth? Break it down by account type and show the split between each spouse."
• Find out why a result changed: Ask Iris to explain the cause of something unexpected in the projections.
  • "Why do the client's Roth IRA contributions stop in 2031 in the current plan? What inputs are causing this?"
• Review cash flow in detail: Narrow a cash flow review down to the years or events you care about most.
  • "Walk me through the years where this household has a negative net cash flow in the proposed plan. What are the main expenses or goals driving the shortfall?"
• Ask how to do something in RightCapital: Iris uses the RightCapital Help Center, so it can tell you how to enter or model information.
  • "How do I enter a pension with a cost-of-living adjustment and a survivor benefit for this client?"

Advanced Prompts

Once you're comfortable with the basics, try these longer prompts. Each one asks Iris to combine several pieces of the plan, or to work through a request step by step:

• Compare an uploaded file with the plan: Upload a statement or document, or ask Iris to find one in the Vault, and then compare it with the plan data.
  • "I've uploaded the client's latest 401(k) statement. Compare the balance and contribution amounts with what's currently entered in the plan, and flag any differences."
• Review a client's tax picture year by year: Look for years where taxable income jumps, which can point to tax-planning opportunities.
  • "In the proposed plan, show me a year-by-year table of the client's projected taxable income and marginal tax bracket from today through age 80. Highlight the years where income drops (such as between retirement and Social Security or RMDs) and explain what's driving each change."
• Create custom graphs: Iris can turn plan data into charts right in the chat. Say which data you want, the chart type, and the time period.
  • "Create a stacked bar chart of this household's projected income sources from retirement through age 95 in the proposed plan. Show Social Security, pensions, portfolio withdrawals, and other income as separate colors, and mark the year each spouse begins Social Security."
  • "Plot a line chart of total investable assets over time for the current plan and the proposed plan on the same graph. Mark the retirement year and any year where a major goal is funded."
• Create interactive visuals: Sometimes creating a dynamic visual to help illustrate comparison or complex planning scenario is better than a standalone chart. Describe the situation you are looking to analyze and let the visual come to life.
  • "Create an interactive visual for comparing the current and proposed plans highlighting key differences and input/outputs"
  • "Build an interactive diagram of the various tax strategies configured for this household to see the benefits or opportunities in each"
    

Making Changes to the Plan

Iris can also make changes to a client's plan when you ask. It can create and edit profile items, action items, and plans, create and recategorize budget transactions, and add notes. When there's enough room on your screen, Iris opens next to the platform, and the page refreshes automatically as Iris makes changes.

• Build a new plan from a scenario: Ask Iris to set up a what-if scenario as its own plan, so you can compare it with the plans you already have.
  • "Create a new plan based on the proposed plan and name it "Retire at 67." In the new plan, delay both spouses' retirement by two years and have both claim Social Security at 70. Then compare its probability of success with the current and proposed plans."
• Update the profile from an uploaded statement: Upload a statement and have Iris update the matching accounts, so you don't have to enter the numbers by hand.
  • "I've uploaded the client's latest 401(k) statement. Update the account balance and the employee and employer contribution amounts in the profile to match the statement. List each value before and after the change."
• Clean up budget transactions: Recategorize transactions in bulk, or add a transaction that isn't in the client's linked accounts.
  • "Recategorize all transactions from Costco in the last 6 months from "Shopping" to "Groceries." Then add a $1,200 cash transaction on 9/15 for "Home Maintenance" with the note "Gutter repair, paid in cash."