RightCapital announced last week the release of an enterprise solution version of the firm’s financial planning platform. Its planning software platform includes capabilities to help advisors comply with the new U.S. Department of Labor fiduciary regulation.
RightCapital also announced that it has signed Parsonex Advisory Services as the firm’s first enterprise client. The agreement will provide access to RightCapital’s financial planning platform to all financial advisors affiliated with Parsonex Advisory Services.
COMPREHENSIVE PLANNING SUPPORTS FIDUCIARY STANCE
With the enhancements announced, RightCapital’s solution now includes capabilities that address retirement income, annuities, Social Security optimization and tax-efficient drawdown strategies. The easy-to-use tools from RightCapital offer financial advisors a single planning solution that can used to construct a holistic view of a client’s retirement plan. The newly added enterprise feature enables advisors who work at large enterprises to share clients and also allows the firm’s management and compliance departments to control access, monitor usage and review clients and their financial plans.
Cost effective approach to meet DOL requirement
“It is critically important for advisors acting as a fiduciary to understand their clients by obtaining and documenting vital client information and creating a holistic financial plan,” said Shuang Chen, cofounder and CEO of RightCapital. “Unfortunately, with some cumbersome legacy financial planning tools the financial planning process can be lengthy and expensive. The average time for an advisor to create a financial plan could be as much as six to eight hours with those older financial planning systems. It can take up to six months of dedicated focus for advisors to get comfortable using those older, overly complex financial planning technology tools,” Chen said.
“We created an intuitive and easy-to-use solution that takes thirty to sixty minutes for an advisor to create a plan with minimum training,” Chen said. “Our financial planning tool marries simplicity with truly robust capabilities. RightCapital is a powerful tool for advisors who are looking to quickly ramp up their business, or streamline an existing business in a post-DOL world.”
Partnership with Parsonex Financial Services, Inc.
Parsonex Financial Services, a fast growing retirement planning and wealth management firm headquartered in Englewood, Colorado, selected RightCapital as the enterprise planning solution for their independent financial advisors and branch offices across the United States. Parsonex indicated the firm conducted a comprehensive search of available technologies before partnering with RightCapital.
“We are excited to work with RightCapital,” said Parsonex CEO Jonathan Miller. “They are striking the right balance of simplicity and functionality. It’s easy to use and implement but doesn’t sacrifice important functionality. It offers financial planning to the masses but provides advanced insights for our wealth management clients.”
“We are very excited about the partnership with Parsonex Financial Services. Parsonex is a fast growing advisor firm that leverages on technologies to drive efficiency and deliver incredible growth. We look forward to providing Parsonex financial advisors quality financial planning tools that allow them to offer powerful insights to their clients and focus on serving them with excellence”, said Chen.
“Successful financial advisor’s engage client’s through goals-based financial planning. RightCapital makes this easy by allowing for detailed and precise calculations in the background while presenting relevant insights in a simple, clear and concise way to clients,” Miller said.
ABOUT RIGHTCAPITAL, INC.
After 15 years working with financial advisors, RightCapital co-founders Shuang Chen, CFA® and Song Chen recognized how complex many of the industry’s leading financial planning software systems had become. Founded in 2015, RightCapital is next generation financial planning software designed to help advisors simplify the financial planning experience for their clients. RightCapital offers modern look and feel, interactive, easy-to-use tools that can be shared by advisors and clients, and a robust calculation engine that generates accurate results quickly. For more information visit www.RightCapital.com.
ABOUT PARSONEX ENTERPRISES
Parsonex is a fast growing, independent financial services firm headquartered in Englewood, Colorado with offices and financial advisors across the United States. The firm owns two FINRA registered broker/dealers, an SEC registered investment adviser, an insurance agency and franchise company. The firm recently launched an expanded wealth management division, Parsonex Wealth Advisors, to provide expanded and comprehensive wealth management services to its accredited and affluent investors. Jonathan Miller is the President and CEO of Parsonex Enterprises and its affiliates. Parsonex affiliates include: Parsonex Securities, Parsonex Advisory Services, Parsonex Insurance Agency, and Parsonex Financial Services. For more information, visit www.parsonex.com or www.parsonexopportunity.com.