Financial planning software developer RightCapital has released its Snapshot feature, which gives advisors a customizable, highly visual one-page financial plan that can be used as a client landing page or a printable PDF, according to the firm. . The new feature, previewed by WealthManagement.com, is available to thousands of advisors using the tool, and third-parties such as Canva, Excel or other at-home methods used by advisors to create one-page plans for clients. Tool replacement. ,
Personalization is an integral part of convenience. CEO and co-founder Shuang Chen said that when it started with about 100 advisors, each advisor came up with his or her own one-page plan. “We went through a six-month customer discovery phase and quickly realized that everyone’s one-page plan is different,” he said. “We got a lot of feedback and created something that is highly customizable.”
Advisors can add and remove widgets from the entire financial plan, such as net worth, tax reporting, and even add to messages that may include family information or advisory firm values. It’s also easy to print a one-page plan if a consultant wants to make a paper copy for clients who want to stick it in their refrigerator.
Travis Gatzmeier, a financial planner and founder of Kinetics Financial Planning, said the one-pager not only serves as a summary of the financial plan, but can be used to initiate brief check-ins rather than full financial planning meetings. Is. His $3.5 million AUM firm is based in the Dallas-Fort Worth suburb of Flower Mound, Texas.
Prior to the availability of Snapshot, Gatzemeier used Canva software to create a one-page financial plan summary he called a “scorecard.” He will use a combination of screenshots, text and video messages recorded through Loom to update his clients on their financial plans. With Snapshot, part of the manual process for providing those client updates is eliminated, he said.
Another benefit of a one-pager is to keep financial planning conversations focused on the topics advisors need to discuss most, said Johnny West, a financial planner at Better Planning Better Life. LPL Financial, an affiliate of West, has approximately $33 million in assets under management at the Long Beach, California-based firm.
“We’re full of information and what people really like is the short summary,” West explained. Snapshot “gives a very brief summary of where things stand. And I can shed light on where we want to focus and what steps we need to take to help us achieve their goals.” .
To be sure, RightCapital isn’t the only financial planning software developer with one-page financial planning capabilities. Investnet | MoneyGuide offers a “Digital Plan Summary” called “My Snapshot” and EmoneyAdvisor provides a summary with “Retirement Planning Score, Scores for Other Goals, and Asset Allocation” called a “Plan Summary Report”.
But this does not mean that the features are widely used. Gatzemeier is familiar with the eMoney advisor, but did not know about the one-pager that the service provided. West initially started using MoneyGuide before switching to RightCapital. He was not aware of the digital summary offered by MoneyGuide.
RightCapital has been growing in popularity since it was founded seven years ago. According to report author Derek Tharp, a 2021 technical report from Kitces.com, financial planning software “has completely shifted from an up-and-comer to an established vendor within the financial planning software category.” ” Seems like. , a senior research associate at Kitces.com.
RightCapital has “significantly surpassed long-standing competitors such as MoneyTree and NaviPlan” among independent advisors using financial planning software. According to the report, RightCapital has a 19.7% marketshare, compared to 30.3% for MoneyGuide and 33% for Emony Advisor. “This is primarily driven by Right Capital’s significant growth in the broker-dealer channel in recent years (up from a negligible market share with broker-dealers in our prior studies planning software adoption), where MoneyGuidePro has historically Was the market leader.
As a smaller, less established software firm, Chen said Wright Capital has been forced to innovate to compete. “We’re a little younger and we’re a lot more flexible than our competitors,” he said. “We innovate our competitors. That’s the only way we can win market share from those bigger competitors.”