RightCapital Financial Planning Software
- Thread starter stevenr
- Start date
njhowie
Thinks s/he gets paid by the post
- Joined
- Mar 11, 2012
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- 3,931
It's for planners/advisors/businesses. Doubtful anyone here uses it as it ranges from $140 to $180 per month per advisor with a one-year minimum.
https://www.rightcapital.com/pricing/
bada bing
Full time employment: Posting here.
I've had individual access to Right Capital for 3-4 years now. You have to go through a Financial Planner that subscribes in order to have an account set up. I paid a one time fee of $100 and that was my only business with that planner. He no longer offers just software access alone but my access is supposed to continue for as long as he subscribes.
Is it better software than available for free on the 'net ? Yes, IMO. The ability to forecast taxes makes Roth conversion modelling a breeze, so it's easily worth what I paid for just that feature. It also allows modelling SS claiming, pension claiming, etc. that updates the entire report for each individual tweak. How much is it worth ? I dunno if I'd pay more than $200-$300 for access and I'm not a potential client for any other Financial Planner services. Usually it is used by the planner and reports are generated by them for clients as part of the service package. Be aware that a lot of planners aren't going to give you access to run your own scenarios, they will just provide reports they've set up. I don't know how highly I'd value reports generated by a CFP verses having access to use the software myself,.
Be aware that Right Capital software is customizable by the individual subscribing CFP and the front page of the software used by a lot of planners is just a custom entry page for their individual business. A lot of Financial Planning businesses will use Right Capital software but with the software name changed to make it look like the Planner has a proprietary product. The modeling engine behind the scenes is all Right Capital regardless.
Also be aware that the planner you gain access through will input their own forward guesses for market performance and inflation and your individual results with the software will reflect their projections while using their client access.
Is it better software than available for free on the 'net ? Yes, IMO. The ability to forecast taxes makes Roth conversion modelling a breeze, so it's easily worth what I paid for just that feature. It also allows modelling SS claiming, pension claiming, etc. that updates the entire report for each individual tweak. How much is it worth ? I dunno if I'd pay more than $200-$300 for access and I'm not a potential client for any other Financial Planner services. Usually it is used by the planner and reports are generated by them for clients as part of the service package. Be aware that a lot of planners aren't going to give you access to run your own scenarios, they will just provide reports they've set up. I don't know how highly I'd value reports generated by a CFP verses having access to use the software myself,.
Be aware that Right Capital software is customizable by the individual subscribing CFP and the front page of the software used by a lot of planners is just a custom entry page for their individual business. A lot of Financial Planning businesses will use Right Capital software but with the software name changed to make it look like the Planner has a proprietary product. The modeling engine behind the scenes is all Right Capital regardless.
Also be aware that the planner you gain access through will input their own forward guesses for market performance and inflation and your individual results with the software will reflect their projections while using their client access.
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Right Capital has two very irritating issues:
1. If you try to aggregate data for 2 people from Fidelity, it continuously overwrites the balances of one user with the other and all the net worth and account values are thus bogus. This has been an ongoing issue for years. Very disappointing.
2. If you have money in FZDXX or similar money markets at Fidelity, it subtracts the balance out. We submitted a bug report.
I’m so frustrated with the above issues that I started putting my data in manually…but that has its own issues / I don’t want to update everything manually.
3. They finally added dynamic withdraw schemes, but assume stupid non-dyn schemes for your base case - I guess so your planner can “propose” something that is completely obvious. So the “current plan” options are often just stupid. Today, my current plan shows a success of like 5% and my proposed plan is 99%. …and donnt get me started on the limited usefulness of a single success percentage.
4. Doesn’t seem to integrate well with my eTrade RSUs.
I do like the cash flow and the roth conversion components.
1. If you try to aggregate data for 2 people from Fidelity, it continuously overwrites the balances of one user with the other and all the net worth and account values are thus bogus. This has been an ongoing issue for years. Very disappointing.
2. If you have money in FZDXX or similar money markets at Fidelity, it subtracts the balance out. We submitted a bug report.
I’m so frustrated with the above issues that I started putting my data in manually…but that has its own issues / I don’t want to update everything manually.
3. They finally added dynamic withdraw schemes, but assume stupid non-dyn schemes for your base case - I guess so your planner can “propose” something that is completely obvious. So the “current plan” options are often just stupid. Today, my current plan shows a success of like 5% and my proposed plan is 99%. …and donnt get me started on the limited usefulness of a single success percentage.
4. Doesn’t seem to integrate well with my eTrade RSUs.
I do like the cash flow and the roth conversion components.
What has been your experience with your CFP? Would you recommend them?
target2019
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Here's a 2020 Kitces review of RightCapital.
RightCapital Financial Planning Software Review – Tax-Sensitive Decumulation Planning And A Collaborative Planning Interface https://www.kitces.com/blog/rightca...nning-and-a-collaborative-planning-interface/
RightCapital Financial Planning Software Review – Tax-Sensitive Decumulation Planning And A Collaborative Planning Interface https://www.kitces.com/blog/rightca...nning-and-a-collaborative-planning-interface/
