An Innovative Payment Solution Integrated With the RightCapital Platform Helps Advisors Collect Periodic or One-Time Payments for Financial Planning Service
RightCapital, a next-generation financial planning solution that provides advisors with the ability to create custom comprehensive financial plans, has introduced RightPay, a web-based service that enables financial advisors to collect financial planning fees from clients via credit card. RightPay seamlessly integrates with the advisor’s branded RightCapital portal where clients can access their live financial plan, task list, and now can review, approve and pay via credit card for financial planning services received.
“More and more advisors are offering financial planning services to their clients, for either an upfront fee and/or monthly ongoing fees,” said CEOÂ Shuang Chen. “RightPay enables advisors to deliver a financial plan and collect payment for the plan via a single RightCapital financial planning portal. This seamless client experience is important. When a client is completing a payment via the RightCapital financial planning portal, they also see their financial plan and are able to see the value in what they are paying for.”
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Available to RightCapital subscribers, the add-on service allows advisors to track and manage completed and outstanding payments for all of their clients.
Other advantages include:
- Streamlined payments for existing fee-for-service practices. RightPay is designed to facilitate financial planning for fee-based practices. Clients input their credit card information and the advisor can charge accordingly – either hourly, one-time fee or monthly retainer. This unique feature creates more operational efficiency for advisors charging fees for financial plans.
- Minimized hurdles to offering financial planning as a service. The technology makes it easier for advisors who do not currently offer financial planning to add this service to their business. While many advisors have simple solutions for AUM based fees, but have been challenged by the logistics of collecting one-time, or regular small payments from clients. RightPay enables advisors to build their business and generate more revenue by expanding their services to include financial planning.
- Facilitated financial planning services for clients who don’t qualify for AUM fee structure. RightPay in conjunction with RightCapital helps advisors deliver value via financial plans to prospects and clients who don’t have a lot of assets, where a traditional AUM fee structure may not work. RightCapital and RightPay provide an effective tech stack to serve these clients with debt management, student loan planning, and budgeting assistance via web or mobile app. Advisors can use the subscription model to deliver retirement planning, social security optimization, tax efficient distributions and charge one time or ongoing fees, all through one system.
AdvicePeriod and Independent Financial Group (IFG) have both adopted RightCapital as their enterprise planning solution and are incorporating RightPay into their organizations.
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“Clients pay for financial planning, not investment performance,” said Steve Lockshin, WealthManagement.com’s Thought Leader of the Year and founder of AdvicePeriod, an advisory firm built for advisors, by advisors. “By separating billing from the portfolio and tying it to the planning portal, RightPay allows advisors to draw a direct line between the value they provide and how they are paid for it.”
Many advisors have been challenged as they try to serve clients in the very early stages of accumulation. RightPay provides an effective solution and enables those advisors to further build relationships with clients.
“Until now, the economics of working with younger clients has been challenging for independent advisors,” says Michael Watson, VP of Wealth Management at Independent Financial Group (IFG). “With RightPay from RightCapital, IFG Advisors now have an efficient solution to provide much-needed advice for a growing demographic with the greatest opportunity to leverage the power of compound interest, while ensuring their own profitability and revenue growth. RightCapital and IFG share a passion for financial wellness and education. We are excited to be working with Shuang Chen and his team on new solutions that will enhance the financial prosperity of the clients we serve.”
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