If you're well-versed in the financial planning software landscape, you're probably familiar with the three key players: eMoney, MoneyGuidePro, and RightCapital. Some advisors express interest in switching to RightCapital—the industry's modern, innovative game-changer—but share concerns about the effort involved in transitioning their clients. To alleviate these concerns, we're providing insights from advisors who have navigated the path of changing software platforms. We reached out to Scott Frey, who transitioned to RightCapital from MoneyGuidePro in 2018. Below, he voices his experience and what made the switch worthwhile for him.
In 2022, Scott embarked on a new chapter, establishing Planful Finance in Oregon, following a decade of experience with another Registered Investment Advisor (RIA). His diverse clientele spans from individuals in their twenties to those in their nineties, with a growing segment of younger clientele in the tech industry, who mainly come through referrals. Planful Finance serves clients nationwide.
Challenge
MoneyGuide Pro "is a relic of the nineties"
Scott expressed dissatisfaction with the user interface of MoneyGuidePro. He likened it to "a relic of the nineties,” appearing outdated even a decade ago. While he acknowledged the software technically performed its functions, he didn't find it pleasing to interact with on a daily basis. “That’s a relatively minor complaint compared to its impact on client relationships. The biggest problem with MoneyGuidePro was that you had to explain it.” He stated that the necessity to explain the software—and sometimes even having to vouch for its reliability—detracted significantly from precious time that could have been spent discussing the plan and making crucial decisions.
Solution
A software advisors want to spend time in
Upon comparing RightCapital with MoneyGuidePro, Scott was quick to appreciate the visual advantages of RightCapital: “The value was self-evident—the ability to come to complex information and not have to explain it is such a powerful thing…The client can see and digest it so much faster.” He also discussed the stress reduction that can come when teams consider better user interfaces during software evaluations:
Results
Time to effect change
In Scott's experience, RightCapital allowed for more meaningful conversations centered around behavioral aspects rather than purely numerical information. He stated, “We get to spend more time talking about what really matters…I’m able to effect change more positively because of it.” He underscored how RightCapital’s simplicity, along with time efficiencies gained from presenting various plan scenarios simultaneously and even a quicker server response, can significantly impact a client's financial planning process.
Easy transition and increased engagement
Transitioning from MoneyGuidePro to RightCapital meant Scott had to recreate plans from the ground up. Nonetheless, he didn't perceive this as much of a departure from his customary practice, owing to continual plan adjustments due to evolving life situations, income inflationary pressures, regulatory modifications, and more. While some clients initially expressed reservations about switching from MoneyGuidePro, once they experienced RightCapital, no more assurance was needed. Scott has also noticed an increase in client engagement since switching software.
More trust from clients
Scott recounted a positive experience with a client who, being a professional in the software industry, held high expectations for software tools. Initially, this client exhibited apprehension with MoneyGuidePro. Scott witnessed a shift in his client's confidence once they started using RightCapital:
Less “technical overhead”
Regarding training, Scott highlighted that he required minimal instruction due to RightCapital's logical layout. As he scales his business, Scott’s focus is primarily on mentoring advisors on effective client interaction, rather than on utilizing tech tools. He believes educating them about the software should occupy less time than nurturing more result-driven advisory skills.
Collaboration and trust with software
“I think RightCapital is listening to their clients, I don’t know how to put a price on that.” Scott shared his findings of the differences between how MoneyGuidePro and RightCapital have responded to advisor feedback. He explained that many of his own suggestions over the years have been incorporated:
Are you ready to streamline your financial planning process, engage clients more effectively, and join a community that genuinely values your feedback and evolves to meet your needs? Book a demo today! For more advisor success stories, visit this page.