Warren Duthie started in the financial planning industry on a whim, but it turned out to be the right whim. What began as an internship turned into 17 years at a large insurance company and eventually culminated in the formation of his own firm, Duthie Financial Group. As he ventured into this new chapter, Warren chose RightCapital as his financial planning software—a choice he passionately endorses, even proudly sporting a RightCapital tee from a Commonwealth conference in the below interview clips.
Challenge
An important choice after not having one for 17 years
Warren admitted that once he started his own firm, it was a little intimidating having to make a choice on what to use for financial planning software. At the insurance company, they used a smaller software which had its drawbacks. “Before, I was kind of embarrassed of my software. It just looked so dated, it was not impressive,” Warren shared.
Solution
A desire to “get in on the momentum”
As Warren laid the foundation for Duthie Financial Group in 2020, he consulted with colleagues at Commonwealth for their financial planning software recommendations. While eMoney and MoneyGuidePro came with established reputations, RightCapital emerged as an up-and-coming contender attracting substantial attention. Intrigued by the buzz, Warren signed up for a demo. After he came to understand the software's underlying assumptions during his 14-day free trial, he confidently chose RightCapital.
Results
Visualizations for simple explanations
RightCapital's visualizations have enhanced the efficiency of Warren's client meetings, enabling quicker comprehension of complex financial concepts. “There are so many words I don’t have to say because of the way (Roth Conversions) are laid out…This used to be way harder to explain and now because I have this tool, it’s easier.”
When Warren acquired another advisor's business, these visualizations proved to be an invaluable asset. The retiring advisor hadn’t used financial planning software in his practice, providing Warren with the opportunity to "crush it" with eye-opening visuals. He pointed out how RightCapital's Blueprint feature, in particular, made an excellent first impression, “I can just start there and add more flesh to the bones…Clients love it.”
Warren discussed these visuals as well as the confidence chart, the cash flows, and the 1040 tax return samples in this clip, where he also discusses the ability to keep drilling down for more information within the software:
“Incredible speed”
Warren expressed that with his old software, he was often left waiting during a client meeting for the system to reload. He was concerned about losing his clients’ attention and confidence during these pauses. “The speed (of RightCapital) was incredible. If we had a client meeting, to refresh the old software or to change scenarios took forever…I was just blown away by the speed of (RightCapital).”
AUM growth
Since incorporating RightCapital into their operations, Duthie Financial Group has witnessed a more than six-fold increase in its assets under management (AUM). Warren is convinced of the software's contribution towards this success, affirming, “I’ve been leveraging RightCapital hard this whole time. I don’t know if I could have done it without RightCapital.”
Expert-level knowledge by working with the Support Team
“My favorite part of RightCapital, it’s…the support system and the partnership that I love.” When thinking about other software options, Warren wondered, “Can they support you through your career and help you get expert-level understanding like they have? Well, I know RightCapital can.”
Warren has found his experience with the RightCapital Support Team to be “a stark contrast” from his previous software. In the past, he was often waiting on hold for 10 to 15 minutes “before I even got the wrong answer…Everybody who you’re calling at RightCapital has expert-level understanding of the software.”
Giving clients the green light to enjoy life
Warren enjoys encouraging clients to spend their money while they are able to enjoy it. He uses the RightCapital confidence chart to assure clients they can afford to spend without drastically impacting their financial trajectory. He offers clients peace of mind about their financial futures while promoting experiences that will create lasting memories. “I’m giving people the green light to spend money and they never thought that was coming. It really enriches the relationship.”
Have you been thinking about upgrading your financial planning software to something faster and more impressive, with the support team of your dreams? Schedule a demo with RightCapital today. For more advisor success stories, visit this page.