I started to ask myself: How can I make my life easier, and how can I simplify my client onboarding process?

Michael Whitman, founder of Millennium Planning Group, saved $8,400 per year and reduced his client-facing technology from five platforms to two after switching to RightCapital in 2022. After nearly a decade with a large broker-dealer, Michael launched his own RIA, Millennium Planning Group, and took full ownership of his technology decisions. Here's how he consolidated his tech stack, simplified client onboarding, and improved the planning experience—lessons any independent RIA can apply.

What technology challenges do independent RIAs face?

Running an independent RIA requires staying on top of the latest trends in advisor technology while balancing cost and client experience. Michael encountered three common challenges that many independent advisors face.

Overspending on tech platforms

Now operating independently, Michael has the freedom to make his own technology decisions. He frequently reevaluates these choices, ensuring he stays up-to-date with new features and functionality. Michael discovered he was paying for features across multiple platforms that either overlapped or that he never used at all. Michael said, "When I started my own RIA, I had to figure out where all the money was going." This focus helped him avoid overspending on tech platforms that may not deliver equivalent value.

An inefficient client onboarding process

Michael was determined to streamline his onboarding process, for both his clients' convenience and his own. Before switching to RightCapital, "There were a lot of hiccups in clients getting an email with several links—one for a risk questionnaire, a financial software onboarding, a secure document upload, an appointment scheduling page…clients weren't doing it. They didn't even know which link to click." Managing this process was becoming increasingly demanding, as he was responding to numerous client inquiries clarifying what each step entailed.

Too many disconnected systems

In addition to having too many platforms for his clients during onboarding, Michael was also dealing with too many systems on his end. His platforms didn't always integrate properly. For example, risk scores in one system didn't reflect accurately in another. This, coupled with the onboarding issues, led him to ask, "How can I make my life easier, and how can I simplify my client onboarding process?"

How RightCapital replaced five platforms with two

A decision to switch halfway through the trial

In the first seven days of the RightCapital trial, I had already canceled eMoney.

As a tech-savvy advisor, Michael established recurring technology reviews at the end of each year. During one of these reviews, RightCapital contacted him offering a free 1:1 demo and 14-day trial. Michael was immediately impressed: "In the first seven days of the trial, I had already canceled eMoney, had already put all the branding into RightCapital, and I was pretty much halfway into RightCapital."

Michael found that every feature he had been using in eMoney was available in RightCapital, though sometimes in different locations. He said, "Everything that's in eMoney, you have in RightCapital." This gave him the confidence to fully commit to the switch midway through the trial period.

Results: $8,400 Saved and a streamlined tech stack

How Michael eliminated $700/month in redundant software costs

I canceled so many things... It's not even funny. I freed up $700 a month in expenses' after switching to RightCapital.

Investing in RightCapital for financial planning allowed Michael to identify redundancies across single-feature platforms he was using. "I canceled so many things...It's not even funny. I freed up $700 a month in expenses." He researched what tools and integrations his clients were actually using within eMoney to determine which features were necessary to keep and which could be replaced with more efficient alternatives.

This analysis also led Michael to select SEI as his custodian. "I did research beforehand, reviewing not just what was available but what my clients were actually using. SEI perfectly fits my clients' needs, and it's easier for me," he explained.

SEI played an important role in Michael's journey to launching his firm and running it efficiently. As a major supporter of advisors transitioning to the RIA model, SEI gave Michael the freedom to build his infrastructure in a way that best suited his business goals. According to Michael, he chose SEI because "their philosophy centers around providing advisors with choices to give advisors a more seamless and personalized experience." SEI has integration partnerships with more than 30 technology providers.

When presenting to clients, Michael primarily uses RightCapital for demonstrating financial plans, shifting to SEI when necessary, such as when discussing performance. Since launching his RIA, Michael had been focused on transforming his tech stack into a well-oiled machine. With RightCapital and SEI, he found the efficiency he needed to support his client conversations.

How Michael simplified client onboarding to two touchpoints

Michael leveraged a previously successful welcome email, copying it into RightCapital. The onboarding email is now sent directly from RightCapital, saving him valuable time. The only other link clients receive is an email about his chosen document storage platform. He happily noted, "It's two services now that I need to use versus five."

When RightCapital introduced Onboarding Templates and Blueprint-style onboarding in 2024, Michael switched to that view for his clients. Incorporating risk assessment into the onboarding process was another significant benefit.

How RightCapital's built-in risk module eliminated extra logins

Michael was delighted to discover RightCapital's Risk module, a feature added to the platform in 2024. "All of a sudden a risk button showed up on my screen in RightCapital," he recalled. He highlighted the integrated nature of the tool within the financial planning software as a major advantage, doing away with the need for additional logins or connections.

RightCapital allows advisors to use a default 13-item questionnaire based on the Grable and Lytton scale or create their own custom versions. After discovering the tool, Michael created his own risk questionnaire, building SEI's risk tolerance and risk questionnaire directly into RightRisk—scoring and all—for a client meeting later that day. "We saw that client's risk score right there in RightCapital and had an amazing conversation with the client," Michael explained.

The module's intuitive visuals help Michael communicate risk to clients: "Here's your target risk based on the allocation that we think you should be in based on the score that you've received. Here's where your up and down is. Are you comfortable with that still? Are you wanting to be more aggressive or less aggressive? What are your thoughts?" The availability of risk module widgets for the Snapshot plan summary further adds to the convenience.

RightCapital also supports separate risk scores for a client and co-client—a scenario Michael frequently encounters. "The visuals are great, and it's easy to understand," he stated, contrasting this with the complexities of his earlier solution.

Simpler recordkeeping and compliance

Another benefit of consolidating Michael's tech stack is that keeping records has become increasingly straightforward. With all vital records strategically located within RightCapital, his CRM, and SEI's custodial infrastructure, regulatory compliance became much simpler and Michael has his data where he needs it. The integration of data between SEI and RightCapital allows for ongoing assessment and visibility, so he can ensure his RIA remains compliant as his business continues to grow.

This interview was originally conducted in 2024.

Interested in seeing how RightCapital can help you consolidate your tech stack and simplify client onboarding? Schedule a demo today.