Adding Value with RightIntel and Business Intelligence

The top clients by cash balance. Especially if we're looking at the book of business and we want to put some of those assets into something that's going to give a little more of a return than just cash—maybe annuities, or putting it under your management into an investment account—we can see listed out here pretty easily who those top clients are by cash balance. As you can see, we have a large amount of cash at hand for a couple of clients.

Under Opportunities, this is a great space to dive into some of the opportunities available for your book of business, for the prospects you might have in RightCapital, and clients as well. Here under Cash, this is where we can see the information in terms of the total cash balance for each client. We can sort this by highest to lowest cash balance, and we can also see what changes have happened since the end of last month.

So if we're seeing that the Baratheons are having a lot in cash balance and they keep consistently adding a lot to their bank accounts, maybe it's time to talk strategy about how we're saving and potentially look at different tax-efficient routes. You can click on the arrow icon to dive directly into the client plan and see exactly what's happening with their plan, or make modifications as needed.

I want to note that if we're managing assets, or there are some assets under management, and we're trying to leverage these visuals, this is coming over based on what's entered within the client profile. So I want to review how you can effectively manage your client's net worth, and also how you can check off that it is managed, so we can see your book of business by total number.

If we go back to the client list, open up a client plan, and go under Profile > Net Worth—when we're entering accounts in Profile > Net Worth and entering that current plan, if we click on one of these accounts, you'll see the option to mark this account as "managed" versus unmanaged. This is going to be key for some of the other visuals we'll review in a minute, which cover some of your opportunities, especially if you're an investment manager.

This is the space where we check off, and that directly impacts the visuals, the stats, and the information viewed in the RightIntel module. That is the intention behind this "managed" checkbox—it directly impacts that number we were seeing back in RightIntel. So if you do manage this account, you can check off this checkbox, but if we don't manage any of these assets, we'd want to make sure we're deselecting that "managed" button.

Under Assets Held Away, this tab is where we'll see the opportunities available for assets that you don't yet manage. That's why the checkbox we reviewed when entering the net worth is key when we're trying to analyze the RightIntel dashboard. Here we'll see the client's information—what group they fall in, the name—but also those assets that are held away and the number of accounts.

We can also drill down into the assets held away figure. So if we're trying to look specifically at what accounts we don't manage, we can see they've got three pretty large accounts that we do not yet manage—potentially an opportunity to manage some of these. We can also see the account type, which is important because perhaps some of them might not be something you're looking to put into your management tactics for their investment portfolio. But things like their taxable accounts and their 401(k)s—these are two targets for us. We can see who owns the account and the account name for reference as well.

If we wanted to take a deeper dive into that, we can click on the arrow icon and be brought directly to their client profile. We can click into each of these columns for those other insights and sort by each of these different figures right here.

Under the Debt module, this is a great space if we're looking for new business opportunities or new ways to provide value-adds for clients—and maybe we're not already in the debt management field. Here under Debt, we can see which clients might be heavily burdened by large amounts of debt and where we might be able to come in to assist with debt management tactics, with our debt management tool, for example.

We can look at ways to pay those off, but we can also take this information to dive into that debt management tool to start building out those proposals and bring that value-add. First, we can see who has the most in terms of debt balance.

John Travolta has a lot here. Same with the Baratheons—even though they have a larger net worth, they have a pretty drastic amount of debt. They have a lot of mortgages outweighing some of their assets.

We can also see who has what type of debt. Some of these are student loans, so maybe we're trying to do a newsletter when the student loan update happens in July, in a couple days upcoming. We can see where that might be an opportunity for some of these people with student loans still. But the majority of these are mortgages.

We can also see the rate for the debt itself—just some of those key insights. Then you can click into the "open client" button and build out a debt management tactic to walk through the different ways we might leverage your planning methods to alleviate a heavy burden for some of your clients.

You can also filter here, so if you're trying to look at prospect clients and see if your prospects are pretty heavily burdened by debt, maybe that's a tactic that can be taken in terms of materials presented for marketing, for getting them into your actual book of business. Same with current clients. We can see that current clients do have pretty hefty amounts of mortgages, and we can also sort by the different types of debt. So if we're trying to focus on the different types of mortgages—maybe somebody has reverse mortgages and we're looking at the opportunities there versus car loans, student loans, or other loans—we can filter from here.

Under the Insurance tab, this is where we'll see a couple different kinds of opportunities available. Here we'll see the client name listed out for reference, the client group they're falling into, and the ages of the client and co-client.

What's nice here is we can also see the number of policies, and we can sort by life insurance, long-term care insurance benefits, disability policies, and property and casualty policies as well. We can easily click into the column header to dive into what is making up their life insurance picture. So we can see what's happening in terms of the different policies they have for life insurance. We could do the same thing for long-term care insurance policies, and any disability insurance policies they have.

We can easily see that book of business, especially for checking in about any insurance opportunities. If we're looking to potentially get more coverage, we want to check in to see who's lacking in potential coverage, or who has what in terms of some of these main types of policies. We can see that from here. You can click on the arrow icon that will lead you directly to this client's profile. Maybe that's when we take that extra step to build out some life insurance proposals, long-term care insurance proposals, anything along those lines.

This filter can be beneficial for sorting by certain numbers of policies. It's a great way to check in and see the actual policy details directly from your advisor dashboard. This can be downloaded in a spreadsheet if desired.

Under the Insurance tab, this is a great space to see when policies are expiring for clients. Especially as some of these are term insurance policies, they might not need to review or renew those particular policies with you or with their work. This can be a great way to see these insights, and then perhaps assign a task to check in, review those policies, and perhaps renew or get a whole life insurance policy as well. You can click on this dropdown to filter by different client groups or look at all clients. You can also filter by when policies are going to expire—whether it's expiring this year, expiring next year, or all time, which is what we currently have selected.

Under Key Events, this is a fantastic space to see some key planning opportunities. We can see a lot of those major life events and planning opportunities, and get notifications of them, so you can plan ahead of time and have that white-glove service in terms of some of those key life events that might be confusing for clients—such as retirement. We can see who's going to be retiring soon. We can see when somebody's close to Social Security filing and get notifications for when that's coming up. Same with Medicare filing, which is oftentimes a pretty confusing process for some clients.

We can get that notification, and perhaps that's when we provide that resource to the client about the Medicare filing process. If we have them engaged in RightCapital, perhaps that's when we also give them access to our educational Medicare module.

Same for some other key planning opportunities, such as when somebody is approaching age 50-plus catch-up contributions and can start to save more towards their accounts. Same with age 59 and a half penalty-free withdrawals, especially if we're looking at different conversion plans. And also RMD age.

This is a great way to see those main key events in a client's life. You can get those notifications. We can also see who's coming up when for some of these. For this year, we have a couple that are reaching age 50-plus for catch-up contributions in July—a key planning opportunity to save more into the retirement accounts. We also have a client closing in on the age of Social Security filing for what we have assigned for them. And we have the opportunity for that age 59 and a half penalty-free withdrawal for a client as well.

These are the key insights we can view here, and then leverage to further give that personal approach to a client's conversation about their plan. When they're close to retirement, you can easily give them that congratulations on being close to retirement, and also check in to make sure that's still the path they're looking to take—if there's any need for additional planning as they're getting closer and goals might be shifting.

A lot of key insights can be found here that's pretty easily managed in the RightIntel dashboard. It has a lot of great information that we can use as a resource, as a key indicator, so you can take a couple other steps to either engage the client directly in RightCapital or provide that personal touch about some of those key life events—something a client might need further assistance from you as their advisor on, without them necessarily needing to ask.

Another key thing—and this is relevant if we're engaging a client directly in RightCapital—is under RightIntel > Client Overview > Activities. Here under Activities, this is where we'll be able to view client engagement and how engaged clients are within RightCapital.

We can see the client's names, the client group they fall into, but also when they last logged in, when they first accepted the invitation and signed up and logged in, and how many times they've logged in. And also, very importantly, any activities in the last four weeks.

So if we have a client engaged in RightCapital and we've granted them permission to update things, this is a space we can go to see what they're changing when they're logging in. We can see when the client updated some of this information just today—they updated a couple of their investment accounts, their bank account, and their retirement living expense goal. We can see this information directly from here.

We can also see the title for reference, that they updated Ned's 529. This can be a great space to see what's happening in terms of client engagement—if they're completing anything you might have assigned to them, updating the net worth, anything along those lines.