Trust Company of America announced Tuesday that it is integrating with RightCapital to help advisors who use TCA’s platform develop comprehensive financial plans for clients.
RightCapital is a financial planning software provider founded in 2015.
Using RightCapital’s software, TCA advisors will be able to incorporate Monte Carlo simulations into clients’ retirement plans, as well as optimize plans for Social Security strategies and perform stress tests.
Advisors will also be able to:
- Simulate tax projections and tax-efficient distribution strategies
- Aggregate client accounts and collect holding information from thousands of other financial institutions
- Employ budgeting, cash flow analysis and debt management tools
“Trust Company of America is dedicated to providing technology that helps advisors deliver unique services and add to their client offerings,” Joshua Pace, CEO of Trust Company of America, said in a statement. “This partnership will provide our advisors with best-in-class innovation that enables them to focus on what they do best: service their clients and stand out among the competition.”
Shuang Chen, founder and CEO of RightCapital, told ThinkAdvisor in an interview in January that it takes less than an hour to develop a financial plan using his software, and pricing is under $100.
“Firms are finding all these existing financial planning solutions a little bit too comprehensive, a little bit too overwhelming, a little bit too expensive,” he said. Plus, “the training costs are prohibitive.”
— Read 4 Ways to Keep More Clients on ThinkAdvisor.