Katherine Fox, CFP®, CAP®, founded Sunnybranch Wealth in 2022. She began her financial planning career at a large wirehouse and then moved to a Portland, Oregon-based RIA before “branching” out on her own. Katherine is deeply committed to demystifying the intricate financial situations of current and future inheritors, who often feel overwhelmed or unsure about navigating their next steps. The majority of Katherine’s client base of inheritors are very comfortable with technology but are learning how to manage their finances on-the-fly. RightCapital offers a range of insights that these individuals can easily understand and put into action, without inundating them with too much information or overcomplicated reports.
Challenge
Frustration with eMoney and MoneyGuidePro
Katherine had previously used both eMoney and MoneyGuidePro at her previous firms and was unable to use RightCapital even though she was drawn to it over these older platforms. “Working with younger clients, I was continually frustrated with the financial planning software we had.” Once she launched her own firm, Katherine was able to make her own technology decisions and officially made the move to RightCapital.
Rather than delivering a traditional financial plan, Katherine prefers guiding her clients through the financial planning process, as many of her clients have a long planning horizon. “When I was going through plan delivery with eMoney or MoneyGuide, I always felt like, no matter how I did it, I ended up showing my clients something that…I knew they weren’t going to understand. I knew they weren’t going to take all of this information and retain it.”
Here’s Katherine, starting with how she feels about RightCapital:
Solution
Meeting the expectations of tech-savvy clients
“RightCapital has been super helpful for me in terms of how I work with clients…I find it to be very intuitive and really simple and I can show things to my clients at a level that they understand.” Katherine noted that since many of her clients are not well-versed in the intricacies of their newfound or upcoming financial situations, she needs to be able to relay information clearly.
“Being able to go through module by module and explain, starting with the part of their financial situation that they do understand…is super helpful. In my experience, people really respond to that live view and being able to play as they go and adjust things and feeling like there’s a tool that matches their expectations for how technology works.”
Results
Interactive presentations
Katherine was clear when asked about presenting live in eMoney and MoneyGuidePro: “I didn’t…there was just no way, to me, that I felt like I could do it.” The navigation and inputs did not make sense for a live review. Contrasting that with her experience in RightCapital, Katherine said, “Having that really simplified, elegant menu…is really powerful.” She is now able to adjust levers and inputs on-screen with her clients and show them the impact changes can make to their financial outlook. Katherine elaborates further:
Accessible information with details in the background
Katherine recognizes that the depth of intricate financial details more often required by advisors isn't always essential from a client's viewpoint. Operating with RightCapital, she can maintain these specifics in the background and dive deeper if the client asks questions, but she values the software's accessibility and simplified design. Katherine has been able to significantly reduce the time she once spent on data input and explaining how her financial planning platform works, allowing her to address what is most important to the client much faster.
RightCapital’s Blueprint visualization, as an example, is one way Katherine demonstrates a client’s current financial picture that they can grasp right away. “Having a software that supports the view that I want my clients to have—that really high-level, visually appealing view that’s understandable and also supports the way I do planning, which is module-based—is really great.”
Providing what clients need
When asked about what she might say to other advisors contemplating a change, Katherine's response was straightforward: "I don't miss eMoney or MoneyGuidePro at all." She provided insight into her past experiences with these platforms, describing their interfaces as "not ideal…I don’t think it’s ideal for the way that most people actually take in information."
She advocates for a more empathetic approach to software selection, encouraging advisors to view the software through their clients' eyes, focusing on their needs rather than the advisor's wants. A good rule of thumb, she suggests, is to ask non-advisors in your life to review the outputs and assess how effectively they comprehend the information. She rounds off her advice with a poignant question, "Are you building these plans for yourself or for your clients?" which underscores the importance of client-centered planning.
Ready to offer simplified and effective financial planning to your clients? Join Katherine and many others by scheduling your RightCapital demo today.