In an industry where the right technology can make a big difference in client service and overall success, Alchemi Wealth, a Connecticut-based firm, has made strategic decisions that fuel their growth and enhance their service delivery. Michael Johnson, President and Co-Founder, and Sarah Schweitzer, Senior Marketing Manager at Alchemi Wealth, shared their journey from a wirehouse environment to a truly independent firm that thrives on choice—particularly when it comes to their technology stack.
Their story has valuable insights on how the right financial planning software can not only simplify complex processes but also uncover hidden opportunities and elevate client trust. From the seamless integration of RightCapital to other beloved systems, to the discovery of new avenues for client engagement, Alchemi Wealth's experience is a shining testament to the power of cutting-edge technology. Also noteworthy is their recent 2023 Middlesex Chamber of Commerce award for Business Growth & Expansion, achieved in part through the efficiencies gained from their technology choices.
Opportunity
The luxury of choosing software
Since going independent, Alchemi Wealth has enjoyed “the luxury of choosing software”—a shift after fitting in with the wirehouse’s chosen tech stack. Michael was eager to enhance their technology suite by opting for “the best-of-the-best technology across the board.” The process included a search for new financial planning software. The in-house system at the wirehouse was “overly complicated” and Michael noted that, “At our old firm, even the advisors had a hard time digesting some of the information that came out of the plans. It’s a lot—it’s hard to hand the client a 150-page packet and expect them to understand every line.”
Solution
An easy decision
RightCapital was first introduced to Alchemi Wealth through a partner. Intrigued, the team researched the financial planning software online and scheduled a demo to explore RightCapital’s potential. The firm was struck by the ease of use, the flexibility to revise plans interactively during client meetings, and the seamless integration possibilities with their existing tech stack. Michael shared, “Quite frankly, RightCapital was an easy decision. The ease of the data migration from Schwab and from our other pieces of technology we used made it a no-brainer.”
Results
Seamless integration of account data for 900 plans
Michael held a high appreciation for the integrations RightCapital had established with partners already well-regarded by Alchemi Wealth. The ease of data integration from Charles Schwab particularly stood out. “That direct feed from Schwab meant the information was exactly the same. There are no miscalculations, no numbers are off—If your advisors see any discrepancies they usually lose faith in the technology, so the direct integration from Schwab meant data was seamless.”
Easy adoption by advisors
When choosing software, a huge selling point for Alchemi Wealth was the intuitiveness of RightCapital. “If software is too chunky or complicated, it probably won’t be used or adopted in the way that it should,” Michael noted. Sarah echoed the sentiment, “I was really impressed with how the advisors jumped into RightCapital. I know a few of the advisors call themselves ‘dinosaurs’ with technology but they are thriving with it—they love RightCapital. It’s been awesome to see everyone grow.”
Additional opportunities found
With RightCapital, Alchemi Wealth continues to discover opportunities to more profoundly engage with their clients. “Every time we run a plan, it seems we find more assets—and it’s not even us looking for them. The software identifies opportunities whether they're investment assets, or a lack of insurance, or potentially needing help with their student loans or budgeting,” said Michael.
With a robust financial plan within RightCapital, clients feel reassured, knowing their finances are being looked at from all angles and it feels natural for them to transfer unmanaged assets. Michael continued, “Rather than us pushing clients, the plan allows you to find opportunities and things clients may need to focus on…RightCapital presents opportunities for us.”
Client sense of relief
Clients of Alchemi Wealth have embraced RightCapital enthusiastically. The expansive opportunities surfaced by the software provide clients deeper insights into their financial landscape, something that may not have been possible without such a comprehensive plan. Clients express a sense of comfort in the clear understanding of their student loans, budgeting, tax planning, estate matters, and investments. “Having everything mesh together in a seamless way? Clients have loved it.” Michael expressed. Sarah added that showing the full picture feels especially important with younger clients, offering them a concrete starting point.
Michael Johnson is the co-founder and an investment adviser representative of Alchemi Wealth LLC. The firm is registered as an investment advisor and only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the advisor has achieved a specific level of skill or ability.
Contact us today to schedule your demo, and begin your journey towards transforming your financial planning services. It's your turn to feel the pride of winning awards, giving more impactful advice to your clients, and overall, propelling your business to new heights of success.