In an increasingly digital world, adopting efficient tools for financial management is instrumental for success. Michael Whitman, a tech-savvy advisor, is continuously searching for ways to leverage technology as a way to improve his practice and how he serves his clients. In 2022, after almost a decade with a large broker-dealer, Michael launched his own RIA, Millennium Planning Group, and enjoys the responsibility of his own technology decisions.
Running an RIA requires Michael to be on top of the latest trends in advisor technology, making sure his practice provides the best client experience while also managing overall costs. This is often a difficult balance to strike when there are so many technology options to choose from.
Michael’s Biggest Challenges
Overspending on tech platforms
Now operating independently, Michael has the privilege of making his own technology decisions. He frequently reevaluates these choices, ensuring he stays up-to-date with new features and functionality. He found that he wasn’t fully utilizing all the software functionalities he was paying for. To put it simply, as Michael told us, “When I started my own RIA, I had to figure out where all the money was going.” This focus helps him avoid overspending on tech platforms that may not deliver equivalent value.
An inefficient client onboarding process
Michael was determined to streamline the 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 for Michael, as he had to respond to numerous client inquiries, clarifying what each step entailed.
General complications with too many systems
In addition to having too many platforms for his clients during onboarding, Michael was also dealing with too many systems on his end. He acknowledged the difficulty sometimes of his systems not properly integrating, such as if he had multiple risk scores in one system that didn’t reflect properly 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?"
Pivoting to RightCapital for a Better Client Experience
A decision to switch halfway through the RightCapital trial
As a tech-savvy advisor, when launching his RIA, Michael knew he needed to frequently evaluate his technology providers and so he established recurring tech reviews at the end of each year. It was a perfect “right place, right time” story when RightCapital contacted him offering a free 1:1 demo and 14-day trial during this review process. Michael was immediately impressed with RightCapital: “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 all the features he had been using in eMoney were available in RightCapital, though sometimes in different locations. He said, "Everything that's in eMoney, you have in RightCapital." This realization provided the confidence he needed to fully commit to the switch midway through the trial period.
Results
Saving $8,400 by consolidating tech stack
Investing in RightCapital for financial planning allowed Michael to identify redundancies in the features of other 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 using within eMoney to see which features were necessary to keep and which could be replaced with more efficient alternatives.
This careful analysis also led Michael to select SEI as the 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 starting 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 utilizes RightCapital for demonstrating financial plans, shifting to SEI when necessary, such as when discussing performance. Since breaking away and launching his RIA, Michael had been focused on transforming his tech stack into a well-oiled machine—with RightCapital and SEI, he was able to find the efficiency he needed to support his client conversations.
A much simpler onboarding process
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 the new Blueprint style onboarding this summer, Michael switched to that view for his clients. Incorporating Risk into the onboarding process was another big plus for him.
Simplicity and consistency with fewer systems plus a built-in Risk module
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 log-ins or connections.
RightCapital allows advisors to use a default 13-item questionnaire based on the Grable and Lytton scale or create their own versions. After discovering the new tool, Michael swiftly 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 aid Michael in communicating risk to clients stating, “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?” Additionally, the availability of risk module widgets for the Snapshot plan summary further contributes to the convenience.
Adding to RightCapital's appeal is its ability to accommodate different risk scores for a client and co-client, a scenario Michael frequently meets. "The visuals are great, and it’s easy to understand," he stated, contrasting this system with the complexities of his earlier solution.
Finally, 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.
Interested in seeing how RightCapital can elevate your practice? Schedule a demo today.