Money guide pro training videos11/23/2023 To fund any deficits, RightCapital also considers drawing down and selling assets, which produce unique tax scenarios. RightCapital notes all income sources and how each of them is taxed. These additional inputs and tools provide more control for the advisor to help clients with their specific financial situations. That’s why RightCapital includes budgeting, and debt and student loan management tools built within the software to envision a client’s entire financial picture, and accounts for clients’ spending habits such as when they are spending more than they make within a given year. In reality, people’s lives are much more complex. MoneyGuidePro assumes that clients are not spending more than they make in a given year. For example, in MoneyGuidePro, there is minimal consideration of pre-retirement income and expenses. RightCapital considers more data sources than MoneyGuidePro does. Beyond that, goal-based planning isn’t particularly useful for say, a 30-year-old.” With RightCapital, advisors have the flexibility to use goal-based planning, cash-flow planning, plus modified cash-flow planning. A user on Reddit also notes, “MGP is great for pre-retirees and retirees. According to this article by industry expert Michael Kitces, goal-based planning “puts the cart before the horse” and may result in hard conversations with the client about needing to create more realistic goals. There are some major differences between RightCapital and MoneyGuidePro, the main one being that with MoneyGuidePro, advisors must use the goal-based planning approach. MoneyGuidePro functionality Planning approach
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