Top-ranked financial planning software firm RightCapital has forged a partnership with cash management platform MaxMyInterest to give financial advisors easier access to clients' cash data.
The new integration, announced Monday, enables advisors on the RightCapital platform to automatically incorporate client cash balances held through MaxMyInterest into their financial plans.
The data sync-up is designed to improve efficiency for advisors, particularly those seeking to maximize cash returns for their clients while maintaining liquidity. With a more comprehensive and continually updated view of their clients' net worth, advisors can save time and provide more accuracy in their services.
Michael Halloran, head of partnerships and business development at MaxMyInterest, highlighted the growing demand for better cash management tools.
“Financial advisors are eager for better solutions to maximize their clients' cash, which was made clear by the demand for this integration," Halloran said in a statement. "We are thrilled to work with RightCapital to deliver higher yields and a safer approach to cash management for advisors and their clients.”
Founded in 2015, RightCapital has quickly gained recognition as one of the fastest-growing financial planning platforms, with strong satisfaction scores among advisors according to an annual advisortech study published by Michael Kitces. It provides a broad range of features for advisors, including retirement and cash-flow planning, tax-efficient distribution strategies, and insurance needs analysis.
RightCapital's partnership with MaxMyInterest helps users offer their clients higher returns on FDIC-insured deposits, with top rates reaching 4.91 percent, far surpassing the national savings average of 0.45 percent held by Americans relying predominantly on banks and money market funds.
Over the years since its inception, MaxMyInterest has inked several partnerships with numerous notable players in the fintech space including Fidelity-owned eMoney and Wealthbox, growing its user base into a network of more than 3,000 financial advisory firms nationwide.
Shuang Chen, co-founder and CEO of RightCapital, emphasized the importance of having updated cash holdings data directly within clients' financial plans on the platform.
"With this new integration, advisors can maintain a more complete picture of their clients' finances in RightCapital - helping to ensure they are on track to achieve their goals," he said.
Thirty four percent of advisors surveyed by InvestmentNews say they use direct indexing strategies but 39 percent don’t.
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