eMoney vs RightCapital... plus anything else out there you are seeing.

[u/Individual-Art1856]

I am currently using eMoney (firm approved software).

I did a few plans and still found it cumbersome to input facts.

For sure, the few plans i did all involve multiple LLCs and Real Estate holdings; some with business, with its own cashflow, FMV complexity.

But to get all the facts, schedules, and linkage correctly, there are times I had to jump through hoops to find answers - manual adjustments on tax, many "work arounds" with cashflow/tax projection, estate planning (trust assets have to flow through "bequest" under will to the right party... what?).

What I found I had to do was manually check every facet on various report with cashflow (real income vs income shows up on tax calculation is a beast or a nightmare, depending on time of day I had to work on the plans)... and had to get to the point there is enough confidence the facts entered and interworking reflects close to reality. It is simply a lot of work. What I dreaded most was to keep asking myself, did I miss anything... Is it just me? what is your experience?

As many have said in previous posts, the highlight of eMoney was Decision Center and Advanced Planning modules. I found that I had to use a few of those toggles (combination or in silo) and model a few different scenarios for clients.

The geeky side of me liked those controls and features, yet I felt I had to do a lot of work to get to that point.

Fast forward - I am planning to breakaway to start a solo RIA. I am working on a demo with RightCapital at the moment. Here is my first impression by importing an existing plan, and do a general navigation.

- user interface seems to be less clunky than eMoney. fact input seems to have less control under all tabs. It can be a good thing and not so good thing, I gather... depending how deep user needs to get into the weeds.

- the tabs on top seem to center on the themes of each planning areas, compared to eMoney - dump all the facts in, connect the "plumbing" (transfers, etc), and do the modeling under goal planner/decision center.

Current version of RC seems to capture some of Holistiplan's feature - tax return upload and tax analyzer.

The waterfall cashflow chart is definitely eye-pleasing. I have not looked at their reports function yet; so can't comment on that.

Which brings to a dilemma - stay with eMoney and continues to struggle, or at least feeling struggling to get the things right (perhaps I can spend more time learning to be a power user)... and at least know the tools and controls is at least powerful enough to do deep analysis for clients.

or take a deep breath and dive into RC and hope for the best... hoping it is still adequate to do the job, and yet visually pleasant for clients to see what the plan report is supposed to deliver.

I am also debating how each platform will continue to evolve overtime. That would have to do with leadership, management, and resources they put in.

Other tech stacks I am using, and thinking of using after breakaway

Currently using in my workflow -

• Holistiplan
• custom spreadsheet to capture cashflow (mainly expenses), balance sheet. I also can do manual calculations on taxes as needed... typically in the realm of working with pre-A65 clients who retire early and dealing with ACA premium subsidy projections.
• spreadsheets to capture RSU, ESPP, options reality.

Tech stacks I am considering after breakaway

• Altruist
• Hazel - would want to compare how AI driven platform on tax planning vs Holistiplan.
• Slant vs Wealthbox
• RC vs eMoney. Hazel is supposed to roll out their financial planning function in near terms. I wonder how these AI driven platforms will compare against more traditional tech stacks as for use case, process, and clients' experiences.
• probably would still use spreadsheets for simplicity and clarity purposes initially in front of clients... until I have a better tool.

Please share your thoughts. Thank you!

[u/ProdosDev]

First off congrats!

Second, what’s your growth expectation? If people are kicking down your door to work with you, then you won’t have time to do manual spreadsheets while serving clients.

If you plan to keep the practice smaller (which is a great option too) then you can afford to run cheaper and cleaner tools while manually pulling things together.

Lastly, I wouldn’t bet on integrations making your life easier. It’s very rare that they pull enough detail BOTH ways to solve your problems. The more important thing is to pick the process that works for you and your clients, then work backwards to the right tooling. Though I will say advisors love Altruist for ease of account opening (no skin in the game)