RightCapital announced the launch of Iris, an AI planning agent designed to help financial advisors save time and improve the quality of client financial plans.
Iris is embedded directly within the RightCapital advisor experience. The AI agent can interpret client data, assist advisors in reviewing RightCapital profile information, surface plan anomalies or areas of concern, and run retirement plan simulations within the advisor workflow.
RightCapital said Iris can help answer planning-related questions and explain planning results in a way that is easy for advisors to understand and communicate to clients.
The new product is designed to support deeper client planning while improving operational efficiency for advisors. RightCapital said Iris was built to help advisors deliver high-quality financial plans more efficiently without significantly disrupting their workflow.
Iris includes several core capabilities. Its Double Check feature reviews client profile data to identify missing information or inconsistencies and explains how those issues may affect the plan.
Its Cash Flow Reviews capability identifies key planning points for advisors to address with clients, including anomalies, assumption risks, and planning gaps that could raise potential cash flow concerns.
The Plan Builder feature allows advisors to set a probability-of-success goal for a plan, identify which plan components a client is open to adjusting, and receive three strategies from Iris designed to meet that goal. These adjustments may include areas such as retirement age or living expenses.
RightCapital said Iris was developed with compliance considerations in mind. Outputs from the tool come directly from RightCapital’s calculation engine, meaning advisors access insights from within RightCapital’s platform rather than outside sources. Advisor and team access to Iris can also be controlled at the firm level.
The launch follows RightCapital’s introduction of Smart Import earlier this year. Smart Import reads data from documents uploaded into RightCapital, identifies information relevant to a client’s financial plan, and converts that information into financial plan inputs. RightCapital said Smart Import can reduce time spent manually inputting data by 70% or more.
Iris is now available to financial planners and assistants using RightCapital’s Premium and Platinum subscriptions at no additional cost.
RightCapital was founded in 2015 and provides financial planning software used by thousands of financial advisors.
KEY QUOTES:
“When we speak with financial planners, we often hear the same message: advisors want to deliver high quality financial plans more efficiently. With RightCapital’s Iris, advisors can remain confident that they are enhancing client outcomes, without significant disruptions to their workflow.”
Shuang Chen, Co-Founder and CEO of RightCapital
“I look forward to using Iris. RightCapital’s offering is expansive, I often spend a lot of time verifying data and identifying any issues that may be impacting my client plans. Iris takes the guess work out of our data audits and ultimately helps us better leverage RightCapital’s full suite of features, enhancing the depth of our plans without slowing down our processes. I’m also very excited that it’s available with my RightCapital subscription at no additional cost.”
Douglas Haws, CFA, Vice President and Portfolio Manager at Tom Johnson Investment Management
