Financial planning application provider RightCapital has launched RightPay, a web-based service for advisors to collect payment for planning services.
Clients pay for planning fees using their credit cards, which are added via an advisor’s branded RightCapital portal. From within the portal, clients can access not only RightPay but also their live financial plan, along with a task list for coordinating with their advisor. The new offering can process hourly, one-time fee or monthly retainer fee payments. RightPay is available now and costs $30 per month on top of an advisor’s Basic, Premium or Platinum RightCapital subscription.
RightPay appears to be part of a trend in the development of advisor-centric fee-for-service applications. In 2016, Alan Moore and Michael Kitces, the co-founders of XY Planning Network, initially developed the application that was to become their separate startup AdvicePay. That endeavor has garnered additional funding and has since been added to TD Ameritrade’s Veo platform and landed Cetera as its first enterprise client.