The Family section of the Profile is where the members of a client household are entered. This area is where you will enter names, birthdays, planning horizons, and the household's resident state.
This section will always be the very first step of the initial data entry process for newly created clients:
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If you'd prefer a more guided, visual overview of the Family section, click the link below to watch our dedicated Family Profile training video:
The first card present within this area will be the Client card. Click on this card to open a data entry drawer on the right side of your screen, allowing you to input information for the first client:
1
The First name and Last name should already be in place, but it is recommended to double-check for accuracy. You can also choose to add a middle name, title, or suffix if you'd like.
2
Specify the client's Birthday. You can either click on the text box to manually type in a date or click the calendar icon on the right to choose a year, month, and day on the calendar.
3
Choose a Planning horizon for this client. This is the client's assumed date of death, and will directly influence the length/duration of the future-looking retirement projections.
4
Select the client's Resident state. This input should reflect where the client currently lives, and will be used for state tax calculations within the projections. Your selection here will be applied to the entire household.
State Taxes Made Easy!
As a reminder, RightCapital will automatically calculate federal, state, and FICA taxes for each client household. State-specific tax rates, brackets, deductions, and exclusions are all built into RightCapital!
If a client resides outside of the United States, you can select 'Non-U.S.' for the residence state field, which will turn off all income-based tax calculations.
After entering all of the information above, click Save in the lower right corner of the data entry drawer to save your changes.
The other card that will be pre-populated here by default is the Co-client card. The data entry inputs for this card are identical to the client card, with the exception of the resident state. Click on the card to input information for the second client:
If you are planning for a single individual, the co-client card can be removed by hovering your mouse over the card, and clicking the 'x' icon that appears in the upper right. Within the confirmation pop-up that appears, click Delete to fully remove the co-client:
Important Note
Please be aware that removing the co-client will also remove all other Profile items with the co-client listed as the owner. This includes all assets and liabilities in the Net Worth section, as well as Income, Expenses, Savings, and Goals.
In situations where you may need to remove a co-client from an existing plan (such as a divorce), it is recommended that you reassign ownership of any Profile items you wish to keep to the primary client, prior to deleting the co-client.
To add additional household members to a client plan, click the blue 'Add Participant' button in the upper right. This will allow you to add children, grandchildren, and other family members to the plan:
Clicking Add Participant > Child will add a Child card to the Family profile. A data entry drawer will automatically open on the right side of your screen, allowing you to enter the child's information:
Child cards will require you to enter the child's name, birthday, and dependent status. If the household's tax filing status is set to Married Filing Jointly, the 'Dependent?' options will be Yes or No. If the tax filing status is set to Married Filing Separately or Non-Married Filing Single, the options will be the Client, Co-Client, or No.
Note on Tax Filing Status
The household's tax filing status is chosen within the Tax Expense and Fees card in the Profile > Expenses tab (or the Expenses step of the initial data entry). For more information on tax filing status, please reference this help center article.
When a child is added to a financial plan, a College Goal for that child will be automatically generated within the Profile > Goals section (or the Goals step of the initial data entry). Additionally, for each dependent child entered RightCapital will automatically calculate child tax credits and child social security benefits within financial plans when applicable.
Children that are entered into a household will be able to be selected as the following:
You can add grandchildren to a financial plan by clicking Add Participant > Grandchild. A data entry drawer will automatically open on the right side of your screen, allowing you to enter the grandchild's information:
You will be required to enter the grandchild's name and birthday. Grandchildren cannot be claimed as dependents, and will not generate child tax credits or social security benefits.
Grandchildren that are entered into a household will be able to be selected as the following:
If you need to account for any other individuals within a client household, you can add them as an Other Family Member by clicking Add Participant > Other:
You will need to enter the individual's name and birthday. Other Family Members cannot be claimed as dependents, and will not generate child tax credits or social security benefits.
Other Family Members that are entered into a household will also be able to be selected as the following:
At any point in time after completing the initial data entry, you can hover your mouse over the client names in the upper left corner of the plan to quickly see the names and ages of every member of the household:
The default Planning Horizon (age 90) and the default Resident State (New York) are both able to be updated within the Client Settings > Client Presets area of the Advisor Portal. Here, you can set new defaults for both of these inputs within the Plan Parameters section:
The changes you make here will be applied to all new households you create going forward. Existing clients will not be impacted. To read more about client presets in RightCapital, click here.
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