Back to school season is getting started a little early at RightCapital. The company, which demonstrated its financial planning platform for advisors at FinovateFall 2016, announced this week that its platform will now enable advisors to see the impact of different student loan repayment strategies on their client’s finances. This is designed to both provide clients with a more holistic view of their finances, as well as to help them choose the most appropriate way to retire the debt.

The solution helps advisors and clients to work together to determine the best way to repay student loans by leveraging insights into the client’s income, loan timing, and options for loan consolidation. Repayment options ranging from IBR, PAYE, REPAY, and Public Service Loan Forgiveness are among those included.

“With more than 44 million Americans owing close to $1.5 trillion dollars in Student Loan debt, those dealing with Student Loan repayment is currently an underserved market,” RightCapital CEO and co-founder Shuang Chen said. “Our new capabilities will help fill the void in the planning space, allowing advisors to easily assist their clients with their debt issues.”

RightCapital provides financial advisors with an integrated financial and tax planning solution including tax projections and tax-efficient distribution strategies. The technology features tools for social security optimization, sequencing of return risk, stress testing, budgeting, managing cash flows, insurance, and more. With interactive and intuitive modules, the RightCapital platform helps advisors more deeply engage with their clients, providing actionable financial plans that are easy to understand.

“We are extremely excited to be a disrupter in the financial planning industry,” Chen said. “Our goal is to help financial advisors do more planning in less time with our innovative features, which means we will continue to develop technology that meets the evolving needs of our advisors while looking for new ways to improve the financial planning process.”

Founded in 2014 and headquartered in New York City, RightCapital has raised $2.6 million in funding, and includes Camellia Venture Capital among  its investors. MorningStar featured RightCapital in its list of the Best Advisor Technology Tools for 2018. The company had a successful and busy 2017, forging partnerships with Shareholders Service Group in December, Envestnet Tamarac in November, Trust Company of America in July, and Interactive Brokers in March.

Thanks to a new partnership between RightCapital and Envestnet | Tamarac, financial advisors on RightCapital’s platform will be able to use Tamarac’s API to directly access account and holdings information from their clients, enabling real-time financial and tax planning advisory.

“We are very excited about our integration with Tamarac, an industry leading performance reporting and portfolio management system,” RightCapital CEO and co-founder Shuang Chen said. “We’re pleased that this integration will allow advisors to seamlessly connect our two platforms and get the most up-to-date information they need to create comprehensive financial plans for their clients.”

RightCapital’s technology leverages advanced Monte Carlo simulations to enable financial advisors to build personalized retirement plans, optimize Social Security, as well as manage tax liability, budgets, and debt retirement. The solution provides both cash flow and goal based planning, stress testing, and exploration of what-if financial events. RightCapital also helps advisors and clients manage their annuity products, and see how the value of these investments would be affected by changes in market volatility.

(left to right) Song Chen (CTO) and Shuang Chen (CEO) demonstrating the RightCapital platform at FinovateFall 2016.

“Financial advisors have delivered holistic financial planning in the past, but mostly for their high net worth clients,” RightCapital CEO Shuang Chen explained from the Finovate stage last fall. “Not so much for the mass affluent client.” Chen cited complexity, cost, and the time-consuming nature of the financial planning process as the main challenges, and pointed to RightCapital’s approach of digitization and simplification as the solution.

“Our vision at RightCapital is to create a cutting-edge technology that digitizes and streamlines the financial planning process, making it easy for a financial advisors to create a financial plan and intuitive for a client to understand their plan,” he said. “This enables financial advisors to profitably and efficiently create financial plans and serve their mass affluent clients.”

RightCapital was founded in 2015 and is headquartered in New York City. The company demonstrated financial and tax planning solution for financial advisors at FinovateFall 2016. The company has enjoyed a very busy 2017. RightCapital began the year announcing partnerships with Garrett Planning Network, Parsonex Advisory Services, and Wells Fargo clearing service, First Clearing. Integrations with Albridge, Interactive Brokers, and XY Planning Network followed in the spring. RightCapital has raised $2.6 million in total funding, including a seed round of $1.6 million raised in June.