Now that you have completed the Financial Organizer Template, the next step is to electronically sync your bank and investment accounts, and use the budgeting tool to determine your average monthly spending. Please follow the steps below to complete this process.
Step 1: Electronically sync your bank and investment accounts to your client portal
- We have recently emailed you an invitation to create your HCP Wealth client portal. Follow the instructions to create your login information. Once you have created your login credentials, moving forward, you can login to your client portal HERE ( It is recommended that you bookmark this login page for future use. You can also download our mobile app by searching for "Rightcapital" in the Google Play or Apple Store.) Once you are logged in, read these instructions and tips to link your accounts.
- We ask that you sync ALL of your bank account accounts, investment accounts, and credit card accounts. There is a quick video demo of this process below.
- Please don't spend any time electronically syncing your mortgage, insurance policies, student loans, or other loans, or goals. I will upload those details manually for you.
- We also ask that you Manually enter your Primary Home information under the net worth tab ( this can be found under the Profile button). Please make sure you include your annual property tax and annual homeowners insurance when applicable.
Step 2: Open the budgeting tool and make sure your transactions are categorized correctly
Now that you have synced up your bank and credit card accounts, we can take advantage of the budgeting tool in your client portal to get a better grasp of your monthly expenses and cash flow. We will ultimately spend more time reviewing the budgeting tool together in a meeting, but for right now we just need to get a general understanding of your expenses. When you first sync up your accounts, the tool will automatically categorize your last 3 months worth of expenses. It's important that you then go into the budgeting tool and make sure your transactions are categorized correctly ( as a best practice I recommend doing this every few months). The video below will show you how to do this. *Don't worry, for privacy purposes, by default, as your advisor I can not see your individual transactions.
*If you want to create a custom budget category that isn't already an option in the tool, follow the steps in the video below:
Step 3: Enter Your Pre-Retirement Living Expenses
- In the client portal, click on "profile" and then "expenses" to enter you current monthly living expenses as seen in the image below. The default option is to use the simple approach and enter a total amount.
- Or as seen below, you can use the detailed estimate option to provide individual amounts for specific categories