Wealth management software is designed to make managing your money and tracking your assets as easy as possible. Whether you’re nearing retirement and juggling rental properties in multiple states or just starting a family and trying to figure out the best way to invest for your family’s future, if you have complex financial needs, you could be considering a wealth management tool to help you make the most of your money.
Range aims to be your go-to, “all-in-one” platform to figure it out. It’s designed for users who want to view their finances holistically and create a plan that considers long-term goals, estate planning and tax implications without working with multiple separate providers. The platform combines features often found in budgeting apps, tax preparation software and traditional advisory services into a single system.
We take a look under the hood to see how the tool works and if it differs from conventional wealth management software.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail.
Profit and prosper with the best of expert advice – straight to your e-mail.
What is Range?
(Image credit: Range)
Range Finance has built an online wealth management platform that’s designed to be your one-stop shop for all your financial planning needs. That includes services like investment management, tax planning, retirement planning and insurance optimization as well as cash flow services like budgeting and financial goal tracking.
You can create a comprehensive plan that aligns everything from your day-to-day spending through to your long-term retirement goals to your tax strategy all in one platform.
That’s done with the help of a team of experts, each specializing in a specific area of expertise. You get the benefit of having a financial adviser, accountant, tax pro and other experts on hand without having to independently hire each one yourself. You also don’t need to move any assets around or worry about account minimums.
Instead of moving your money over to Range Finance, you can link your existing accounts to the platform, allowing that team of experts to review your financial situation in depth and provide you with a step-by-step plan to reach your goals.
If you want them to get more hands-on, such as full-service investment management, you’ve got that option. But it’s not a requirement to get started.
There are three tiers of service available: Premium, Platinum and Titanium. Here’s a breakdown of each one:
- Premium costs $1,475 semi-annually. It includes unlimited access to fiduciary advisers, a suite of self-service tools, custom investment and retirement planning, as well as budgeting and goal tracking. You’ll also be able to include your partner’s finances at no extra cost.
- Platinum costs $2,975 semi-annually and includes everything in Premium plus more. The extras that come with this tier include tax filing in up to three states, tax planning and projections, equity compensation planning, alternative investment planning and other services that are ideal for more complex financial situations.
- Titanium costs $4,975 semi-annually, giving you everything in the Platinum and Premium tiers plus the ability to manage more complicated finances. That includes tax filing in more than three states or international taxes, bookkeeping reviews and more.
The benefits of Range
(Image credit: Range Finance)
If you’re thinking Range Finance doesn’t sound all that different from another wealth management platform, here are the key benefits that you’ll see when you try it out:
- Get comprehensive planning for multiple assets and complicated financial situations. The Range Finance platform is staffed by experts specializing in all aspects of wealth management. Whether you’ve got a growing real estate portfolio or you’re trying to figure out the best way to maximize your equity compensation package (or both), you can manage all of it on the Range platform.
- Continuous and coordinated optimization of your financial plan. Instead of an annual CPA review, Range provides year-round monitoring to spot opportunities as they arise. Because it’s all happening in one place, it’s easier to update your tax strategy in real time based on any investment moves or other changes in your financial situation. Investment recommendations will automatically factor in tax consequences, for example.
- Blend human expertise with AI efficiency. Range combines human expertise with AI technology, using financial professionals to review your finances and AI tools to streamline parts of the process. This approach allows clients to participate in planning while benefiting from both the speed of automation and the experience of professionals in areas such as financial planning, tax strategy, and equity compensation.
- A flat fee structure. The subscription for any tier of service is a flat fee, so you know exactly what you’re paying and you won’t have to pay more as your wealth grows. The same goes for Range’s investment management services.
- No account minimums and no need to transfer your assets to Range. Just link your accounts to the platform, but leave your assets where they are.
What to consider before trying Range
While there are plenty of benefits to take advantage of at every tier of service, there are some important points to consider before signing up for the Range Wealth Management Platform:
- You have to link your financial accounts to the platform. You don’t have to link every account you own, but the more you do, the more comprehensive your financial plan and other recommendations will be. With that said, you can unlink accounts at any time and there’s no need to actually transfer any assets to Range.
- If your tax situation is complicated, you may need to upgrade to a higher tier of service to get the support you need.
Is Range the right fit for you?
Range combines AI-powered tools with a team of human experts to offer investment, tax, retirement and budgeting services in one platform. Its flat-fee pricing and no-asset-transfer approach may appeal to those who want a centralized view of their finances without committing to a traditional wealth management arrangement.
It could be a good fit for people who have multiple assets or complex financial needs, such as multi-state taxes, equity compensation, or real estate holdings and want coordinated planning in one place. However, those with simple finances or who prefer to work exclusively with an in-person adviser may not find the added services worth the cost.