Setting up the integration:
First, you'll need to enable the MoneyGuidePro integration within your database. Instructions for enabling integrations can be found here.
Then, from the Manage Integrations page where the integration was just enabled, you will need to click Settings under the Actions menu for MoneyGuidePro:
You'll then see the below:
Once you've signed up with MoneyGuidePro, you can obtain your MGP Integration ID from them (or you can obtain this from within your MoneyGuidePro account under User Options --> Partner Options). You will need to enter this integration ID in the Integration ID box shown above and then click Save.
As of 7.15.17, we've added an additional setting that will allow you to grant other database users (and switch-in database users) the authorization to "impersonate" you when using the Send To and/or Single Sign On features of the integration. Note: if you are a single advisor, single assistant office, you'd have no need to adjust these settings. They will primarily be of benefit to multi-advisor, single assistant or similar offices.
Let's take a closer look at your other options in this modal to explain the new settings options.
If you check off the "Allow users to impersonate you" box, the "Which users" box will initially say "No users selected":
Clicking inside that highlighted box above will display all of your database users, including switch-in users:
If you were to select three of these that could impersonate you, this modal would then appear as the below:
What you're seeing here is that you have granted three database users other than yourself the authority to act as you in regard to using the MoneyGuidePro integration features.
Additionally, with "Prompt me for Rep of Record" checked off, you can see here that no one has granted you rights to impersonate them. Were this one of the three database users you'd granted impersonation rights to looking at the modal when logged in as themselves, they'd see the below instead:
Let's say this is database user Tara Whittaker, whom you, Ryan Richwine, have granted impersonation rights to. If she has the "Prompt me for Rep of Record" option checked off here, when she goes to use the MoneyGuidePro integration functions within Redtail she'll see the "Rep of Record" selection box at the top of that MGP Actions modal:
She would just select your name here if she needed to impersonate you prior to clicking the Single Sign On or Send To options:
One final note specifically for switch-in users that have been granted impersonation rights: If you have been granted advisor impersonation rights as a user of another database, that authorization will not be reflected in the MoneyGuidePro settings modal within your primary database. Switch to the database in which that authorization has been given to see it on display within the MGP settings modal.
You can then send your client data to MoneyGuidePro. To send a client to MoneyGuidePro, click the Integrations Menu while within their record. From the available options in this menu, choose MoneyGuidePro. You'll then see the below:
After clicking Send to, you will see two options:
1. "First Time Users — Register" - This option is for users who do not have a MGP subscription. This will automatically create a 14-day Free Trial of MGP for you to access —— OR
2. "Existing Users — Login" - If you have a MGP subscription already, simply enter in your MGP login credentials and click "Login".
After entering in your MGP credentials, you will be prompted with two options:
1. If the client already exists in MGP and is not currently linked to Redtail, enter the client's last name and click "Search". This will allow you to link the client information in Redtail to the existing client in MGP.
2. If the client does not exist in MGP, simply select "Add as a New Client".
You can then map the imported account(s) by selecting the correct account owner and account type:
After completing this process, select "Continue".
You'll then land on the client's My Plans page. To see the imported accounts, click on the Profile link at the bottom of the page and go to the Resources link on the left menu.
Other options after selection MoneyGuidePro from your Integrations Menu
- Single Sign On logs you directly into your MGP account.
- View Client Reports - Once your client's data has been sent to MoneyGuidePro, you can then create various reports for them within MoneyGuidePro. After doing so and saving the report in MoneyGuidePro, it will be accessible within the client's record here. These Reports are also accessible from the client's Documents area within Redtail CRM.
- Clicking Recommended plan result pulls data from MGP to display the probability of success of the client's current financial plan, based upon the plan that has been created within MGP. In other words, data is only available here if the client has previously been sent from Redtail to MoneyGuidePro and a financial plan has been created. An example of what this might look like is below:
Data that is sent from Redtail to MoneyGuidePro:
Client First Name
Client Last Name
Client Date of Birth
Client Marital Status
Spouse First Name
Spouse Last Name
Spouse Date of Birth
Children's and Other Dependent's First Names, Last Names and Dates of Birth
Held (data linked in Redtail from any of our aggregation integration partners) Account data for entire household:
Every Postition - Ticker, Name and Balance
Money Guide Pro resources:
Money Guide Pro Website
Money Guide Pro Training Site
If you are looking for more Financial Planning Tools, click here!