The Richter app: wealth management technology for your peace of mind

Justine Delisle, Partner, tells us more about the Richter app and how it can help business owners and families manage their wealth in a consolidated, accessible and tailor-made environment.

Can you tell us more about the Richter app – what is its purpose?

Justine Delisle (JD): The Richter app was created as a tool to help business owners and their families navigate the complexities associated with managing significant wealth. Many families must manage several advisors – legal, financial, corporate and personal – to ensure that every aspect of their life is handled efficiently, and that, as we know, is exhausting and time consuming. To lessen some of the burden associated with wealth management, the Richter app cuts through the complexity and consolidates all your information in one secure place.

Look at it this way: the Richter app is a virtual Family Office designed with you in mind, it offers a clear 360º view of everything you need in order to manage your finances efficiently and without worry.

What are the top three reasons to use this app?

JD: Aside from being able to access it at all times on your smartphone or tablet from anywhere!? The Richter app presents a holistic picture of your finances, consolidated in one secure place. The app is formatted in a way that is easy to navigate and provides you with clarity. It offers a global picture of your financial affairs, including keeping stakeholder agreements, organizational charts, wills, and family structures all in one place. It allows you to peruse the finest details, all the while being dynamic – meaning you can update any structure or chart at anytime, as needed.

Trusted advisors and selected individuals, such as chosen family members can be given administrative access as well. Pending on their permissions, they can access, upload and update information in real time. This removes the burden on you. No longer do you have to try to keep all the most relevant documents in one place, and then shared with certain individuals which means multiple versions tracked down each time an updated is needed. To ensure access to your information is limited to those key individuals and advisors you have selected, the Richter app relies only on the most trusted security practices available. In other words: a bolted vault, and only you can grant access to the information within.

How can the app help business owners and their family to navigate their financial affairs? / What’s the added value for business owners and their families to use the Richter app?

JD: The app’s features make it an exceptional tool for wealth and family enterprise management. Dynamic organizational charts and family structures list each entity and display how they are all connected under the family umbrella. The charts can contain key financial information, tax attributes, net worth, and operations and planning information. Being dynamic, these charts can be updated at any time.

The app’s dashboards and key performance indicators give you a 360º financial view of your current situation; they house consolidated net worth, currency allocation, asset mix, assets held by investment companies, capital commitment schedules, and more. This information can be used to make better strategic financial decisions and identify tax planning opportunities. The personalized financial calendar feature allows you to easily schedule meetings and invite stakeholders, right from the app.

Business person using using the Richter App

How does the app fit in with the rest of Richter’s services to business owners and their families?

JD: The creation of the Richter app really resonated with the core of our commitment – assisting entrepreneurs and business families. Our solutions are built to address each family’s specific needs and are never dictated by pre-packaged solutions. To continue to offer the best possible solutions to the families that placed their trusts in us, we created the Richter app, not as a replacement of our services, but rather as a natural extension of them. And there you have it, an accessible, user-friendly, virtual Family Office that allows us to offer a holistic approach and tailored-made solutions to meet your family’s needs.

It was important to us to offer a financial and wealth management app that acts as a clear communication channel for family members and advisors. The Richter app serves the important purpose of building transparency, all the while lessening the administrative burden that can fill your calendar and cause unwanted stress and worry.

Is it secure? Can you tell us more about the security practices Richter undertakes?

JD: At Richter, we know how important it is that you and your family’s data remain secure. The app is protected and encrypted. Richter has undertaken several security practices to ensure this, including Two-Factor Authentication to verify your identity. Once the authenticator app is installed and configured on your smartphone, you will be prompted to authenticate yourself each time you login. This is useful because it prevents intruders to be able to impersonate you without your phone. Furthermore, no data is stored on your mobile device – so even if your phone is stolen, the offenders would not be able to retrieve any data off the Richter app. Also, be assured that only authorized Richter employees will be able to see your information. All information transferred between your device and our application is encrypted, it is secure with Secure Socket Layers (SSL). This ensures that the data travelling over the internet cannot be understood or compromised by hackers. This is the same secure technology used when viewing banking transactions on your bank’s website and mobile app. This not only allows your information to be secure at all times, but also to remain confidential so that you can manage your family’s finances in one secure location without worry.

How can people find the app?

JD: It’s available on Apple and Android app stores for smartphone users. We then help our clients set everything up and onboard their advisors to ensure a seamless transition to clarity and peace of mind.