What is the Monarch Advisor program?
https://www.monarchmoney.com/solutions/advisors
How can I invite a new client?
For clients you're sponsoring
Access your Advisor Portal by visiting https://app.monarchmoney.com/advisor-portal/clients where you can edit your Advisor profile, update your billing information, and invite your clients to sign-up for Monarch.
Once a client applies your Advisor Code:
- They will get complimentary access to Monarch (our best-in-class personal finance tool).
- You will “sponsor” their Monarch account (paying for their access).
- You will be able to access/collaborate on their financial data.
We recommend sponsoring clients you work with on an ongoing basis since that will give you continued access to their household (until revoked) and provide a better overall client experience
Sponsoring clients is paid by you and free for clients.
For clients granting you temporary access
Ask the client to invite you from their Member Settings page https://app.monarchmoney.com/settings/members. Your access will automatically expire after 7 days. The client can revoke access anytime. Your client must have their own Monarch account with a paid subscription.
Temporary access grants are free for you, given your client pays for their Monarch subscription.
Can I sponsor clients who already have an existing Monarch account?
Yes. Users with an existing Monarch account can apply your sponsor code to have you sponsor their account. They will not be refunded for any subscription fees they have already paid for, but once they apply your code they will stop being charged in the future.
How will I be charged for my sponsored clients?
We charge a $9 monthly subscription fee per sponsored client. A sponsorship begins when a user accepts your sponsorship invite by applying your code, so you won’t be charged for invites that are not redeemed. A sponsorship ends when you or a client revoke the sponsorship.
Note that fees are pro-rated each month based on how many days a sponsorship was active, so clients added or revoked within a month period will only be charged based on how long they were active.
We are offering discounts for Advisors with more than 20 active clients and for some early Beta testers. Reach out to advisorsupport@monarchmoney.com for more info.
What access will I have to my clients’ Monarch accounts?
You will be able to view their entire Monarch household account, including balances, transactions, budgets, goals, etc, and make any changes on their behalf from your Advisor Portal.
Can I revoke my sponsorship of a client?
Yes, you can revoke a client’s sponsorship by choosing to “Stop paying for client” from your Advisor Portal. Once you revoke access, you will not be billed for that client’s seat, and will lose access to their account. They can then choose whether they want to continue using and paying for Monarch themselves.