The Monarch for Professionals program is a subscription for financial professionals. It gives financial professionals like yourself the ability to collaborate with all of your clients in an easy-to-use portal. Within this portal, you will have complete access to your client's data. You can track your client’s budget, forecast goals, track investments, and see all of their transactions in one place.
If you are interested in signing up for the Professionals program, you can do so at the below link:
Subscription Cost for the Monarch Professional Program
On the Monarch for Professional program, you only pay for each active client in your portal ($9 per month per client). When signing up for the program, you will be prompted to enter payment information; however, you will not be charged until a client accepts your first invitation. You will not be charged for invited clients until they redeem your access code.
Inviting Clients
There are two ways of collaborating with clients on Monarch for Professionals:
- You can sponsor them (you pay for their subscription and get full access to their household)
- They give you an Access Only Grant (they pay for their own subscription, but grant you access for 60 days at a time. Clients can renew your access once this expires.)
For Clients You Sponsor
Access your professional portal by visiting https://app.monarchmoney.com/advisor-portal/clients. Here, you can access each of your client's budgets, edit your Professional profile, update your billing information, and invite your clients to sign up for Monarch.
Sending a Client Your Professional Code
To do this, navigate to your professional portal > click “add clients” > enter your client's email and name. This will email your client a unique advisor code. Once the client redeems this code they will now be included in your client list.
Once a Client Applies Your Professional Code
The client will get complimentary access to Monarch (our best-in-class personal finance tool). You will “sponsor” their Monarch account (by paying for their access). You will have full access to collaborate on their budget with the same view they see in their own portal.
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.
For Clients Granting Temporary Access
Your client must have their own Monarch account with a paid subscription. Ask your client to navigate to Settings > Members > Give access to “Financial Advisor”.
Once invited, your access will automatically expire after 60 days. Your client can revoke access at any time. This will not initiate a “sponsored client charge” on your end. However the client will need to continue paying for their own Monarch subscription.
Frequently asked questions:
Can I sponsor clients who already have an existing Monarch account?
Yes. Users with an existing Monarch account can apply your sponsor code and have you sponsor their account. They will not be refunded for any subscription fees they have already paid, but once they apply your code they will not be charged in the future.
How do I revoke my client’s access?
You can revoke your client’s access within your Professional portal. For the client you would like to remove, click the three dots to the right of “View household," then click “Stop paying for client”. Once you revoke access, you will not be billed for that client’s subscription and they will lose access to the account. The client can choose to continue staying on Monarch by paying for their own subscription, and will not lose any information.
How do I sign up for the Monarch for Professionals program?
Recent Webinars:
- How Monarch Money Fits Into Your Tech Stack - 8/9/24
- Monarch Money, Presenting Your First Budget - 7/9/24
- Monarch Money, Advisor of the month. Taylor Westergard - 6/6/24
- Monarch Money, Creating Your First Budget - 5/14/24