Is there an easy way to cut the letters for a monogram out of fondant or are they just always done in RI? The bride is wanting a pretty script. Anyone have any advice?

You can actually make both.
Cutting from fondant - simply find a computer script you want, print the monogram in size you want. Set the paper over the fondant, trace it with needle / toothpick / scribing tool. Cut it out with sharp knife / scalpel, carefully remove the fondant around it. You can smooth the edges - carefully.
Let it dry as it is - don't disturb the shapes.
The secret is not manipulate the fondant monogram till it firms up.
You can roll the fondant on plexiglass (acrylic sheet) and move it with this sheet.

I've invested in tappits which you press into fondant or gumpaste and it makes the lettering perfect. You can find them online. I think I got mine at Sugarcraft.com. The investment is worth it - I don't have to stress out over piping perfect lettering.

Thanks for your replies...I think I can trace and cut...I have done that with logo's. I could not find a pretty font...I have Funky Letters and small script but non that would work for a monogram....we will see what happens!