XPLAN 2.1 introduces new features for client review and opt-in, new functions for scaled advice, and new solutions for advice review and compliance. A range of popular enhancements in the Risk Retirement and Mortgage Research modules also complements this version.
Review and Opt-in
The standard XPLAN review area which captures next review type and date now also includes opt-in anniversary and status. Reviews trigger workflow and the outcome from a task can auto-update the opt-in status and next review date. Opt-in can be updated by your client directly in Client Online Access, and you can email your clients from within XPLAN a unique link that, when clicked, will update the client’s opt-in status.
New reports, alerts, and dashboard widgets provide real-time views of clients at risk of not reviewing - perfect for businesses that wish to automate the review and opt-in process as much as possible while still being notified of the important issues.
Scalable solutions
With XPLAN 2.1 you can create a retirement projection merge report on many clients at once. Using broad assumption, basic balance and contribution details automatically imported from Client Focus or IPS, an XTOOL automatically calculates a tailored projection of super balance, and the regular income the lumpsum might generate in retirement. Output options include “what if” variables,such as increasing the current contribution levels, or altering retirement age either side of their current projected retirement age.
The solution is dependant on getting data basic super balance and contribution data into XPLAN for the projection calculations. If you would like assistance with this process please contact your IRESS Account Executive, who will help co-ordinate the process and the setting up of a professional looking merge document.
In XPLAN 2.2 we plan to release a similar solution for under-insurance.
Advice compliance and monitoring
In XPLAN 2.1 we introduce the ability to automatically associate key actions taken on a client, which are milestones in the process of providing financial advice, and provide reporting and a tool to help sample cases and allocate tasks for compliance or management to check the advice. Called “Advice Containers”, they allow a licensee or responsible entity to notify advisers of the key actions they need to complete against a client in the advice process, and then check to see if everything is done. Actions can include tasks, notes, diary events, XMERGE reports, risk research scenarios, XTOOLS scenarios, wizards, complaints, and debt qualifier scenarios.
Once complete, an Advice Container can be passed on for sampling by people responsible for advice audits and professional adviser training.
Advice Containers are great for reinforcing best practice and training, and help streamline some time consuming aspects of auditing advice - especially for targeting specific types of advice and trends without forcing changes to best practice and workflow. For example, one month you might check one in every twenty statements of advice written, the next month you can make it one in fifteen but also check every gearing plan written. Profiling the types of advice written helps licensees understand what is happening across a distributed network and may influence training and support decisions.
Wizard scenarios
Wizards can now be configured so that each time they are used to complete a fact find or new advice, previously entered data is retained in the database and not overwritten by the newly entered data. This means re-using wizards on the same client is faster. It also allows you to save a completed wizard for historical reference.
Linking subfunds to client focus and SuperSolver
The balance in a subfund can now be used to update the value of an asset, liability, superannuation fund, annuity or SuperSolver plan.
Key new portfolio enhancements
A new Portfolio Summary panel in the Portfolio Position and Client Online Market Value screens make it lets you view the key current values in a portfolio at a glance. Portfolio Summary shows values such as current Market Value, Cash Balance, Unsettled Income, Trades and an Estimated unsettled Cash Balance.
Joint portfolios (portfolios automatically created when a client and partner are joined) can now have their own Risk Profile and Target Asset Allocation, separate to the client and partner.
Risk Researcher
A new Qualitative Analysis tool allows advisers to conduct quick, one-on-one comparisons that highlight the differences between two products at a policy feature set level.
The Replacement Advice function now automatically generates a list of benefit features gained and lost by comparing the client’s existing policy with the recommended one. Advisers can tag the differences they wish to include in their disclosure.
Mortgage brokers can now access a wizard and XMERGE template to capture and complete the legislated requirements for National Consumer Credit Protection (NCCP). Major enhancements to the Loan Search screen improve the speed of returning results and the presentation of key information about each loan and the revenue earned on the loan.
Want more information?
For more details on XPLAN 2.1, please contact your IRESS Account Executive or the XPLAN Support Team.