Media Centre

• Financial Markets news
• Wealth news
• Corporate news

XPLAN prides itself on continuous reinvention. Meeting the compliance needs of our clients is very important to us. Read on to discover how XPLAN has prepared for the Future of Financial Advice legislation.

In the Wealth Management Industry, changes to compliance requirements are non-stop. XPLAN integrates every stage of your advice and service offering with underlying sophisticated compliance and risk management tools, ensuring compliance becomes structured, automated and efficient in your business.

Compliance and risk management

• Advice Container selects random files to audit from the whole compliance advice process completed by the adviser. Audits are made easy for both parties because the majority of evidence documentation is stored online against the client. Advice container allows licensees to give advisers a simple set of compliance requirements to follow and because the licensees requirements can be embedded into each businesses' workflow, it also serves as a training and best practice reference which can be changed and updated as needs change.
• Audit Questionnaire is completed as part of the review of client advice. The Audit Questionnaire provides a historical register of advice audits and a scoring system to give advisers and licensees a clear indication of the ongoing quality of their advice. By systemising this process, networks are afforded a dynamic view of advice on many levels: from trends in quality for a single adviser, to a branch/office, area or entire network. Audit Questionnaire results help to identify adviser training needs and compliance risks across large, distributed networks.
• Threads and licencee rules-based tasks remind advisers and staff of the required compliance procedures dependent on the style of advice or service provided.
• Alerts Manager is used to monitor advisers. Client placements, loan-to-value ratios, gearing limits and conflicts of interests on product concentration can all generate critical Management Reports.
• Continuous Professional Development register and reporting.
• Complaints module can track a complaint throughout each stage allowing reports to be produced for an insurer or FOS (Financial Ombudsman Service).
• SuperSolverand Risk Researcher (replacement of product) takes care of the 'reasonable basis for changing products'.
• Audit trail keeps note of all client changes made in the system – in the event that supporting evidence for an internal audit or client complaint is required.
• Opt-in changes capture clients with a 2 year renewal notice period. The timing is tracked and reportable, with an automated disclosure of fees via the advice document easily attached. Clients can update their own opt-in via acceptance links in emails or via Client Online Access.

Client self discovery

Engage prompts clients to review their Retirement, Insurance needs and Risk Profile – creating scenarios for the adviser to review prior to the client coming in.

Use this to interact with your clients, form part of the basis of your advice, create multiple scenarios and let your clients visualise the impact of outcomes in graphical format.

Real business efficiencies

• Bulk document generation, datafeeds and XTOOL projections allow you to update all clients with their quarterly current position.
• Management reporting caters for the need to capture what is happening on a single adviser or a single practice, trend analysis on multiple practices or across an entire network.
• Service Benchmarks allow you to compare the services offered versus services taken up for a given period.
• Print to Post, Action Manager and Email Campaign Management manage communication efficiently and cost effectively.
• Barcoding functionality tracks a document to and from the client – great for covering off on those client-requested changes to your advice.
• Tasks and workflow management can have compliance tailoring (great for training staff and meeting licencee rules).
• Emails and SMSs make contact quick and easy - include acceptance links which flow back to the system.
• Monitor the time taken to complete tasks for day to day business activities - have this flow through to the invoice.
• Dashboard widgets provide a real-time, daily check of recent and upcoming opt-in activity, Continuous Professional Development, client revenue, tasks and diary events for either the individual adviser or all within the firm.
• User KPIs can be tracked, reviews performed per month or new business placed.

Frequent and scalable communication

From a single client email to a mass marketing campaign, update your clients with changes to your service structures. Use News feeds (RSS and Atom) or Twitter / LinkedIn integration to enhance your client contact.

Email syntax coding in XPLAN's email editor supports attractive presentation of the service benchmark area, and can demonstrate services that have been proposed or provided.

From scalable opt-in solutions to monitoring at-risk clients and client service management reporting, XPLAN allows you to easily set-up, monitor and report on your ongoing client service proposition.

Integrated revenue management

Commpay, XPLAN's integrated revenue management system, allows you to track revenue earned against clients directly in your practice management system. This means you can easily generate electronic and paper based reporting for 12 month revenue summaries for clients at each opt-in anniversary, and can present these alongside client service activities offered and taken up for the same period. XPLAN also gives helpful analysis of client profitability by comparing revenue earned versus the cost of servicing activity.

Commpay integration measures revenue versus service activity, as well as managing commission payments, configuring remuneration models, invoicing and reporting. Automated statements of earnings help to segment the client base.

Via Commpay you will have proof of exactly what the client has paid over any period of time.