Client Management - Client Snapshot: Superannuation Planning
Superannuation Planning Overview
The purpose of this guide is to provide instructions in entering client Superannuation plans and information into XPLAN.
- To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on July 28, 2016)
You can record superannuation details for clients in the Superannuation page. Key information relating to superannuation can be stored, such as the planned retirement date, and employee and employer contributions. Importantly, existing funds and a history of benefits received can also be recorded.
Accessing Superannuation Planning
While accessing a client:
- In the navigation menu, select Financial Information > Superannuation Details.
- The Superannuation Details page displays.
Recording Superannuation Planning Details
While accessing the client's existing Superannuation Details page:
- Click Edit.
- Enter the Superannuation information:
- In the Phase list, select Accumulation or Pension.
- Select the Retirement Date.
- Enter the Pre Tax and Post Tax Employee Contributions.
- In the Employer Contribution Rate list, select SGC or a fixed percentage for employer contributions.
- Enter the Super Contribution details:
- Click Save.
Add a Superannuation Plan
While accessing the client's existing Superannuation Planning page:
- In the Existing Fund panel, click Add. The Superannuation Plans page displays.
- Enter details for the superannuation fund.
|
Note: The Super Plan Selection field must be filled out. |
| Important: If a superannuation plan is selected in the Super Plan Selection list, the details for the superannuation plan can be imported into WealthSolver. |
- Click on the Details tab:
Portfolio Account Linking
The fund can be linked to a client's Portfolio Account. Once linked to a Portfolio Account, the Taxable - Taxed Element value is based on the linked Portfolio data. It is calculated as:
Linked Account Balance - Taxable-Untaxed Element - Tax Free
The Taxable-Taxed Element amount will be greyed out and cannot be manually edited.
- Click on the Beneficiaries tab:
- In the Beneficiary section click the Add button to add one or more existing XPLAN clients as beneficiaries. You can also set these beneficiaries as a Binding nomination and the end date of the nomination.
- Click on the Balances tab:
- Enter the current balance details.
- Click on the Contributions tab:
Calculations use the financial year rather than a calendar year, allowing you keep track of contribution caps for clients.
Click Add to add a contribution.
These can be one-off contributions or recurring contributions. The Current Contributions values on the Contributions tab shows the Contributions currently in effect.
- Click on the Investment Option tab:
- Click Add Investment, and complete the investment details.
- Click on the Fees tab:
Note: If you are using WealthSolver, the Fees Tab integrates with WealthSolver and imports fee information for the selected Super Plan
The Fees tab offers:- Initial data entry to capture key fees specific to that individual instead of entering fee data in a WealthSolver scenario
- Data is held in one spot rather than in one or more scenarios
- WealthSolver subscribers can check fees and costs of funds without entering a scenario
- Allows for inputting and saving fee overrides
- Any overrides will be imported into the Current Situation for new WealthSolver scenarios.
- Click on the Insurance tab:
- An Existing Insurance policy can optionally be linked to the superannuation fund.
- An Existing Insurance policy can optionally be linked to the superannuation fund.
- Click on the Secondary tab:
- Contains a number of miscellaneous fields. Enter the relevant information.
- Contains a number of miscellaneous fields. Enter the relevant information.
- Click on the Payment tab:
- Enter the details on Payment Method and bank account.
- Enter the details on Payment Method and bank account.
- Click on the Comment tab:
- Comments can be optionally recorded.
- Comments can be optionally recorded.
- Click Save.
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