To comply with your Licensee’s record keeping requirements, XPLAN Notes are to be used for the storage of all documents and client file information in line with the File Note Framework and Naming Convention (as required).
All documents required for your clients’ files must be stored in XPLAN as soon as practicable (best practice is to upload documents “as you go”), but no later than one month after the advice document was presented to your client or the document was created.
When storing your clients’ key documents and client file information, you are required to select the prescribed Note Type and Subtype from the File Note Framework. Refer to the Appendix for the list of key documents and client file information.
The filenames of key documents must also be in line with the Naming Convention. For example:
A new Note must be created for each key document. For example, you cannot use one Note to record the delivery of a Record of Advice (RoA) and an Ongoing Advice Service Agreement (OASA) to your client in an annual review meeting. In this situation, two separate Notes must be created for the client, i.e. one for the RoA and one for the OASA.
For each Note, the following information must also be captured:
Note Type and Subtype: From the File Note Framework (as prescribed)
Date: When the service was delivered to your client. For example, when the Statement of Advice (SoA) or Fee Disclosure Statement (FDS) was presented or delivered to your client, or when the client meeting was held.
Subject: A brief description of the service or key document delivered
Attachment: The final version of the key document presented or delivered to your client. The filename of the key document must also be in line with the Naming Convention.
| Note Type | Sub-Type | Example Documents | Key Documents | |
| General | Strategy | |||
| 1. Fact Find | 1.1 FPQ |
Fact Find, Aged Care FPQ, PPQ |
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| 1.2 Risk Profile |
Risk Profiler, Asset Allocation Mapping tool, Finametrica, Finametrica: Discussion notes/signatures |
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| 1.3 SMSF Investment Strategy |
SMSF Investment Strategy Workbook |
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| 1.4 Letter of Engagement |
Letters of Engagement |
√ | ||
| 2. Advice | 2.1 ROA |
Record of Advice (RoA) document, signed ATP for RoA |
√ | |
| 2.2 SOA |
Statement of Advice (SoA) document, signed ATP for SoA |
√ | ||
| 2.3 Research |
Product research (including quotes), Like-for-like comparisons, Research reports, Product Disclosure Statements (PDSs), Rules-Based APL, Off-APL, Supplementary APL, Needs Analysis |
√ | ||
| 2.4 Workpapers |
Strategy papers, Product replacement analysis, Technical notes related to the preparation of advice |
√ | ||
| 2.6 SMSF Advice |
SMSF Only Advice document |
√ | ||
| 2.7 Risk Advice |
Risk Only Advice document |
√ | ||
| 2.11 Time Capital |
Time Critical SOA |
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| 2.12 MDA |
MDA Contract |
√ | ||
| 2.13 Pre-vet Approval |
Pre-vet approval notes |
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| 2.14 Advice Correspondence |
File Notes relating to the provision of advice (e.g. Emails, SMS, Phone) |
√ | ||
| 3. Implementation | 3.1 Authority to Proceed |
Signed ATP for SoA, Signed ATP for RoA |
√ | |
| 3.12 Investment Rebalance/Switch |
Transacting/trading forms |
√ | ||
| 3.15 Execution Only |
Execution Only letter |
√ | ||
| 4. FOFA | 4.1 FDS |
Fee Disclosure Statement (FDS) |
√ | |
| 4.2 OASA |
Establish OASA, Update OASA |
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| 4.3 Opt-in Renewal |
Renewal Notice |
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| 4.4 Termination |
OASA Termination letter |
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| 6. Client Review | 6.2 Review Outcome |
File notes relating to review meeting outcome |
√ | |
|
6.7 SMSF Meeting Minutes |
√ | |||
| 8. Compliance/Legal | 8.1 Checklist |
Compliance checklist |
√ | |
| 8.2 FSG & Adviser Profile |
FSG Part 1, FSG Part 2, FSG Client Acknowledgement |
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| 8.3 AML/CTF & ID Docs |
FSC forms, AML Verification forms, Passports, Licence, Bills, Suspicious Matter Reporting form |
√ | ||
| 8.4 TFN Consent |
TFN Consent forms |
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| 8.7 MDA Transition Authority |
MDA Transition Contract letter |
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| 8.8 EPOA/Wills |
Power of Attorney letter |
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| 8.10 SMSF Documents |
SMSF forms, Financial Advice Certificate |
√ | ||
| 8.11 Trust Documents |
Trust Deeds |
√ | ||
| 8.15 Wholesale Client Documents |
Accountants certificate, Controller Declaration, Professional Investor Declaration, Record of Value/Price, Wholesale Client Engagement Letter, Summary of Advice |
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