FOFA (FDS and Opt-In) Overview

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Managing your FOFA Clients

• FOFA Dashboard Widgets
  
  The FOFA Dashboard will assist you in monitoring your clients’ service arrangements and upcoming or overdue Fee Disclosure Statement (FDSs) and Opt-in renewals
  
  Further information on Opt-in Dashboard Widgets here 
  
  
  
• FOFA Dashboard Reports
  
  The Wealth Axis FOFA Dashboard Report provides you with a month-by-month snapshot of your FDS and ongoing service obligations due each month.
  
  Further information on FOFA Dashboard Reports here 
  
  
  
• Capturing FOFA Data
  
  
  • For Clients
    
    You have the ability to capture each client’s FOFA data in the Client Menu at FOFA (FDS & Opt-In) > FOFA Data.
    
    Further information on Capturing FOFA Data for Clients here
    
    
  • For Related Entities
    
    For clients with multiple related entities, such as self-managed super funds, companies and/or trusts, you will need to consider how you are going to capture their ongoing service information.
    
    Further information on Capturing FOFA Data for Related Entities here  
    
    
    
• Updating FOFA Data
  
  To assist practices in meeting their FOFA obligations, BTGL conducts periodic Overdue FDS and Opt-in reporting in XPLAN. As part of the reporting process, your Practice may be provided with the following worksheets for your review and action:
  
  
  • Your Practice’s FDS Obligations: Clients with a blank Disclosure Statement Required field and/or their FDS is overdue in XPLAN.
    
    
  • Your Practice’s Opt-in Obligations: Clients with a blank Opt-in Requirement field and/or their Opt-in renewal is overdue in XPLAN.
    
    
  • Further information on Updating FOFA Data here
    
    

• Setting the FOFA Status
  
  
  • Via Email
    
    Understand how to use email coding to automatically set the Opt-In Status in XPLAN.
    
    
    • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on July 27, 2016)
      
      
      
  • Via Manually
    
    Learn how to set the Opt-in status for a client manually.
    
    
    • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Feb 19, 2018)
      
      
      
• Mapping CommPay Policies to Clients

  Understand how to View, Map, and Troubleshoot CommPay policies to clients

  Further information on Mapping CommPay Policies to Clients here
  
  
  

• FDS Checklist
  
  The following checklist will assist you and your business with producing an accurate Fee Disclosure Statement (FDS) and is designed to support you in meeting your regulatory requirements in delivering quality advice to your clients.
  
  Further information on FDS Checklist here

Merging FOFA Documents

• Ongoing Advice Service Arrangement Letters
  
  You are able merge Ongoing Advice Service Arrangement (OASA) letters for your clients via the FOFA Document Generator Wizard.
  
  Further information on OASA Letters here
  
  
  
• FDS and Renewal Notices
  
  You are able merge Fee Disclosure Statements (FDSs) and Renewal Notices for an individual client and for groups of clients in bulk.
  
  Further information FDS and Renewal Notices here

Practice's Service Packages

• Service Packages
  
  Many Practices segment their clients based on the level of complexity of each client’s needs and the frequency and level of servicing required. Service packages provide an opportunity for you to decide how to segment your clients – based on their needs and the services that have been promised to them.
  
  Further information on Service Packages here
  
  
  
• Wealth Axis Service Packages
  
  Default service package descriptions for each Wealth Axis service package have been set up in XPLAN.
  
  Further information on Wealth Axis Service Packages here
  
  
  
• Service Package Offer Matrix
  
  List of service tracking rules displayed in the Services Delivered Report, and how the delivery of the corresponding service components can be captured in XPLAN using Notes and Review Management.
  
  Further information on Service Package Offer Matrix here
  
  
• Implementing FOFA in XPLAN
  

  The process of implementing Future of Financial Advice (FOFA) in XPLAN uses a combination of FOFA-specific tools and other areas of the system such as Notes, Emails and Review Management.

  Further information on Implementing FOFA in XPLAN here 
  
  
  

• Setting up Services
  
  
  • Service Package Descriptions
    
    Wealth Axis’s default service package descriptions will suit a number of Practices or will be useful for some clients, you may need to update the wording of Wealth Axis’s default service package descriptions to more accurately reflect the services promised to your clients.
    
    Further information on Setting up Service Package Descriptions here
    
    
    
  • Service Tracking Rules
    
    If your Practice has selected service tracking as the preferred method for reporting the services delivered on your clients’ FDSs, you will need to set up service tracking rules in XPLAN using the Service Package Offer matrix.
    
    Further information on Setting up Service Tracking Rules here
    
    
    
  • Service Delivered Text
    

    If your Practice has selected services delivered text as the preferred method for reporting the services delivered on your clients’ FDSs, you will need to enter services delivered text for each service package.

    Further information on Setting up Service Delivered Text here

Recording Services Delivered

• Notes
  
  It’s good practice to record Notes in XPLAN after the delivery of service components. Notes can be recorded for individual clients and in bulk for groups of clients.
  
  Further information on Notes here
  
  
  
• Emails
  
  Emails can be used to track services delivered when saved as a Note. Emails can be sent to individual clients and in bulk for groups of clients.
  
  Further information on Emails here 
  
  
  
• Review Management
  
  Review Management can be used to track reviews delivered to individual clients.
  
  Further information on Review Management here
  
  
  
• Manual Service Tracking
  
  Manual service tracking enables you to record the delivery of service components that may not have service tracking rules (e.g. client enquiries, Centrelink assistance). 
  
  Further information on Manual Service Tracking here
  
  
  
• Service Delivered Report
  
  If your Practice has selected service tracking as the preferred method for reporting the delivery of service components on your clients’ FDSs, the Services Delivered Report enables you to
  
  
  • Monitor the services delivered – or not delivered – to your clients, on an ad hoc or regular basis.
    
    
  • Check that all of the services delivered to your clients have been captured in XPLAN for reporting on their FDSs at the end of their service arrangement periods.
    
    Further information on Service Delivered Report here 
    
    
    

• Service Package Offer Matrix
  
  List of service tracking rules displayed in the Services Delivered Report, and how the delivery of the corresponding service components can be captured in XPLAN using Notes and Review Management.
  
  Further information on Service Package Offer Matrix here
  
  
  
• Implementing FOFA in XPLAN
  

  The process of implementing Future of Financial Advice (FOFA) in XPLAN uses a combination of FOFA-specific tools and other areas of the system such as Notes, Emails and Review Management.

  Further information on Implementing FOFA in XPLAN here

FPA Members and Professional Ongoing Fees Code

Learn how to set the details for a client when the adviser is an FPA member and has signed up to the Professional Ongoing Fees Code.

• To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Feb 19, 2018) 

Fee for Service

Recording Fee for Service

Learn how to record Fee for Service items against a client record.

• To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Feb 19, 2018)