Compliance - FOFA: Practice Service Package - Implementing FOFA in XPLAN

Compliance - FOFA: Practice Service Package - Implementing FOFA in XPLAN

Implementing FOFA in XPLAN Overview

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.

Step 1: Build your Service Packages in XPLAN
  • Define your client segmentation (service packages)
  • Set up service package descriptions
  • Set up service tracking rules OR Define services delivered text
Step 2: Capture clients' FOFA data
  • Record FDS and Opt-in status and due dates
  • Capture service packages (client segmentation)
  • Map CommPay revenues
Step 3: Record Delivery of Services
  • Record delivery of services using Notes, Emails and Review Management 
  • Capture delivery of additional services (manual tracking and custom text)
Step 4: Clients due for FDS and Opt-in Renewal
  • Identify clients due for FDS and Opt-in Renewal 
  • Ensure all services delivered have been captured
  • Validate CommPay revenues
Step 5: Merge FDSs, Renewal Notices and/or OASAs
  • Merge FDSs, Renewal Notices and/or OASAs 
  • Record delivery
Step 6: Monitor responses and set due dates for next period
  • Monitor and follow up putstanding responses
  • Set FDS and Opt-in due dates for next perod
  • Manage terminations

Preparing for FOFA Implementation

Before you can start implementing XPLAN’s FOFA-specific tools, you will first need to ensure that your clients’ details are up to date in XPLAN. If this work hasn’t been done yet by your Practice, this section of the workbook will assist you in prioritising the areas on which you need to focus to ensure a successful implementation.

What should you have done by now?

To understand how ready your Practice is, ask the following questions:

Clients

  1. Have we identified which ‘ongoing fee’ clients are required to receive an FDS and Opt-in renewal?
  2. Have we identified and documented our FDS and Opt-in clients’ anniversary dates?
  3. Have we confirmed that all FDS and Opt-in clients have been set up in XPLAN and that the following client details are captured and up to date?
    1. Name, address and contact details
    2. Client groups
    3. Portfolio details
    4. Insurance policies
    5. Review months
    6. Client active dates
    7. FDS status
    8. Opt-in status
  4. Have we linked revenue data to our clients’ records in XPLAN? (CommPay)

Service Packages

  1. If our service offering is not aligned to the Dealer’s service package templates, have we defined and documented our service packages?
  2. Have we allocated a service package Category to each FDS client?
  3. Have we tracked and recorded client services performed for FDS purposes?
    1. XPLAN via Notes and Review Management
    2. Other means (e.g. Excel spreadsheet)

Processes

Have we established processes for:
  1. Managing client relationships (servicing and revenue data)?
  2. Generating and delivering FDSs and Renewal Notices by the due date?
  3. Generating and delivering OASAs before the Opt-in renewal due date?
  4. Recording the delivery of FDSs, Renewal Notices and OASAs?

Team

  1. Have we ensured everyone understands their roles and responsibilities?
  2. Have we ensured everyone has the correct user permissions for their XPLAN login, as required by their roles and responsibilities?
  3. Have we ensured everyone has completed the training required?
  4. Are we monitoring our team’s performance in managing and servicing our FDS and Opt- in clients?

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