Compliance - FOFA: Practice Service Package - Setting up Services: Service Tracking Rules

Compliance - FOFA: Practice Service Package - Setting up Services: Service Tracking Rules

Setting up Service Tracking Rules Overview

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.

The delivery of service components can be tracked in XPLAN, using service tracking rules in the Service Package Offer matrix. When recording the delivery of services to clients using Notes, Emails and Review Management, selection of the correct Note or Review type and sub-type will ensure that a tracked service component is automatically reported as delivered on the client’s Fee Disclosure Statement (FDS) when it is merged (or generated) at the end of their service arrangement period.

When setting up service tracking rules, you will also need to enter the service description to be displayed on the client’s FDS when a service tracking rule has been met during their service arrangement period.

 

What are the different types of service components?

There are three types of service components:

  • Given: These are services that will always be given to the client. These services will not be tracked and will always appear on the client’s Fee Disclosure Statement (FDS) (e.g. access to the adviser and their team).

  • Core: These are services that have been promised by the adviser to the client (e.g. an annual comprehensive review of your plan, regular newsletters). The delivery of these services can be tracked in XPLAN, and will be included in the client’s FDS if they are delivered to the client.

  • Additional: These are “value add” services provided, or services provided to the client at their request (e.g. managing an insurance claim, Centrelink assistance). The delivery of these services can be tracked or captured in XPLAN for disclosure on the client’s FDS.

How can I set up service tracking rules?

Default service tracking rules with corresponding standard service descriptions are available for Wealth Axis’s core service components. Whilst the standard service descriptions may be suitable for some service components, you may need to update the service descriptions for some to more accurately reflect the services promised to your clients.
Service tracking rules may also be set up for additional service components, including Statements of Advice, Records of Advice and Financial Position Reports.
The table below illustrates how service tracking rules can be set up in XPLAN for the disclosure of services delivered on your clients’ FDSs:

Type
Example of Service
How Reported on FDS
Set Up in XPLAN
Given
Access to adviser and team
Always Reported
No Activity Required
Core
Client Reviews
Only Displayed on FDS when Recorded as Delivered
Service Tracking Rule
Newsletters
 Service Tracking Rule
Additional
Manage Insurance Claim
Only Displayed on FDS when Recorded as Delivered
 Service Tracking Rule
Corporate Actions
 Service Tracking Rule

 

The Service Package Offer matrix lists the default service tracking rules and additional service tracking rules, and how Review Management and Notes types and sub-types can be selected to track the delivery of service components. To find out more, in Zendesk to go FOFA > Practice’s service packages > Service Package Offer matrix
If you require guidance for the service delivered description (or wording) to use for a particular service component, in Zendesk go to FOFA > Practice’s service packages > Suggested service delivered descriptions

 

Setting up Service Tracking

Note: If your Practice has selected services delivered text as your preferred method for FDS disclosure, do not follow the steps below. To find out more, in Zendesk go to FOFA > Practice's Service Packages > Setting up services delivered text


To set up your Practice’s service tracking in XPLAN:
  1. Go to XPLAN > User Functions > Administer Groups

    Screen_Shot_2018-07-16_at_12.55.16_PM.png

  2. Select your Practice name from the search results (by clicking on the hyperlink):

    Screen_Shot_2018-07-16_at_12.56.30_PM.png

  3. From the Group Menu (on the left-hand side), select Service Package Delivery:

    Screen_Shot_2018-07-16_at_12.56.38_PM.png

  4. Click Edit (at the top right-hand corner of the screen).

  5. Check that the Free Text box to the right of Custom Service Descriptions is unticked:

    Screen_Shot_2018-07-16_at_12.56.43_PM.png

  6. Click Cancel (at the top right-hand corner of the screen).

  7. In the Service Package Offer panel, click Edit:

    Screen_Shot_2018-07-16_at_12.59.03_PM.png

  8. If your Service Package Offer panel was blank before clicking Edit, the default service tracking rules will be displayed.

    1. The default service tracking rules will not be displayed if one or more service tracking rules have been set up previously

    2. To restore the default service tracking rules, delete all existing service tracking rules by clicking on the Screen_Shot_2018-07-16_at_11.49.10_AM.png icon and then click Save. Click Edit to display the default service tracking rules.

      Screen_Shot_2018-07-16_at_12.59.13_PM.png

  9. Update the Service Description for each service component, if required.
    1. For the standard service delivered descriptions for BTGL’s default service tracking rules, in the Zendesk go to FOFA > Practice’s service packages > Wealth Axis’s service packages. If required, these descriptions can be changed to more accurately reflect the services promised to your clients.
  10. To set up service tracking rules for additional service components (if required):

    1. Click Add:

      Screen_Shot_2018-07-16_at_1.00.41_PM.png

    2. Select the required Service from the dropdown list.

      1. For the list of additional service components available for which you can set up service tracking rules, in Zendesk go to FOFA > Practice’s service packages > Service Package Offer matrix.

      2. The order the service tracking rules are set up will not have an impact on the order they will be displayed in your clients’ FDSs

        Screen_Shot_2018-07-16_at_1.00.47_PM.png

    3. In the Service Description field, enter the service delivered description for the service component.

      Screen_Shot_2018-07-16_at_1.00.54_PM.png

    4. Repeat Steps 10a to 10c for each additional service tracking rule required.

    5. To delete a service tracking rule, click on the icon.

  11. Click Save. Your Practice’s Service Package Offer matrix will be displayed.

    1. The service tracking rules may be reordered on clicking Save. The order the service tracking rules are displayed in the Service Package Offer panel will not have an impact on the order they will be displayed in your clients’ FDSs.

      Screen_Shot_2018-07-16_at_1.06.21_PM.png

  12. If changes or updates to your Service Package Offer matrix are required, follow Steps 7 to 11 above.

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