XPLAN and the Advice process

Introduction

Overview

In one form or another, many advisers use the “6 step Advice to client” process in the way they deal with their clients.

So as to enable participants to be able to relate to the different modules in XPLAN, this course is structured along the line of the “Advice to Client” process.

XPLAN and Financial Planning

The various components and tools in XPLAN have been created to support and complement the various stages in the process of providing quality and efficient recommendations to clients.

This course has been structured to complement the stages in the Advice to client process.

Navigating XPLAN

XPLAN

Overview

XPLAN is a web based financial planning software package that brings together the different stages in the advice process through the use of a number of modules and tools.

XPLAN enables delivery of advice to clients through integrated client management, modelling and portfolio management tools and applications.

The facilitator will demonstrate and take you through each module and tool relevant to this workshop and explain their functionality.

Logging into XPLAN

Overview

To login, access your designated website by typing in your website address: https://XPLAN.iress.com.au/(your company’s site) or https://XPLAN2.iress.com.au/(your company’s site)

1. The login page for your website is displayed
   
   
2. Enter your User ID and Password and click .
   
   

XPLAN Components

Client Focus

This is a comprehensive Fact Find and Client Relationship Module. This is where client data is entered.

Underlying these 2 functions is the task management capability which is designed to support the workflow process within a business.

XPLAN CRM Office features

This is a suite of tools which not only provides users with standard document templates but also the functionality to build customised templates.

The tools in this component provide the ability to manage the templates as well as to merge data from the system into the templates.

Xtools

This is a suite of tools which can be used for projection and analysis. Some of the calculators can be used in a client facing situation.

Xtools+

Xtools+ is a powerful modelling tool that can be used to model and compare cashflow and projections.

Iress Portfolio System (IPS)

IPS is used to manage and provide reporting on the client’s portfolio.

RISK RESEARCHER – (formerly known as Insurance Quotation Module Plus)

This is a fully interactive risk research tool that provides both qualitative and quantitative analysis for personal risk insurance products.

Super Solver

A superannuation comparison tool that provides product specific comparisons of costs and intangible plan features. It provides data on hundreds of retail, industry, government and corporate superannuation funds, and allows for the creation of new plans or deriving new plans from existing plans.

Debt Qualifier

It is a mortgage-qualification and analytics system. It provides a single point solution for Debt and Risk Management for existing and new clients.

Navigating the Xplan Interface

The XPLAN interface is composed of three areas, the Title bar, the Navigation menu, and the current Page.

Title bar

The title bar contains a number of links and functions, and is always displayed.

Home, Add and Quicklinks lists:

XPLAN – contains links to your User Dashboard, News and administration and module functionality (depending on your User Capabilities only some links may display). This was previously named Home and can be customised from version 2.1 onwards.

Add - allows for creating a new:

• Client

• Group

• Professional Adviser

• Referrer

• Supplier

• User

• Diary Event

• Note

• Task

• Thread.

Quicklinks - a customisable list where you can add links that you frequently access. All links in the XPLAN list can be added as Quicklinks.

Icons

 Notification messages are commonly generated by XPLAN when a report has been generated. The number of unread notification messages displays beside the icon:

 Open a Time Taken Ticker.

 Access XPLAN Help.

 Access your Preferences.

 Logout from XPLAN.

Searching

The Quick Search box allows you to search for entities, notes or tasks.

Navigation menu

The navigation menu displays on the left of the currently accessed Page. It allows for navigation between modules and within the current module. When using a Wizard, the navigation menu can also display the pages within the Wizard, allowing you to move between pages as required.

Hiding the navigation menu

You can collapse and expand the navigation menu by clicking the expand/contract button:

When collapsed, the current page expands horizontally to fill your web browser.

Page

The current page displays in the Page area.

Client name - when a client has associated entities, such as a companies, trusts or SMSF, you can click the client's name and select an entity to access it.

Control buttons - buttons for the current page, such as for editing fields or moving between
Wizard pages, are always located on the top-right.

Panels - some interface elements display as panels. Each panel is controlled by panel buttons.
Like pages, panels can also have control buttons for editing the data within the panel.

Panel buttons - each panel has its own control buttons. Depending on the functionality offered by a panel, some or all of the following buttons may display:

  Hints & Tips

Dashboard is the default ‘home’ screen to load. To navigate back to the ‘home’ screen, just click
on the site logo. You can also open additional windows by holding down the ‘Shift’ key and click
on the logo. ‘Ctrl’ and click will open new tabs. 

There is no more ‘right click’ function as in previous versions, so Xplan is now usable on
touch screens like iPads - everything is dropdown menus. 

Getting Help 

Overview

XPLAN has an Online Help function which provides the most up to date information on the different components and tools in the system. Interactive Tutorials are also available for viewing Training Workshops.

The Help files also provide updates on all new software versions.

Accessing Help 

1. Click on the Help function located on top of the Title bar
   
   
   
   

2. The “Help” screen is displayed

3. Navigate using the menu bar located on the left.
   
   
   
   

4. You may also want to use the “Search” function available.

Accessing Interactive Tutorials from within the Help Files 

1. Select “Video Tutorials” followed by “Training Workshops” from the menu bar located on the left:
   
   
   
   

2. Click on the workshop you would like to view.

3. A video will start automatically with a chapter menu available from the left side menu bar.

Creating a prospect / new client

Each adviser practice deals with leads, referrals and potential clients differently. However most practices will have a system where information on this client is recorded and where a note is made to contact the client either to make or confirm an appointment.

In this section, we will learn how details of a potential client or referral are entered into XPLAN. 

Scenario 

Robert from the law firm next door has referred his clients, Nick and Lynn to you.

Robert has advised them to see a Financial Adviser regarding their Insurance Arrangements. Robert has given you some information about them.

As Nick and Lynn are potential prospects, you have decided to record their details as a new client 

Client Details 

Creating a new client 

Work with the facilitator to enter the client’s details.

(In order to differentiate the client you created, use your own surname when you enter the client’s name): 

1. On the Title bar, click on the “Add” button and from the dropdown select Add Client.
   
   
   
   
2. The “New Client” page is displayed:
   
   
   
   
3. Select “Individual” and click ;
   
   
4. In the “Basic Information” screen, enter the prospect’s details.
   
   
   
   

5. To enter Lynn’s details, tick ;

6. In the Category field, scroll down and select “Prospective”;

7. To enter contact details, click 

8. Enter Nick and Lynn’s contact details and click 

9. Nick and Lynn have been created as new clients in XPLAN. Click on the  button to view the details you have entered.

Summary

You have:

• created a new client entity

• created a new partner client entity

• used an Add Client wizard.

 Hints & Tips

• To navigate between pages, use the  and  buttons. Changes

  are saved automatically.

• In the default Add Client wizard the required details for a new client are:

  • Surname

  • First Name

  • Title

  • Gender.
    
    While the required fields can be changed when creating a custom Add Client wizard,
    it is recommended that the minimum requirements to create a client are the client’s
    first name, surname and gender.

Case Study - Nick and Lynn

In the first meeting an adviser will collect all relevant information about the clients. This information is then used to formulate appropriate recommendations for the clients.

In XPLAN, client information is entered into the Client Focus component of the software. These details are then be seamlessly transferred to other components e.g. Xtools+ and RISK RESEARCHER (formerly known as IQM+) and be used to craft appropriate financial planning and risk recommendations for the clients. 

The Clients

The clients for this case study are Nick and Lynn. They are concerned about not having adequate risk cover.

Task

Read Nick and Lynn’s details below carefully.

Fact Find Details:

Client Details

Employment Details

Objectives

Risk Profile

Assets

Liabilities

Superannuation

Income and Expenses

Insurance – Held Under MLC Super 

Total Premium $600pa.

Family Trust Details

Client Focus

Navigating Client Focus

In this section, you will learn how to enter the client’s information into Client Focus.

Scenario 

You have created Nick and Lynn as clients in XPLAN. You will learn to search and locate them and enter all of their details.

 Activity: Searching for a client

Work with the facilitator to locate Nick and Lynn:

1. In the Home page, type in “Nick (Surname)” in the search box
   
   
   
   

2. Nick’s details will be displayed on the search screen;

3. Click on the client’s name to display Nick and Lynn’s Client Dashboard screen;

4. You are now in the Client Focus component of XPLAN.

Navigating Client Focus

• Navigating Client Focus is simple. All screens in this component can be accessed directly through the Navigation menu bar on the left.
  
  
  
  
• To edit details in the screen displayed, click on the  button located at the top right corner of the screen.

 Hints and Tips

• Clicking on the “List” button will take you back to the listing screen.

• When changing any detail in Xplan, unless you are certain of the answer you shouldn’t change from the “Default” selection for a field.

 Activity: Editing a client’s personal details

Work with the facilitator to enter Nick and Lynn’s details into the different screens in Client
Focus: 

Personal Details Page

1. To enter additional information or to edit Nick and Lynn’s details in the Key
   Details/Main page, click .
   
   
   
   
2. Click  once you have amended all details that need changing.

Contact Page

Some basic contact information was added when the clients were initially entered into
XPLAN, through the ‘Add New Client Wizard’.

To modify a client’s contact details:

1. While accessing a client, on the navigation menu select Key Details > Contact.

2. The following actions are available:

   • Click  to add a Nick’s Home Phone Number.
   • Click  to edit an entry
   • Click  to delete an entry.
     
     
3. Enter details as follows:
   
   
   
   

4. Click . Using the steps above, enter:

   • Lynn’s email address;

   • Nick and Lynn’s address.

  Activity: Editing a client’s employment details

To enter the client’s employment details: 

1. On the navigation menu select Key Details > Employment
   
   
   
   

2. Click  again located on the top right hand side of the Employment page.

3. Enter the provided employment information for Nick.

4. Click 

5. Click on  and enter Lynn’s employment details.

Category Details

To enter the client’s category details:

1. On the navigation menu select Key Details > Category

This is the area where you would change the clients’ status on your database, for example from prospective to diamond.

 Activity: Uploading a Client’s Identification information

1. Move to the Key Details > Identity Check screen in the navigation menu.

2. Use the  icon to input the relevant information and upload a copy of the I.D you have viewed for the client, then click .

3. A pre coded IFSA Identification Form can then be downloaded using the  button.

  Activity: Entering the Client’s Risk Profile

1.  In the navigation menu, locate and select Risk Profile and then Investment.
   
   
   
   

2. Click  located on the top right hand side of the page.

3. In the Investor Profile field, scroll down and select “Growth” for both Nick and Lynn, then click on Update from client profile:
   
   
   
   

4. Click .

  Hints and Tips

• The IRESS Risk Profiler is a risk-tolerance measuring tool. The IRESS Risk-Profiler
  questionnaire has been designed to assist Financial Advisers assessing risk
  tolerance in relation to financial risk.

  Activity: Editing a client’s objectives

1. To enter Nick and Lynn’s objectives, click on the Objectives option in the left
   navigation menu bar. The main heading will expand and display sub-sections.
   
   
   
   Enter the following objectives:
   
   
   • Nick wants to review his insurance cover and is especially interested in
     Income Protection.Superannuation fund invested and managed
     appropriately;
     
     

2. Click on the Financial option page;

3. Click ;

4. Select “To protect family from all risk” as the Choice.

5. Select “1” as the Priority.

6. Enter a timeframe.

7. Enter a Target Amount that they would like to cover.
   
   Note: In this case study, we will not enter further information.

 Activity: Editing a client’s assets and liabilities

 To enter the client’s assets:

1.  On the navigation menu select Financial > Balance Sheet
   
   
   
   
2. Click  for an Asset.
   
   
   
   
3. In the ‘Type’ field, select “Real Estate” and enter the relevant details:
   
   
   

   • Type – Real Estate

   • Sub-type – Primary Residence

   • Real Estate Type – Lifestyle Asset

   • Percentage Ownership – set both to 50%

   • Market Value - $700,000
     
     

4. Click 
   
   

5. Set the following details for the Westpac bank account:

   • Type – Liquid Assets

   • Sub-type – Current Savings

   • Percentage Ownership – set both to 50%

   • Market Value - $10,000
     
     

6. Click .

Activity: 

Using the steps above, work with your facilitator to enter the rest of the client’s assets:

• Home Contents - $40,000

• Nick and Lynn’s Woolworths shares – $15,000

Check with your facilitator’s screen to ensure that all assets have been entered. 

To enter the client’s Liabilities: 

1. In the Liabilities section, click .
2. In the “Type” field, scroll down and select “Long Term.” In the “Sub Type” field, scroll and select “Primary Residence Mortgage” and enter all relevant details. Click 

 Activity: Entering Clients Super Plans

To enter the current superannuation holdings for the clients:

1. On the navigation menu select Key Details> Super. The superannuation page for Nick is displayed.
   
   
   
   

2. Click .

3. Here you can edit basic details for Nick’s superannuation. Set the Employer Contribution Rate to SGC.

4. Click .

5. Scroll down the page and click  for an Existing Fund to add in the client’s exiting super fund as provided by the case study. As a minimum, you should input the fields of:

   • Fund Name – MLC Super Horizon 4

   • Taxable – 120000
     
     

6. Repeat steps 2-5 for Lynn, who currently has one superannuation fund.

 Activity: Entering Clients Cashflow

1. To enter the client’s current cash flow, in the left Menu bar, locate and select Financial > Cashflow
   
   
   
   
2. In the Income section, click  to add Nick’s salary and click :
   
   
   
   
3. Follow the steps above to enter Lynn’s salary.
   
   
4. To add the clients’ expenses, in the Expenditure section, click  and enter the client’s current cost of living and click .
   
   
   
   NOTE: the Mortgage Repayments have automatically flowed through from the Liabilities section of the Financial > Balance Sheet.

  Activity: Adding Clients Trust to XPLAN 

In Xplan, a client may have a Trust, SMSF or Company also in the database. For convenience Xplan has the functionality to group these entities to the main client.

Grouped entities are displayed together in areas such as IPS, to allow for quick access between each entities portfolio

Work with the facilitator to create the Trust: 

1.  Click on the Add button in the Title Bar and select Add Client.
   
   
   
   
2. When going through the new client wizard, ensure that you create this client with the Type being a TRUST.
   
   
   
   

3. Click .The Basic Information screen displays.

4. Enter the Trust’s details.

5. In the Category list, scroll down and select Prospect.

6. Click . The Contact Details screen displays.

7. Enter Trust’s contact details or later link them from the Master Entity, then click 

8. The Trust has been created as a separate entity to the clients in XPLAN.

9. Click  to display the Trust’s details. 

Once the Trust entity has been created it is to be grouped to the client’s file within XPLAN.

To link the Trust to the client’s file you need to be within the main client’s account details. 

1.  While accessing the client (Nick), select Group > Client Group in the navigation menu. Client Groups management displays.
   
   
   
   
2. Click on . Now click on the  icon next to the client’s name to add relationships. A pop-up box will appear to select the relationship – select Trust
   
   
   
   
3. Now click on dropdown to search for your trust. Type in the name you want to search then hit the Enter button.
   
   
4. Select the Family Trust entity and click on OK. The Trust is selected so now click on OK to save it.
   
   
   
   
5. The client group will now show. Tick the box next to the Trust. Then click on Save. This gives you control over group membership.
   
   

Finally, Once the Trust entity has been linked to the Master Entity, the contact information can also be linked to updates only need to occur in the Master Entity and the changes automatically flow through to the Secondary Entities. 

1. While accessing the Secondary Entity (Family Trust in this case), navigate to the Key Details > Contact Details page.

2. In each the Telephone/Email and Address fields there is a Tick Box with the comment “Use Master Entity Details”. Tick these boxes, then click on Key Details > Contact Details in the Navigation Menu to refresh the page. This will bring through all details in each of these sections from the Client Contact Details page.

Entering Existing Insurance 

Introduction

Details on a client’s existing insurance coverage can be recorded in their client file. 

Scenario

According to the Client Details given previously, Nick has the following existing insurance coverage: 

Life and TPD coverage through his MLC super, to the value of $100,000 each. 

We will add this to Nick’s client file: 

Insurance 

1. To enter Nick’s Term and TPD cover held within his super, in the left Navigation Menu bar, locate and click on Insurance > Existing > By Policy
   
   
   
   
2. As Nick owns the Policy we will use the By Policy option to add in the details. Click on  to enter details of Nick’s insurance policy information.
   
   
   
   

3. This area is to add details regarding the Insurance Policy details. Use the case study details to add in the Policy details.

4. To add in the Cover details we scroll down to the bottom of our policy details page and locate the cover details area, see below.
   
   
   
   

5. To add in the cover we click on the Expand symbol . You will then have to click on Add to enter in the clients Cover details.

6. Work with your facilitator to enter in Nicks Life and TPD Insurance. You should have both the Life and TPD cover as per below.
   
   
   
   

7. Click  in the top right hand side and you should now see the policy details in your Insurance>Existing By Policy owner Screen.
   
   

 Hints and Tip

The “By Cover” option is normally used if the owner of the policy and the life insured are two different people. 

Recommending Risk - RISK RESEARCHER 

Introduction

In this section, you will learn how to use Risk Researcher to carry out a client’s risk needs analysis and provide appropriate recommendations for your clients. 

Overview 

Risk Researcher is a risk comparison tool which provides the following capabilities: 

• Risk Needs Analysis

• Qualitative product research

• Premium Comparisons and Modelling

Launching RISK RESEARCHER 

1. In the client screen, scroll down the left navigation menu bar and select the Insurance > Risk Researcher option.

2. The Scenario Selection screen is displayed.

3. Click .

4. Type in ‘Nick Replacement’ and click OK.
   
   

 
Needs Analysis – Step 1 

The Needs Analysis screen is displayed. You will carry out a needs analysis for Nick and Lynn in the following areas: 

•  Term

• TPD

• Trauma

• Income Protection 

Case Study – Assumptions 

For this case study, we will use the following assumptions:

  Activity: Needs Analysis

When accessing your needs analysis page you will still have a Navigation menu on the left hand side. 

Initial Analysis Information: 

• Calculation Mode – you can elect to perform the Needs Analysis using either “Present Value”, “Salary Multiple” or “Capital Preservation” method. The amount and type of information to be input for the Analysis. For this Case Study, please select Present Value.

• Analysis Mode – this dictates whether the information is directly input from this screen (Simple) or can be imported from the Client Focus section (Detailed). There is a third option of Splits, which again changes the amount and type of information to be supplied. For this Case Study, please select Detailed.

• Assumptions – This is a hyperlink where you can identify the assumptions to be factored into this calculation. 
  
  

• Input the risk profiles for the client and partner in the dropdown menus shown below. This will create a discounted rate for any future expenditure to be covered later in this module. We will leave the insurance projection timeframes as the life expectancy for each partner at this stage:
  
  
  
  
• Click  in the bottom right corner to return to save the assumptions and the Needs Analysis page.

 
Capital Requirements 

Liabilities to clear: 

•  CLICK on the wording Liabilities to Clear:
  
  
  
  

• Click the Import button, to import liabilities from Client Focus. You can also manually add in a Liability by simply clicking on the dropdown arrow and selecting the option Liability. This activates the fields to enable the manual input of items.

• Make sure to identify how much of the liability is to be repaid on each of the 3 trigger events (Death, TPD and Trauma).

• When you have finished adding in Liabilities, click .
  
  

Future Expenditure Required: 

• Click on the hyperlink .

• Click on the  button to import all future expenditure into Risk Researcher. You can also specify the duration of these expenses (i.e. 10 years in this example) and an indexation amount.
  
  

Future Education Expenses: As Nick and Lynn do not have any dependants, there is no data to input into this field. 

Medical/Recovery Costs: Enter $80,000 for TPD and Trauma

Other: Enter $25,000 in the Life Column for Other expenses which include Funeral costs. 

When entering any details into the boxes shown below, you need to hit Enter on your keyboard for the calculations to refresh. 

Capital Provisions 

• Disposable Assets: In this field, enter assets that can be disposed of if and when one of the trigger events occurs.

  • Import Assets button – Click on this button to import all assets including Super. A pop up box will ask you if Portfolio assets are to be imported as well.

  • Deleting any unrequired fields (i.e. the Home) can be done by selecting the default Add Asset option from the dropdown menu.

• Continuing Income: refers to income derived (e.g. non salary) that can be used to offset capital requirements in an insurance event.

• A same sex partner is also allowed in this projection tool.

• Existing Insurance Cover can be included in the Needs Analysis. Click on the “Existing Cover” hyperlink, and elect to import the existing cover or enter the cover amounts from scratch.

• Projection/Funding period:

  • This area allows you to change how long the projection will go on for. In the example below 10 years is illustrated as the ‘actual funding period,’ as this was how long the Future Expenditure Required was to be catered for.

• Income Protection Cover is inputted by clicking on the  in the Income Protection column:
  
  
  
  Which will then bring up the IP Cover Window:
  
  
  
  

• Risk Researcher also provides charts and graphs on the navigation menu to help users understand a client’s insurance better as well as to provide an overview of the recommended cover.

Activity:

•  Click on Display> Client> Death

  • This screen projects how funding of the partner’s income needs is met should the client’s Life Cover be claimed.

• Click on Display> Chart> Client> Proposed Cover

  • This graph provides details of the recommended covers.

• Click on Display> Chart> Sensitivity> Client Dies - Cover

  • This graphs shows a comparison of cover required based on different risk profiles.

• Click on Assumption in the Navigation Menu.

  • This menu item provides a list of information that has been used in the Needs Analysis such as Key Assumptions about the client and Life Expectancy Tables.

Recommendations – Step 2

After you have completed the Needs Analysis the next step is to go into the Recommendations Page. 

1. Click on Recommendations in the left navigation menu bar. The Cover Shortfalls screen will be displayed:
   
   

2. The table shows that Nick already has $100,000 of Death and TPD cover in the “Recommendations” line.

3. Click on any of the individual  buttons to bring the specific “Needs Analysis” figures down into the “Cover Required” field or click on the first  to bring all covers through.

  Activity: Discover Cover Shortfalls

Follow the steps above to find the level of cover recommended for Nick’s TPD, Trauma and Income Protection. Alternatively the larger arrow under “Needs Analysis” will populate all of these fields: 

•  “Surplus (shortfall)” is automatically calculated from the “Cover Required” minus “Recommendations”.

Recommendations - Level of cover 

• We are recommending that Nick and Lynn roll their current superannuation into another Fund.

• As such, we will recommend that Nick replaces his Life and TPD cover currently held within his MLC superannuation

  • In the Policy Recommendations panel, click on the “Existing” tab then expand the MLC policy and select “Replace” for both the Life and TPD cover:

We have now carried out a needs analysis for Nick’s Life, TPD, Trauma and Income Protection requirements, and are ready to go and select an alternative policy for our recommendation.

  Hints & Tips

Risk Researcher> Needs Analysis Page: 

• Pressing Enter on the keyboard will refresh the Needs Analysis page.

• Age in Needs Analysis is based on the Needs Analysis calculator whereby Age in Risk Researcher is based on information in Client Focus.

• The Risk Profile used is that from client focus.

Risk Researcher> Recommendations Page: 

•  To enter details of fees, premiums, notes, and Replacement Product Advice Records,
  select the Recommend or Existing tab:
  
  
  

  • Click on  to enter or edit details of premiums or fees in their respective columns. This information will have pre-populated if already entered through Client Focus.

  • Click on  in the notes column to enter notes to save into the scenario. Once a section has been completed a green tick  will appear.
    
    

• Advice Documents can quickly be generated from the Recommendations screen through the use of the  button at the top right hand corner.

  • Quick Merge will automatically generate an SOA onto an existing Document Template.

Premium Modelling – Step 3 

Task

We have carried out needs analysis for Nick’s Life, TPD, Trauma, and Income Protection requirements.

We will now structure the most appropriate cover for Nick and to do some comparison of premiums based on the type of cover, structures, and features that we are recommending. 

Structures and Features of Policies 

For this case study, we are recommending the following structures: 

• Death and TPD within Super

• Trauma – Stand alone

• Income Protection – Stand alone

  Activity: Selection of Features of Policies

1. To select and construct a policy recommendation for Nick, click on the  button.

2. Scroll and select Use Risk Researcher > Nick Your Surname.

3. The Premium Modelling > Client Cover Details screen is displayed. Select and enter your client’s details as follows:
   
   

   1. At the bottom of the screen work your way through the tabs defining the risk cover.

   2. Adjust shortfall by editing Sum Insured to refine quotes for all covers.
      
      

   3. Life and TPD will be held in one policy within super (select Linked).

   4. Edit option so Trauma and Income Protection covers are held outside super.
      
      

4. Click on the General Tab and enter the following details:

   • Take ‘age to illustrate premiums’ to 60. Premiums will be projected until this age and cumulative premium amounts will also be calculated.
     
     

   • Select ‘A rated or better’ for the S&P Financial Strength requirements. This field allows you to filter your list of life companies in the quotes screen based on credit worthiness.

   • Weighting Profiles in this example will be left as ‘Neutral Weightings.’ These are created in ‘Settings’ in the left navigation menu bar and allow you to filter your list of companies in the quotes screen based on Insurance Provisions that are either ‘essential’ to ‘not important’ for your client.

   • Select your risk product type (Superannuation Only, Ordinary Only or Ordinary and Superannuation).

   • Select either a Global Product List or your preferred Product List. These are also created in ‘Settings’ in the left navigation menu bar.

   • Choose whether or not to opt for the Fee for Service/Nil Commission check box option.

5. Click on the Life tab and ensure “stepped” premium is selected.

6. Click on the Trauma tab and select “Yes” for “Trauma Reinstatement Cover.”

7. Click on the TPD tab and Select “Any” Occupation and “No” for the Buy Back option.

8. Click on the IP tab and ensure the policy has a 30 day waiting period and to age 65 benefit period. 

NOTE: All fields on these tabs can be pre-set (under the Settings > Adviser Defaults section in the Navigation Menu) as an Adviser Default Set, so that when entering this screen the Adviser preferences can be automatically changed using the “Load Adviser Defaults” button. 

Once all tabs have been checked, click on the  button in the top right corner. 

 Activity: View the Premium Estimate Results

This section allows you to view the premium estimate results for the selected client based on the criteria set previously. 

1. To get premium estimates for the above recommendations, click on Premium Modelling> Premium Estimates located on the left navigation menu bar.

2. A list of all available products and indicative premiums that meet the criteria set in the Client Cover Details page for the different policies will be displayed.

Tips: 

1. The product list in this example is filtered into 3 Cover Structures; Death& TPD, Trauma, and Income Protection. These are all tabs at the top of the page.

2. The polices that you view on the premium estimates page can be filtered based on settings within the  button on the  top right corner of the page. Click on this button and a ‘Product Filter’ pop up box will generate. Make the following changes within each of the following tabs:
   
   

   • Slide the Score Filter chart for both Core Provisions and Supplementary Provisions to a score of ‘50.’
     
     

   • Select ‘Most Comprehensive’ within Product Selector.
     
     

   • Click . Now only the eligible products based on the selected filters will be displayed.

3. Click on the  icon to see notes and assumptions on the specific product and its premium.

4. Policies that do not fit the desired criteria are represented with . Click on the icon to understand why the product is not available.

5. Clicking on  some of the column headings allow you to sort the products on the list. For example clicking on the “Scenario Score” heading will sort the list from highest to lowest rated products based on the ‘Neutral Weightings’ setting previously allocated.

6. Click on  button to bring up a list of products and you can select and view underwriting requirements for each of the products based on information already provided.

7. Click on  button under “Dial-Down” column to change the commission structure.

8. Click on   to print different reports including the Premium Estimates report. This report can also be directly saved a note in the client’s Document Library and saved to the scenario. Click OK.
   
   

9. Ticking a box in the Rec column selects the product you are recommending for the client.

Premium Validation 

You are able to validate a premium by using the Premium Validation icon . 

This will provide you with an option to proceed to complete a Premium Validation or proceed to the Providers Quoting Software. For Example: 

For this Case Study, we will proceed to a Premium Validation. After you click on  the Validate Premium window will come up and will refresh. There will be the figure calculated by Risk Researcher, the Premium as just validated with the Provider, and an option to download a pre-populated quote from the Provider which can be used with applications should your client proceed with your recommendation. 

You can also save a copy of the Quote against this scenario by clicking on 

Recommendation – Selection of products 

Once you have decided which products to recommend to your client you need to tick the check box next to the desired product under the column heading Rec. Work through the three tabs and make your product selections. 

For today, select: 

• Asteron Life Complete (Super) for Life and TPD

• Asteron Complete Life Trauma Plus w/ Booster

• Asteron Complete Life Income Protection Plus (Occs AA to A2)

 Once you have ticked the boxes against the policies you wish to recommend click on the  button.  

You will notice that the selected products now appear on the bottom half of the screen
under Recommended tab. 

• Edit Fees and Notes ONLY prior to recommendation by clicking on the  icons under the relevant headings. By clicking on the Record or Implement buttons, this will either record the recommended policy information in the Clients’ existing insurance page, or Implement the new policies according to your recommendations.

• Once an item has been changed a green  will appear.

• Tick the “Super” column if the Life and TPD policies are held within super.

• It is also at this stage you should complete the details under the  button. This will be all the detail for the Replacement Product/s.

• There is now the option to run an  by simply clicking on the  button. This will take you through a wizard to complete the information required for the Advice.

 Activity: Implement Recommendation

Once the clients have accepted the recommendations, the policies can be implemented
i.e. Recorded as “Inforce” in the Insurance section of Client Focus. 

•  Click on the  button under the “Implemented” Column.

You will automatically be directed to the client’s Insurance > Existing> By Policy Page.
The Plan Name, Underwriter, Policy Status, Sum Insured, and Premium amounts will have
pre-populated from the Risk Researcher scenario. 

•  Click  and then return to your Risk Researcher scenario for further
  implementation.
  
  

  Hints & Tips

• You can use Risk Researcher to generate quotes outside of the client’s file. Simply go
  to the Xplan Menu > Risk Researcher > Premium Modelling:
  
  
  
  Please note as you are outside of a client file none of the Client Focus information will
  be pulled through to the model OR saved against a Client once you exit the Risk
  Researcher module.

Risk Researcher > Recommendations Page: 

• Clicking the  in the “Recorded” column of the Risk Researcher > Recommendations page will set the Policy Status to “Recommended” in the Insurance section of Client Focus.

• Clicking the Compare with Existing button creates a ‘Product Comparison’ report between existing and recommended policies.

Premium Modelling > Premium Estimates Page: 

Products can be modelled as a bundle (package) by selecting the Package option: 

Click on  to see premium projections presented in graphs for all of the displayed products. There are a number of graphs that can be selected.

Stepped Vs Level Premium Graphs per product can be viewed from the icons.

Clicking the  button in the ‘Premium Result Display’ area will provide a long term premium projection view: 

  Activity: Research- Qualitative Analysis and Knowledge Base

Risk Researcher is equipped to provide in depth research into most products available in the market. 

Knowledge Base 

• Risk Research Central provides the latest updates on products, insurance industry legislations and trends.

• Risk Continuum provides a history of changes to insurance products.

• PDS Download is where PDS’s from the different providers in the system are available to be downloaded.

• Financial Strength Ratings provides descriptions of the ratings used to describe an insurer’s financial stability.

 The Qualitative Analysis option in the left menu bar provides access to the various tools: 

Compare Ratings 

• To access this module, click on the Compare Ratings option. The Compare Ratings screen is displayed.

• Enter the details for the client in the tabs.

• “Expired Products can also be included in this comparison.

A list of products meeting the above criteria is displayed.

Select the following products for comparison: 

• CommInsure – Personal Insurance Super – Life care

• ING life – One Care (Super)

• AMP Flexible Lifetime – Super

Click on the  button. A Rating report is displayed. This report can be sorted based on Core Score.

Select Exclusion for Life Cover. A description for that cover and ratings is displayed.

The Rating Grid can be printed in PDF format from the  button on the grid. 

Compare Differences 

This module directly compares 2 policies and illustrates the points of difference. Simply select the cover type and the 2 products for comparison, and the table automatically updates. The provisions that do not appear are either included or excluded from both policies. 

Feature Finder 

Feature Finder allows you to generate a list of insurance products that meet multiple Feature Requirements. This allows you to eliminate products that do not match your client’s needs. 

• To access this module click on Feature Finder in the left hand Navigation menu.

• In the top dropdown menus, select ‘your client’s primary Occupation,’ ‘the type of policy you wish to compare’ and the ‘client’s gender.’

• Select the Features you wish to include in your client’s insurance cover by ticking the checkboxes relevant to the Core Provisions and Supplementary Provisions.
  
  
  
  

• Select the Eligible Products tab. A list of products matching the selected Provisions will display.
  
  
  
  

• Select the Expired Products tab. After selecting any expired products the client may have, click the + add button.

• Click the  button. Details of the provisions that each of the ticked eligible products have will be displayed:

• Click  button to generate a PDF output of the Features Grid.

Rating Benchmark 

To access this module, click on the “Rating Benchmarks” option. The Rating Benchmark screen is displayed.

The Rating Benchmark sorts all insurance products by rating within a selected evaluated provision. 

• Select benchmark and provision as follows:
  
  

The results will be sorted into their respective ratings

To print a PDF report, click on . 

Policy Extracts 

This module allows you to select a Provider, Cover and Product, and then be able to see the policy extracts and rating information for the criteria that have been entered.

One on One Comparison

The One on One Comparison module provides you with the ability to directly compare two products, provision by provision, to find the information you need and generate a range of reports. It allows you to compare policy extracts and research notes between different types of policies from different product providers.

• To access this module, click on the One on One Comparison option in the navigation menu.

• Select the ‘type of policy you wish to view.’

• Select the ‘Provision you wish to view’.

• Locate and compare 2 policies. This is a very handy tool when comparing a basic product with a product containing more options from the same provider, OR where the recommended product is more expensive than other options available.
  
  Note that the policies are listed A-Z active and then A-Z expired within the drop down list.
  
  

• A report showing the strength of the 2 policies as well as related policy extracts is displayed.

• To print a One on One Comparison PDF report, click on the  button. The Print function will also enable you to select which provisions are to be included.

Compare Policies

This module allows users to compare policy extracts, research notes, and features between 4 different types of policies from different product providers.

• To access this module, click on the Compare Policies option.

• Select a ‘cover type.’

• Select an ‘evaluated provision.’

• Select your ‘products to compare.’ Once each product is selected click add button to populate the page:
  
  

• The information viewed can be changed by selecting the Policy Extracts, Research Notes, or Features Tabs:

  

• The information displayed can be printed in a PDF format by clicking on the Report function.

Knowledge Base

• Risk Research Central provides the latest updates on products, insurance industry legislations and trends.

• Risk Continuum provides a history of changes to insurance products.

• PDS Download is where PDS’s from the different providers in the system are available to be downloaded.

• Financial Strength Ratings provides descriptions of the ratings used to describe an insurer’s financial stability.

• References supplies information around how Risk Researcher performs its assessments.

SOA Wizard

Introduction

Overview

Once the Financial Planner has decided on the most appropriate Insurance Recommendations, the next step is to create a Statement of Advice for that client based on information provided by the client and advice from the planner.

One way of doing this is by using the “Wizards” functionality in Client Focus.

A wizard is a user interface element where the user is presented with a sequence of pages to enter information. You can also use the “Merge Reports” functionality to reach the same result without using the wizard. However, to ensure that all information is present in the Statement of Advice, it is better to perform this task using the wizard, especially if you are writing the Statement of Advice for the client for the first time.

Wizards allow site administrators to create custom procedure paths to collect data.

Wizards

Launching the SOA Wizard

1. When in Client Focus for a Client, in the Left Navigation Menu Bar click on Wizards Statement of Advice.

2. To navigate within the wizard we will use the  functions on the top right hand side of the screen or use the navigation menu bar on the left hand side.
   
   Note: All wizards are different and have been customised to meet your needs. The best practice is to navigate using the  buttons and enter all information into the wizard pages.

3. Once you have navigated through all the pages within the SOA wizard, on the last page of the wizard, the navigation buttons on the top right hand side of the page will display. Click on .

4. You will be directed to the next page where you can select the following options.
   
   

   • The details entered into the SOA wizard have been saved.

   • View/Edit Entity Details – Will take you back to Client Focus.

   • Restart Wizard – Will take you back to the beginning of the SOA Wizard.

   • Merge SOA – To merge the SOA into a word document.

5. Click on .

6. You may be directed to the Variable Substitution screen. This screen is where you select the Xtools+ or Risk Researcher scenarios which you wish to include in your report. Select the next to Xtools+ or Risk Researcher to select the scenario:
   
   

7. Once you have select the scenario, click .
   
   If a Confirmation dialog box displays due to missing data, click Yes.
   

   The SoA document is generated as a background process.

8. When the SoA document has been created, the message icon displays on the title bar.
   
   

9. Click  to download the generated SoA report.

 Hints & Tips

• All wizards are different and have been customised to meet your needs.

• Clicking on  will save the wizard and take you back to Client Focus. You can return to the wizard again from Client Focus.

Merging an SoA Document 

Introduction 

Overview 

You can also create a SOA by using the Merge Report option in Client Focus. The Merge Report functionally takes you directly into the template files, where you can select the document to be run. 

Merging a SoA Document 

 Individual Activity

We will now merge our recommendations into a SoA document:

While accessing a client: 

1. On the navigation menu select Merge Report. A list of report templates display. Drop the Report Category list down to find the report you wish to merge. For this case study, we’ll select Risk Researcher Standard SoA.

2. Click  next to the Risk Researcher Standard SoA. The Select Template Files screen displays. Make sure the tick box for the Risk Researcher Standard SoA (Word) is the only template selected.

3. On the Navigation menu on the Left hand side of the screen click on Report Setup > Variable to select which Risk Researcher Scenario you want to include in your report.

4. Once in the Report Setup > Variable screen select the  next to scenario. This will let you select the Risk Researcher Scenario to include in your report.
   
   

5. Once you have selected the scenario, click .
   
   If a Confirmation dialog box displays due to missing data, click Yes.
   

   The SoA document is generated as a background process.

6. When the SoA document has been created, the message icon displays on the title bar.
   
   

7. Click  to download the generated SoA report.

 Hints & Tips

• Please note that in your office you may have a SoA Wizard in place. This should be the preferred function to use to merge your SoA document.

Client Management Capabilities of XPLAN 

Introduction 

Overview 

XPLAN has a suite of tools which focuses on complementing and supporting existing processes within a business.

Demonstration

The facilitator will now provide an overview of a selection of the CRM capabilities of XPLAN and how they might complement the existing processes in your business.

Diary Management

• The Diary function within XPLAN is sufficiently versatile to be used as a tool to manage the diaries of the member of a business.

• Activity: The facilitator will now demonstrate how a diary event can be added to the calendar for a member of the team.

Client File Note

• Notes can be created in XPLAN and linked to any XPLAN entities. As well as allowing for the saving of simple text information, files can also be attached to notes.

• When a text document, such as a PDF, plain text file or Word .doc is attached, XPLAN indexes the file as a background process and allows for searching within the attached document.

• Activity: The facilitator will now demonstrate how a note is created and attached to a client.

Reporting

• XPLAN has the capability to generate a vast range of client as well as portfolio reports.

• These reports can be generated for one single client to provide information for that specific client or for any number of selected clients. As such, it is an invaluable data mining tool.

Correspondence

• Emails can be sent from within XPLAN. You can send emails to individual entities or a selection of entities. Files can be attached to outgoing emails, and sent emails can be attached to receiving entities as document notes.

• Email templates allow you to save frequently used email layouts, avoiding having to retype them. Any elements that can be inserted into emails, such as hyperlinks, images and XPLAN Syntax, can be added to an email template

• When a template is used to fill out an email, the email can still be manually edited before sending.

Document Library

• The Document Library allows for general and entity-specific notes to be stored within XPLAN. These can be placed into categories, searched and have permissions set to keep notes private or allow other users to access them.

• Files can be attached to notes, and some file types, such as plain text, Word .doc, HTML and PDF can be indexed by XPLAN. This allows for searching within these files.

Coding

• XPLAN allows you to create Templates for your SOA’s, SOAA’s, ROA’s, letters etc., which can extract information from Client Focus. This is done through Coding and the templates are called Xmerge templates.

• The Xword tool can be installed (from XPLAN) into Microsoft Word, allowing for Xmerge syntax from your XPLAN server to be imported and used to create Xmerge templates.

Threads & Tasks

• Threads are sets of related tasks. Completing one task will automatically create the task for the next step in a procedure. Threads can be used for procedures such as managing a potential client from first contact through the rest of the sign up process.

• As tasks can have multiple outcomes, this can be used to create threads with multiple possible paths to follow. Completing a single thread task will activate one of a selection of next steps, depending on what task outcome was chosen.

Business Needs Analysis

Introduction

XPLAN also caters for Business Needs insurance. The following details the steps that would normally be undertaken to perform a Business Needs Analysis and obtain a Premium Estimate.

Firstly a Company Entity Client is created, in this example called ‘Your Surname Industries Pty Ltd’.

Within the Client Focus / Key details / Main page, a Business Value has been entered of $3,500,000.

Within the XPLAN database, 2 other entities have been created by the names of Nick Your Surname and Barry My Surname. They are Directors of the Company and Key Persons.

Within the Company entity they can be added as Directors by using the  button located on the far right of the Directors area of the screen. There is also the option to enter Directors as Key Persons while adding them as Directors.

 Individual Activity

Business Risk Wizard

The Business Risk Wizard allows you to use Risk Researcher to perform insurance needs analysis on client entities with a Client Type of either Company or Partnership. Using the economic details of the business, as well as information on Key People, Shareholders/Partners, Personal Guarantees and Business Expenses, Risk Researcher calculates the required total coverage values for Life, Trauma, TPD and Business Expense insurance. Additionally, the Risk Researcher Premium Analysis tools can be used to recommend suitable policies.

To access the Business Risk Wizard

While accessing a Company or Partnership client:

1. On the navigation menu, select Insurance > Business Risk. The Business Risk Management Wizard page displays.

2. Progress through the pages of the Wizard.
   
   

Business Risk Wizard pages

Report Overview

1. The basic details for the analysis are entered on this page, including:

   • Adviser

   • Meeting Date

   • Contact Person

   • the business Address.
     
     

Business Details

1. The Wizard will automatically import the businesses:

   • Company Name

   • Total Issued Shares

   • Directors

   • Shareholders.

2. You can also manually enter or adjust additional entities.

Financial Position

You can optionally add business financial details by:

1. Set Include Business Overview to Yes. The Business Overview panel displays.

2. Enter values for:

   • Gross Revenues

   • Gross Profit

   • Net Profit

   • NP Ratio.

3. To add individual Assets and Liabilities:

   1. Set Include Balance Sheet to Yes.

   2. In the Assets or Liabilities panel click .

   3. Fill out the details of the asset or liability.

   4. Click .

Succession

To include succession details:

1. Set Is Shareholder Protection required to Yes.
   If this is set to No, you can specify the rejection reason from the “Why is it not required?” list.

2. Select Yes or No for:

   • Is there an agreement in place?

   • Does the funding arrangement need review? If No is selected you may not need to fill any further details on this page.

3. In the Business Succession panel, enter the Business Value and the Valuation Source.

4. In the Shareholders panel all of the business shareholders are automatically imported from Client Focus. Click  to manually add additional Shareholders. Fill out the details of the guarantee. Click  to add one or more Guarantors. You can manually enter their names, or click  to find and select an XPLAN client.

5. In the Policy Recommendations panel you can recommend insurance coverage for Shareholders. To add a recommendation:

   • Click .

   • Select either:

     • Manual Entry - manually enter policy details

     • Use Risk Researcher - use Risk Researcher Premium Modelling to select a policy for recommendation.

6. In the Tax Advice panel you can supply tax advice to the business in regards to the insurances being recommended. To add Tax Advice:\

   • Set the Include Tax Advice for Succession to Yes.

   • Enter the Tax Advice in the free-text space provided.
     
     

Contingent Liabilities

1. To include contingent liabilities:

2. Set Have Personal Guarantees been given to Yes.

3. In the Personal Guarantees panel click . The Guarantee Details dialog box displays.

4. Fill out the details of the guarantee. Click  to add one or more Guarantors. You can manually enter their names, or click  to find and select an XPLAN client.

5. Repeat steps 2 and 3 for each Personal Guarantee.

6. When all Guarantors have been added, click on .

7. In the Policy Recommendations panel you can recommend insurance coverage for the Personal Guarantees. To add a recommendation:

   • Click .

   • Select either:

     • Manual Entry - manually enter policy details

     • Use Risk Researcher - use Risk Researcher Premium Modelling to select a policy for recommendation.

8. In the Tax Advice panel you can supply tax advice to the business in regards to the insurances being recommended. To add Tax Advice:

   • Set the Include Tax Advice for Succession to Yes.

   • Enter the Tax Advice in the free-text space provided.
     
     

Business Debt

To include balance sheet debt not covered by Personal Guarantees:

1. Set Are there Business Debt Exposures to Yes.

   If this is set to No, you can specify the rejection reason with the No Debt Exposures list.

2. In the Business Debt panel, to add a debt entry:

   1. Click . The Business Debt Details page displays.

   2. Enter the debt details.

   3. Click  to add one or more Life Insured associated with Debt. You can manually enter their names, or click  to find and select an XPLAN client.

   4. Click .

3. In the Shareholder Current Accounts panel, all the Shareholders are listed. You can:

   Add additional Shareholder Current Accounts
   

   1. Click . The Shareholder Account Details dialog box displays.

   2. Manually enter the Shareholder's name, or click  to find and select an XPLAN client.

   3. Fill out the account balance details.

   4. Click .
      
      
      
      Edit the balance details of an existing Shareholder Current Account

      1. Click  for an existing Shareholder Current Account entry. The Shareholder Account Details dialog box displays.

      2. Make changes as required.

      3. Click .

4. In the Policy Recommendations panel you can recommend insurance coverage for the Business Debt entries. To add a recommendation:

   • Click Recommend New Policy.

   • Select either:

     • Manual Entry - manually enter policy details

     • Use Risk Researcher - use Risk Researcher Premium Modelling to select a policy for recommendation.

5. In the Tax Advice panel you can supply tax advice to the business in regards to the insurances being recommended. To add Tax Advice:

   • Set the Include Tax Advice for Succession to Yes.

   • Enter the Tax Advice in the free-text space provided.

Key People

To include Key People in the risk calculations:

1. Set Are there Key People in the business to Yes.

2. Select the options for Would the Company wind up or trade on.

3. In the Business Earnings panel enter the businesses Revenue or Gross Profit.

4. In the Trade On and/or Wind Up panels (depending on the selections made in Step

   • Add Key People by:

     1. Click . The Key Person Details dialog box displays.

     2. Manually enter the Shareholder's name, or click  to find and select an XPLAN client.

     3. Enter the impact details for the Key Person.

     4. Click .

     5. Repeat Steps i to iv for each Key Person.

5. In the Policy Recommendations panel you can recommend insurance coverage for the Key People. To add a recommendation:

   1. Click Recommend New Policy.

   2. Select either:

      • Manual Entry - manually enter policy details

      • Use Risk Researcher - use Risk Researcher Premium Modelling to select a policy for recommendation.

6. In the Tax Advice panel you can supply tax advice to the business in regards to the insurances being recommended. To add Tax Advice:

   • Set the Include Tax Advice for Succession to Yes.

   • Enter the Tax Advice in the free-text space provided.
     
     

Income and Health Protection

1. Set Is Personal Income Protection required to Yes. Otherwise go to Step 9.

2. In the Personal Income panel, click . The Income Details dialog box displays.

3. Enter the Income Details for the life to be insured.
   
   

4. Click .

5. Click on the  to add notes for the particular Income to be covered.

6. Repeat Steps 2 to 5 for each income entry.

7. in the Policy Recommendations panel you can recommend insurance coverage for the income coverage entries. To add a recommendation:

   1. Click Recommend New Policy.

   2. Select either:

      • Manual Entry - manually enter policy details

      • Use Risk Researcher - use Risk Researcher Premium Modelling to select a policy for recommendation.

8. In the Tax Advice panel you can supply tax advice to the business in regards to the insurances being recommended. To add Tax Advice:

   • set the Include Tax Advice for Succession to Yes.

   • Enter the Tax Advice in the free-text space provided.

9. To include Key People Medicare Protection, set Is Key Person Income Protection required to Yes.

   If this is set to No, you can specify the rejection reason with the Why is it not required list.

10. In the Policy Recommendations panel you can recommend insurance coverage for the income coverage entries. To add a recommendation:

    1. Click Recommend New Policy.

    2. Select either:

       • Manual Entry - manually enter policy details

       • Use Risk Researcher - use Risk Researcher Premium Modelling to select a policy for recommendation.
         
         

Summary of Recommendations

This page displays:

• Risk Exposure Shortfalls - view the coverage shortfalls for each life in the analysis, or view the overall insurance shortfall.

• Summary of Recommendations - view all recommended policies, or filter to only view.

The following actions can be performed:

Set policy fees

The fees and commissions for Policy Recommendations can be set by clicking the icon in the Fees column. The icon displays the current status of the Fees:

•  - fees have not been set

•  - fees have not been set and must be set

•  - fees have been set and saved.

  
  Default fees and commissions can be selected using the Default Commissions list. For more information on setting fee and commission defaults see To set Risk Researcher Default Commissions.

To set the fees and commissions for a policy:

1. Click the Fees icon. The Recommendation Fees dialog box displays.

2. Set the fee and commission values.

3. Click .

Enter policy notes

1. Notes for the proposed loans should be set by clicking the icon in the Notes column. The icon displays the current status of the Notes:

   •  - notes have not been entered

   •  - notes have not been entered and must be entered

   •  - notes have been entered and saved.
     
     Default note text can be selected using the Select Default Text list. For more information on setting default note text, see To manage Risk Researcher default Policy Recommendations Notes.
     
     To set the notes for a policy:

     1. Click the Notes icon. The Recommendation Notes dialog box displays.

     2. Enter the note content.

     3. Click .

Implement the policy

1. Click  in the Implement icon.

   A new policy in the clients' Existing Insurance is created.

2. Fill out the details for the new insurance policy.

3. Click .

From this point, a Merge Document can be executed to extract the information into a suitable report for the Client/s to read.

1. After clicking  on the Summary of Recommendations page, select  to return to Client Focus.

2. Select Merge Report from the Navigation Menu.

3. In the Report Category, select the option Business Risk, and then select  the button next to the Business Risk report template.

4. Ensure that the only box ticked is the one next to WORD – Business Risk Wizard Template. Once ticked, click on . This will run the document in the background and you will be notified via the Message Notification once completed.

For Xmerge syntax to extract notes from Business Needs Analysis see Business Needs Analysis Notes Syntax. This can be used if you wish to create your own merge reports.