Wealth Axis Wizards - BID Statement

Wealth Axis Wizards - BID Statement

Overview

Best Interests Duty is an adviser’s obligations to prioritise the interests of their client when providing personal financial advice. To help assist advisers determine whether they have sufficiently done so refer to the Regulatory Guide 175 published by ASIC. At a glance, the safe harbour tests provide guidance to advisers in demonstrating evidence that they have:  
  1. Acted in their client's best interest
  2. Given appropriate advice
  3. Warned the client of potential gaps in their advice
  4. Put the client first
The BID Statement Wizard in XPlan allows users to generate a BID Statement quickly and easily with minimal editing required once merged. This document should then be stored against the client record as a File Note. 

How to access the BID Statement Wizard 

  • Within the Client Menu, go to Wealth Axis FP Tools

  • Navigate to E2E Wizard > 09 BID Statement



  1. Use the 09 BID Statement Wizard navigation menu on the left to navigate after selecting the relevant Wizard Scenario as instructed below.


NOTE: This wizard is a scenario based wizard. For further information on how to use and generate wizards including creating and modifying scenarios please click here.


Introduction

  1. Advice for: Choose the entity (entities) for whom you wish to generate the BID Statement. Select Client & Partner to make this a joint document. 
  1. Advice Validity Period: Users have the ability to choose the appropriate option from the drop down menu. Select 60 calendar days.


Merge output settings

This section allows the user to include (if required) a Cover Page and Cover Letter with the advice document. 
  1. include Cover Letter: select Yes to include a cover letter for the SoA.
  2. Customised Cover Letter?: select Yes to customise the content of the letter.
  3. include Cover Page: select Yes to include a cover page for the SoA.


Know Your Client

The Date of Client Fact Find and the Date of Client Risk Profile will flow through via the Fact Find Wizard. Users can update if required. 

The adviser must now confirm 4 key questions to ensure adherence to the Safe Harbour Test. 



Goals & Objectives

The clients Goals & Objectives will automatically flow through via the Fact Find wizard. The user may update these if required. 



Click Next to continue. 

Scope of Advice

The following sections for Scope of Advice are areas of advice that the adviser will need to determine requirements to include. Text will automatically populate into your document based on the selections you make. For each of the areas of advice, you may choose to include by ticking (or exclude by leaving unticked).



If an area of advice is left unticked the user is able to record when that area of advice needs to be addressed;
  1. When to be addressed: Select the appropriate option as required. Leave the drop down option blank if you do not intend to provide advice in this area and do not want to provide a reason.
  1. Risk of not including: Insert a reason why this area of advice is not being addressed. 



  1. For the purposes of this example, select the tick box next to Superannuation Planning. Pre-populated text will now be available.  
  1. Insert Scope/Reason: For each selection made pre-populated text will be made available relevant to that area of advice. Users will then be able to review and update the text accordingly. 



HANDY HINT: About the Restore Default option

  1.  As users work through the wizard you may notice a Restore Default button under certain text boxes. This is because some text boxes contain default text which is editable by the user.
  1.  To restore the text in the field back to the default text click this button.
  1.  It is important to note that once you click this button any text manually entered into the text box will be deleted and will not be recoverable. 
Click on Next to continue.

Letter Editor

The Letter Editor allows users to customise a cover letter to be provided in conjunction with the BID Statement. 
  1. Letter to be dated by using
    1. Select Use Merge Date to utilise the date the document is generated. 


    1. Select Use Custom Date to allow a user defined date to be entered.

  1. Add a subject in the RE: field and then type in the required content in the Content field. 
  1. Letter Closings:  Select the appropriate way in which you wish to close the letter. 


Once all relevant details have been completed you can select Next to continue to the next page within the wizard.

Reason and Basis for Seeking Advice

IMPORTANT: In order to meet the Best Interest Duty and act in the clients best interest all options below must be selected. 

Reason for Seeking Advice

  1. Select each relevant option in this section
  2. The 3rd option will require further information when selected;
    1. The corresponding File Note Date which captures when the client was advised.
    2. The clients Reason for seeking advice. 



Basis of Advice

  1. The user much select each relevant option 
  2. The 1st option will require a corresponding File Note Date which captures when the inquiries were made. 



Superannuation Planning Strategy

Within this section users will be able to select from the relevant strategy option within this area of advice they wish to implement. A list of all the possible strategy options are available from which the user must select accordingly. \

This Strategy section is based on the selections made in the Scope of Advice page.



For the purposes of this example we will select two strategy types - Rollover & Commence Salary Sacrifice for client. 
  1. Place a tick in the Central Strategy 296 (Rollover your Superannuation - Commence)
  1. Select the appropriate entity for who the strategy is For- select Client
  1. Select the Priority order inn which the strategy should merge - select 1



  1. Place a tick in the Central Strategy 437 (Salary Sacrifice Superannuation Contribution - Commence)
  1. Select the appropriate entity for who the strategy is For- select Client
  1. Select the Priority order inn which the strategy should merge - select 2
For each of client and partner, the user may select as many relevant strategies as are required for each Area of Advice.

Click Next to continue.

Risk Profile

This section allows the adviser to provide further confirmation. 



As the user places a tick in each option the user will be able to further expand and provide supporting clarification on each item. 



  1. Place a tick in each item and update the text boxes accordingly. 
  1. Click Next to continue.

Financial Product Recommendations

  1. Where there are product recommendations tick the relevant boxes. 

Product Recommendations

  1. Click Add 


Update the fields as specified below;
  1. Recommendation to: The correct Entity is selected.
  1. Recommended product: Enter the name of the product being recommended.
  1. Why are you recommending this product: Provide context of reasons for recommending this product.
  1. Update all other fields and sections as required
  1. Utilise the Add More tick if required
  1. Click Save





  1. Click Next to continue.

Competency and Conflict of Interest

  1. As required tick all relevant options.


Other Details

  1. If required the user could select that an alternative adviser is required. 

  1. Click Next
  1. The document can now be merged by clicking on the Merge BID Statement button. 


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