Wealth Axis Wizards - Business Risk Fact Find

Wealth Axis Wizards - Business Risk Fact Find

Business Risk Fact Find Overview

The next step in the process is to complete the Business Risk Fact Find data entry and analysis for the business entity. The Business Risk Fact Find can only be used to enter data for a company or partnership 

Note: For Business Risk Clients, the wizard is used to enter the business entity and risk analysis data. Any data relating to the individual entities is entered using the Client Profile.

The Business Risk Fact Find wizard has 3 main components:

Screen_Shot_2018-12-10_at_12.21.21_PM.png

Business Risk Fact Find Wizard

1. From the Home page, click the relevant business entity.

mceclip2.png

2. From the Client Menu, Select Wizards (NAF) > Business Risk Client Profile

mceclip1.png

3. The Scenario Index page now displays.

Scenario Index Page

Before beginning the Business Risk Client Profile Wizard, you will be required to create a 'Scenario Name'. The Business Risk Client Profile wizard includes the use of parts of the Business Risk Module (similar to Risk Researcher), which allows you to record and save your analysis and modelling information as a unique scenario. This retains the analysis information for use within your advice document, and as an electronic record for the client file.

1. Enter a Scenario Name

mceclip4.png

IMPORTANT! Creating a scenario within the Business Risk Client Profile wizard creates a scenario of the same name in the Business Risk Module (refer Section 6 of this guide). The information you enter on the risk analysis pages (refer page 17 of this guide) of the business Risk Client Profile will be shared with the Business Risk Module scenario of the same name.

TIP! When creating the scenario name, consider including the type of advice output required, along with the advice month and year. This then allows you to easily locate previous advice scenarios.

 2. Click on Create Scenario. The Introduction page now displays

Introduction Page

Data entered on this page flows through to:

  • Client Menu > Servicing > Professional Advisers
  • Client Menu > Servicing > Referrers

The key data fields are: 

mceclip6.png

Instruction for the 3 panels in this page:

  PANEL Details
1 Introduction
  • Adviser Name field prepopulates with the name of the client's adviser
  • Date Client Profile Completed - enter the date on which the Business Risk Client Profile was completed. Note: use calendar icon to display calendar, otherwise enter using format of 'dd/mm/yyyy'
2 Initial Scope of Advice Record the initial reason why the client is seeking your advice
3 Referral Information

This panel enables you to create, record or link an entity that referred a client, to the client's record.

  1. To add a new referral, click the Add Button

    mceclip8.png

  2. The following Referral Information pop up window displays

    mceclip9.png

        a. If the referral already exists in XPLAN, click Not Selected to search for the entity.          Once the search is complete, go to Step 4
        b. If the referral needs to be created, click Create New, go to Step 3
  3. The following 'Add Common Referrer' window displays:

    mceclip10.png
        a. Complete the Key Details, Contact Details, and Address Detail panels.
        b. Click Save.
  4. You will now be directed back to the Referral Information window:

    mceclip11.png

  5. Complete the relevant fields for the existing or newly created referral. Note: Click Add More to add another referral
  6. Click Save
  7. Click Next. The Business Information page now displays.


Business Information Page

Data entered on this page flows through to:

  • Client Menu > Key Details > Client Details
  • Client Menu > Key Details > Contact 

The key data fields are: 

mceclip12.png

1. Key Details:

  • Company Name: This field prepopulates
  • Trading Name: Enter the trading name for business
  • Industry Category: Select the most relevant industry category that relates to the business. The example provided relates to a crane hire business and the relevant industry category is 'Machinery and Equipment Hiring and Leasing'. Important: Select the most relevant category as this has a flow on effect to insurance in the Business Risk Module.
  • Structure of Primary business: Select the relevant structure. 
  • Company Number: Enter the business' Australian Company Number (ACN)
  • ABN: Enter the business' Australian Business Number (ABN)
  • Total Issued Shares: Enter the total number of shares issued by the business. If this is not available, enter '100'. This will make it easier to do the business risk analysis if the owners have only advised the percentages (%) of the business they own.
  • Salutation: This is used throughout XPLAN when referring to the client, such as in letters and advice documents.
  • Address Title: This is used throughout XPLAN when formally referring to the client, such as in letters and advice documents
  • How many full time employees (excluding owners): Enter relevant number
  • How many part time employees (excluding owners): Enter relevant number
  • How many employees generate income: Enter relevant number
  • Address: Click the Add button to add the business' address details. Click Save
  • Click Next. The Contact Details page now displays.

Contact Details Page

Data entered on this page flows through to:

  • Client Menu > Key Details > Contact

Key data fields:

mceclip13.png

  1. To add new contact details, click the Add button. Enter the relevant contact details. Click Save

    Note:     When an email is sent to a client, XPLAN uses the email address listed as 'preferred'. If a client has multiple email addresses and wishes to nominate one as 'preferred', the preferred email address needs to be entered first, as XPLAN nominates the first email entered as the preferred email.
  2. Preferred contact: Select the relevant method for preferred contact from the drop down list. Selecting a preferred contact records how the client primarily wishes to be contacted.
  3. Click Next. The More Business Information page now displays.

More Business Information Page

Data entered on this page flows through to:

  • Client Menu > Key details > Client Details

There are 4 panels in this page. Click the Add button in the relevant panel(s) to add details for each role. Refer to instructions for each panel on the next page.

mceclip16.png

  PANEL Details
1 Directors

mceclip17.png

Note:

  1. Entity field: To search for a director, in the Entity field, click on 'Not Selected'
    a. The Lookup Client pop up window now displays. Search for the relevant director, click on their name and click OK. Their name now displays in the Entity field.
    b.  First Name, Preferred Name and Surname fields should now be populated. This data draws through from the data entry completed in the Add Client step.
  2.  Key Person: Select yes or no as to whether this director is a key person in the business
  3. Primary Account Contact: Select yes or no if this director is the primary contact for the business
  4. To add more directors, select the Add More checkbox
  5. Click Save
  6. To add more directors, repeat the above steps.
 2 Shareholders 

mceclip1.png

Note:

  1. Entity field: To search for a shareholder, in the Entity field, click on 'Not Selected'.
    a. The Lookup Client pop up window now displays. Search for the relevant shareholder, click on their name and click OK. Their name now displays
    b. Shareholder Type, Surname, First Name and Preferred Name of the selected entity should now be populated.
  2. Shareholder Type: Select 'Individual' from the drop down list to ensure their details flow into the analysis pages of the wizard
  3. Key Person: Select Yes or No as to whether this shareholder is a key person in the business
  4. Share Hold: Enter the number of shares held by this shareholder. It will then automatically calculate the Holdings (%) based on the Total Issued Shares that were entered in the Business Information page.
  5. Role: Enter the role this shareholder has in the business entity.
  6. To add more shareholders, select the Add More checkbox.
  7. Click Save
  8. To add more shareholders, repeat the above steps.
3   Key Persons

mceclip2.png

Note:

  1. Click the Add button to add a key person. The Key Person panel now displays.
  2. Key Person: If the key person already exists in XPLAN, you can search by click on 'Not Selected'. Refer steps below. Note: If the key person needs to be added to XPLAN, click the Create New button.
    a. The Lookup Client pop up window now displays. Search for the relevant key person, click on their name and click OK.
    b. Their name now displays in the Key Person field, and Title, First Name, Preferred Name and Surname should now be populated.
  3. Revenue Protection: Enter the impact amount this key person has on the business' revenue (if known), as a percentage
  4. Business Protection: Enter the impact amount this key person has on business expenses (if known), as a percentage
  5. Comments: Enter any relevant comments
  6. Click Save. The More Business Information page now displays
  7. To add another Key Person, in the Key Person panel, click the Add button and repeat above steps.
 4  Other Professionals and Advisers

Professional Advisers are contacts that provide information or services to your client. These typically include accountants, solicitors, bankers and stockbrokers.

mceclip3.png

Note:

  1. Professional Adviser: If the Professional Adviser already exists in XPLAN, you can search by clicking on 'Not Selected'. Refer steps below. Note: If the Professional Adviser needs to be added to XPLAN, click the Create New button.
    a. The Lookup Prof. Adviser pop up window now displays. Search for the relevant adviser, click on their name and click OK.
    b. Their details now display in the Add Professional Adviser page.
  2. Click Save
  3. To add another referral, in the Other Professionals and Advisers panel, click the Add button and repeat the above steps

 

  1. Once all directors, shareholders, key persons and other professional advisers have been added, click Next. The Business Structure page now displays.

 

Business Structure Page

Data entered on this page flows through to:

  • Client Menu > Client Profile > Structures

  • Client Menu > Client Profile > Entity Diagram (and Document Library)

The Business Structure page is used to add brief details regarding any business entities associated with the business client (e.g Company, Partnership, SMSF, Sole Trader, or Trust). If you wish to include greater detail about associated business entities, they will need to added/created as entities in XPLAN.

Diagram(s) of the overall bsuiness structures (i.e. an entity digram) can also be uploaded in this page.

Key data fields

mceclip0.png

  1. To add an associated business entity, click the add button. Note this only adds entry to this list; it does not create an entity in XPLAN.

    • Complete the Type, Name, Ownership, Purpose and Other Information fields. To add another associated business entity, click the Add button.

      mceclip1.png

  2. To upload an entity/business structure diagram:

    • Scan the diagram to a PDF, and save to a folder in your computer.

    • Upload the diagram into the Document Library. Click Home > Document Library

    • Click the relevant Category (in the example below, Advice Constructor is selected)

      1. In the Document List panel, click Add
        mceclip2.png

    • In the Add Document Note panel > Summary tab:

      1. Type Field:

        • From the first drop down list, select General

        • From the third drop down list, select Shared with my groups

      2. Subject field: Enter title for image (e.g business name and diagram description)

        • On the icon toolbar, click the Image icon.

          mceclip3.png

        • Click the attachment tab

          mceclip4.png

        • Click Upload File

          mceclip5.png

        • Locate file and click Open. Filename now displays in Attachment tab.

        • Click Save and Close.

    • File note with image now displays in the Document list panel and is ready to be uploaded into the Business Risk Client Profile:

      mceclip6.png

      1. From the Dashboard > click the business entity > click Wizards (NAF) > click Business Risk Client Profile > click Scenario name > click Business Structure page.

      2. To upload the entity diagram, click the image icon on toolbar.

        mceclip7.png

      3. Click Browse Server

        mceclip8.png

      4. In the Categories list, click the folder where the saved the diagram (refer step 2c above).

      5. In the Document List panel, select the document folder where the image is stored. The files panel now displays the list if stored images.

      6. In the files panel, Click the relevant image and Click OK.

        mceclip9.png

      7. The image now displays in the Preview panel.

      8. To resize the image, in the Width field, start by entering 300. If the images sill requires adjusting so it fits correctly within the Preview panel, either increase or decrease the amount entered in the Width field.

      9. Click Ok. The diagram/ image now displays in the Entity Diagram panel

  3. Click Next. The People page  now displays.

People Page

The People page is used to enter and store any additional Information for the other people in the business that was not included in each of their individual Client Profile People pages (business employees such as a Key Person who is not an owner or director).'

Key data fields

mceclip10.png

  1. Additional Information: Enter any additional Information collected about people in the business. Note : Existing Insurances that cover the people business are entered on the Existing Insurances page.

  2. Clcik Next. The Existing Insurances page now displays.

Existing Insurance Page

This page is used for entering policy details of the Existing insurances - held for business purposes - that cover the people in the business. This information is gathered in the People section of the Business  Risk Client Profile output document.

Important: Any insurance held for personal purpose should be entered under the entity in the NAF Client Profile.

Data entered on this page flows through to:

  • Client Menu:

    • Client Menu > Insurance Details

  • Business Risk Module > Existing Policies

  • SOA:

    • Your Personal and Financial Position > Insurance Policies

    • Your Personal and Financial Position > Expenses

    • Insurance portfolio recommendations

Key data fields

The policies panel displays the total summary of insurance amounts for various covers once the data has been entered.

  1. To add existing insurance policies, click the Add button.

    mceclip11.png

    The Insurance Group page now displays.

    mceclip12.png

  2. Complete the following basic policy details:

    • Type: Select the relevant cover type from the drop down list

    • Policy Number: Enter the policy number, if known

    • Underwriter: select the relevant underwriter from the drop down list.

    • Plan Name: Enter the plan name for the policy.

    • Policy Status: Select the relevant status for the policy From the drop down list.

    • Under Advice: If you are listed (with the insurer) as the nominated adviser for this policy, select Yes.

    • Total Premium: Enter the total premium amount.

    • Premium Frequency: Enter the frequency on which the premium is paid.

  3. Cover tab: To enter cover details, expand the relevant cover section by clicking the icon.

 mceclip13.png

  • Cover tab: Click the Add button to add details for the relevant cover.

mceclip14.png

  • The following pop op box displays:

    mceclip15.png

    1. Complete the cover details for the key fields noted below. Note: Refer to table on next page for key fields in the Cover tab for each cover type.

    2. Details tab (cover level) - Owner field: Click the drop down to select the relevant policy owner. The selections that display here are based on the clients that were grouped in Section 3 of this User Guide.

    3. Click Save.

      Cover tab: Refer to the table below for key fields in each cover type:

      mceclip16.png

      Note:

      1. Life Insured: This field must have an individual noted so the data flows to the business entity listed, it will not flow through.

      2. Owner: Search to select and populate the business entity name into this field.

        mceclip17.png

      Note:

      1. Life Insured: This field must have an individual noted so the data flows to the Business Risk Module (for product recommendations). if a business entity is listed, it will not flow through.

      2. Owner: Search to select and populate the business entity name into this field.

      mceclip18.png

      Note:

      1. Life Insured: This field must have an individual noted so the data flows to the Business Risk Module (for product recommendations). if a business entity is listed, it will not flow through.

      2. Owner: Search to select and populate the business entity name into this field.

      mceclip19.png
      Note:

      1. Life Insured: This field must have an individual noted so the data flows to the Business Risk Module (for product recommendations). if a business entity is listed, it will not flow through.

      2. Owner: Search to select and populate the business entity name into this field.

      mceclip21.png

      Note:

      1. Life Insured: This field must have an individual noted so the data flows to the Business Risk Module (for product recommendations). if a business entity is listed, it will not flow through.

      2. Owner: Search to select and populate the business entity name into this field.

      mceclip22.png

      Note:

      1. Life Insured: This field must have an individual noted so the data flows to the Business Risk Module (for product recommendations). if a business entity is listed, it will not flow through.

      2. Owner: Search to select and populate the business entity name into this field.

    4. Once all cover types have been entered in the cover tab, click the Ownership tab (policy level). Important: Check the Policy Owners field to ensure the business displays as the owner, otherwise the data will not flow through the analysis pages.

      mceclip24.png

    5. Details tab (policy level): Click the details tab

      mceclip25.png

      • Policy Purpose: Select business Protection from the drop down list.

      • Business Protection Purpose: Click the magnifying glass to display the policy purpose pop up window.

        mceclip26.png

        1. Policy Purpose: Select the relevant business protection purpose checkbox and click Save and Close.

        2. Click the Save and Close button.

          TIP

          • The insurance purpose will flow through  the Business Risk Module and, if the existing cover is to be retained, this information also flows through the relevant analysis pages.

          • The other tabs in this page are not used (i.e. Premium tab, Comments tab, Others tab)

    6. Click Save.

      mceclip27.png

    7. Click Next.

      mceclip28.png

    8. The Business Financials page now displays.

Business Financials Page

The business Financials page is used for entering the financial details (assets, liabilities, profit and loss) of the business.

Important: Ensue the details entered are correct as this information is used in developing your advice and will appear in the SOA for client verification and Sign-Off.

Data entered on this page flows through to:

  1. Client Menu:

    • Client Menu > Financial Details > Balance Sheet

    • Client Menu > Financial Details > Budget

    • Client Menu > Financial Details > Cashflow

  2. SOA:
  • Your Personal and Financial Position >Income, Expenses, Asset and Liabilities

Thekey data fields are:

mceclip29.png

mceclip30.png

  1. View Assets and Liabilities: Select "Yes" to display the Assets and Liability panel.

  2. Assets: Click "Add" to add the business assets. The key data fields are:

    mceclip31.png

    • Complete the relevant fields.

    • Click Save.

      TIP

      • Ensure the ownership percentage is correct. The default setting is the Client at 100% ownership. This may not always be the case.

      • Other than the details tab, The other remaining tabs are not required

  3. Liability: Click Add to add the business liabilities. The key data fields are:

    mceclip32.png

    • Complete the relevant fields

    • Click Save.

      TIP

      • Ensure the ownership percentage is correct. The default setting is the Client at 100% ownership. This may not always be the case.

      • Other than the details tab, the other remaining tabs are not required.

  4. Additional Information: Use the free text box to enter additional information relating to the Assets and Liabilities.

  5. Income: Click Add to add the business income. The key data fields are:

    mceclip33.png

    • Fill out the relevant fields

    • Click Save.

  6. Expenses: To add an expense, Click 'Add". Refer to key data fields below:
    Note: This section prepopulates with any expense information that has been entered in previous pages (e.g. insurance premiums keyed into the Existing insurances page).

    • Fill out relevant fields.

    • Click Save.

  7. Additional information: Use the free text box to enter additional information relating to the income and expenses.

  8. Once all business financials have been entered, Click Next. The business Valuation page now displays.

Business Valuation Page

This is the first page of the risk analysis section in the Business Risk Client Profile wizard, as shown below. Data entered in this section flows into the Business Risk Module (the business risk analysis tool), provided its for the same scenario, with same name, used in the Business Risk Client Profile scenario.

mceclip36.png

Where data flows to:

  • Data gathering pages flows through Client Menu.
  • Risk analysis pages are shared with the Business Risk Module.
  • Key compliance pages are stored in the Client Profile.

Key data fields

mceclip37.png

  1. Important: Refresh details button

    The business Valuation is the first page on which the Refresh Details button displays.

    mceclip38.png

    It also displays on other pages in the wizard, as highlighted in the image below:
    mceclip39.png

    How the Refresh Detail button works

    The Refresh details button taken a snapshot of the data you've just entered in the pages highlighted in image B above and uses this data to refresh the analysis pages highlighted in image C above.

    The data in the pages highlighted in image C is now refreshed, which you will now use for your analysis.

    • Business Valuation page: When this page displays, before entering data click the refresh details button.
    • This action takes a snapshot of data entered in the pages highlighted in image B above.

      • The data in the pages highlighted in image C is now refreshed,which you will now use for your analysis.This saves rekeying of data (e.g. the Business Valuation page is now refreshed with the shareholder data entered in the More Business Information page).

        Important: Only use the Refreshed details button in the Business Valuation page.mceclip40.png
        Caution: Using the refresh Details button in the pages marked with mceclip41.png will cause the data already entered to be overridden, and some figures that were manually entered for analysis will now display as zeroes.
  1. Refresh Details button:Before entering any data in this page, click the Refresh Details button.

    • Refresh Details pop up window: Click OK to the message

      mceclip0.png

    • The data on this page, and the other analysis pages in the wizard, is now refreshed (e.g. Shareholder data has now prepopulated from the  More Business Information page to this page)

  2. Business Succession: Complete the following fields in this panel:

    mceclip1.png

    • Business Value: Enter the current value of the business
    • Date of Valuation: Enter the Valuation date.
    • Valuation Type: Select the appropriate valuation type from the drop down list (i.e. Fair Market Value of Formal Valuation)
    • Method of Valuation: Select the appropriate valuation method from the drop down list (i.e. Earnings Multiple, Net Asset Back, or Discounted Cash flow)
    • Valuation provided by: Select the appropriate option for how the valuation was provided (i.e. Business Owners, Accounting Firm, or other)
      If 'Accounting Firm' or 'Others' are selected two additional text boxes display:
      • Name: Enter the name of the individual that provided the valuation.
      • Company: Enter the company name that provided the valuation.

  3. Shareholders: Data prepopulated to this panel when the Refresh Details button was clicked:

    mceclip2.png

    • Check the amounts that display in the shares Held and Value columns. If these need to be change, click the mceclip3.png icon and make relevant changes.
    • If additional shareholders need to be entered, click the Add button.

  4. Ownership ProtectionO: Important: Use the Sharehodler panel to enter Ownership Protection cover, from the Ownership Protection section of the Business Risk Client Profile document (Turn over one page in the document to locate this section).

    mceclip4.png

  5. Additional information: Enter any additional information into the free text field.

    mceclip7.png

  6. Click Next, The Business Succession Agreement page now displays.

Business Succession Agreement Page

Data entered on this page flows through to:

  • Client Profile > Existing Business Succession

The Business Succession Agreement page allows you to record weather a succession agreement is currently in place, and if it needs to be reviewed.

  1. Select the relevant options within the Business Succession Agreement panel:

    mceclip0.png

  2. Select relevant options within the further Questions panel:

    mceclip1.png

  3. Record any further details in the Additional Information panel. Note: this will not populate in the SOA however it will form part of your record keeping.

    mceclip2.png

  4. Click Next. The Business Debt (Asset Protection) page now displays.

Business Debt (Asset Protection) Page

Data entered on this page flows through to:

  • Business Risk Module

  1. All business debt previously entered (in Business Financials Section > Liability Panel) displays here:

    mceclip3.png

  2. To edit each liability, click the Edit button. The following Business Debt Details pop up window displays:

    mceclip4.png

    • Enter and select relevant options.

    • To add the life insured that is associated with the debt, click the mceclip5.png button. The add file insured pop up window displays:

      mceclip6.png

    • Click the mceclip7.png  to search for entities that are already created in XPLAN. The Lookup Client function now displays:

      mceclip8.png

    • Type your client's name in the search bar

    • Click the magnifying glass / Search button

    • From the list of search results, select the client

    • Click OK

    • The client selected now displays in the Business Debt Details pop up window (refer below)

      mceclip9.png

    • Enter the ‘Impact on Bus Debt (%)’. In this example, the impact is 100%.

      Note: The Impact on Business Debt Value and Risk Exposure will automatically populate based on Liability Amount and the percentage entered in ‘Impact on Bus Debt (%)’ field. Furthermore, the Risk Exposure will flow into the Needs Analysis and Business Risk Module.

    • Click ‘Save and Close’

  3. Repeat steps 2a – 2f for each of the Business Liabilities before moving onto Step 4.

  4. If there is any internal loan to/from the business to/from the shareholder/director, enter the loan information in the Shareholder Current Accounts panel. This will flow into the needs analysis and Business Risk Module.

    mceclip10.png

    • Click the Add button

    • The ‘Add Shareholder Account’ pop up box now displays.

      mceclip11.png

    • Click the ‘magnifying glass’ to open the ‘Lookup Client’ search function.

    • Find and select the relevant client (for step by step instructions see step 2C above).

    • The ‘Shareholder Account Details’ pop up box now displays:

      mceclip12.png

    • Complete all fields:

      1. When selecting an option for ‘Balance Type’, note:

        • Debit - represents a debt to the business by the shareholder

        • Credit - represents a debt to the shareholder by the business

      2. Risk Exposure automatically populates once all the above fields are completed.

  5. Add all remaining internal debt by repeating the above steps (4A – 4E).

  6. Enter and select the relevant fields in the ‘Further Questios’ panel:

    mceclip13.png

  7. If the response to the question “Have any owners provided personal Guarantees”, is Yes, the following Personal Guarantees panel will display:

    mceclip14.png

    • Add all assets where a personal guarantee has been provided for the loan (refer to steps 2B – 2C above for step by step instructions on how to search and add a guarantor).

  8. Enter any further information (that has not been captured) in the Additional information panel.

  9. Click Next. The Key Person (Revenue Protection) page now displays.

Key Person (Revenue Protection) Page

Data entered on this page flows through to:

  • Business Risk Module

  1. If there is a key person in the business, select ‘Yes’ from the dropdown list. If ‘No’ is selected, move the Further Questions Panel (refer Step 8 below)

  2. If you selected ‘Yes’ in step 1, a further question now displays. Select whether the company will trade on or wind up (refer below):mceclip15.png

    Important: The Key Person (Revenue Protection) insurance is not appropriate for a business that would wind up on a key person’s death or disablement.

  3. Complete the relevant fields in the Business Earnings panel.

  4. The Selection made in step 2 above determines which of the panels below that now displays.

    mceclip16.png

  5. The key person details automatically populate to the relevant panel. To edit key person details, click the mceclip17.png button.

  6. Depending on which panel is being completed, the following pop up window now displays. Populate the relevant fields:

    mceclip18.png

    TIP: If you are unsure about the requirements for each field, click the information icon for guidance.

  7. In the Further Questions Panel, select the relevant options (refer below)

    mceclip19.png

    Note: Selections made here impact the needs analysis.

  8. Enter any further information (that has not been captured) in the Additional Information panel.

  9. Click Next. The Business Expenses Protection page now displays.

Business Expenses Protection Page

Date entered on this page flows through to:

  • Business Risk Module

  1. In the Business Expense Details panel, enter the relevant frequency and amounts for the relevant business expense category. Note: Enter expense totals based on the frequency selected.

    mceclip20.png

  2. The Business Expenses panel automatically populates with the Key Person details. To edit the ‘Impact on Business Expenses (%)’, click the button for the relevant key person. The Impact on Business Expenses pop up window now displays:

    mceclip21.png

    • Enter the Impact on Business Expenses (%). Note: The Risk Exposure amount is calculated by the total business expense amount multiplied by the Impact on Business Expenses % amount.Click Save and Close

    • Click Save and Close

  3. In the ‘Further Questions’ panel, enter the preferred waiting period.

  4. In the Additional Information panel, enter any further information regarding business expenses.

  5. Click Next. The Income Protection page now displays.

Income Protection Page

Data entered on this page flows through to:

  • Business Risk Module

  1. In the Personal Income panel, to add personal income, click the Add button:

    mceclip22.png

  2. The Add Income Details pop up window now displays

    mceclip23.png

    • Search for and add the relevant Shareholder.

  3. The Income Details pop up window now displays:

    mceclip24.png

    • Enter the shareholder’s income (based on the frequency selected)

    • Select the relevant frequency

    • The Monthly Risk Exposure field automatically populates based on the amounts in the income Amount and % of Income Required fields.

  4. To add all remaining personal income (as required), repeat steps 1 – 3 above.

  5. In the Additional Information panel, enter any further information relating to Income Protection.

  6. Click Next. The Scope of Advice page now displays.

Scope of Advice

Important: Information entered on the Scope of Advice page of the Business Risk Client Profile Wizard is for noting purposes only. Information entered here does not flow into the Advice Constructor Wizard. You will need to complete the Scope of Advice Details in the Advice Constructor Wizard.

Why? ASIC obligations require us to keep a digital record on all advice documentation. Advice given at the Client Discovery (Client Profile) stage may be different to the advice given at the Advice Preparation Stage. By not linking this page to the Advice Constructor wizard means the data will not be averridden at either stage. If they were linked, when subsequent advice is provided, it would mean:

  • Having to remove what was previously completed

  • No digital record would be available.

Key data fields:

mceclip25.png

mceclip26.png

  1. Advice Areas: Select the relevant checkboxes for the business risk advice areas that are in scope.

  2. Scope of Advice: Add the specific details regarding the agreed scope of advice in this free text box

  3. Advice Limitations:

    • ‘1. Who has limited the scope of the advice?’: If the advice has been limited, select who has limited the scope of advice. Once a selection is made, the text box titled ‘1. Details of scope limitations’ will display – refer label 3a in image above. You are required to detail the limitation of advice in this free text box.

    • ‘2. Has the client provided all the information you require and requested’: Select an option from the drop down list.

      • If the ‘No, only limited details provided’ option is selected, two additional text boxes display (refer label 3b in image below). You are required to customize the details of the missing information.
        mceclip27.png

    • ‘3. Do you have the necessary expertise?’: Refer instructions below

    • ‘4. Do you have the relevant ‘proper opportunity’?’: Refer instructions below

      • When ‘No’ is selected to Questions 3 and/or 4, a text box titled ‘3/4. Details of adviser expertise/authority limitations’ will display. You are required to customize details in the text box shown below. This information does not flow through to the SoA document.mceclip28.png

    • Click Next. The Objectives page now displays.

Objectives Page

Data entered on this page flows through to:

  • Client Menu > Goals > Financial

Key data fields:

mceclip29.png

  1. Business Needs and Objectives: To add the client’s Needs and Objectives, click the Add button.

    Note: Goals and Objectives entered in this area flows directly into the Advice Constructor Wizard.

  2. The library page for Business Needs and Objectives now displays.mceclip30.png

    • Priority: Select the appropriate priority level from the drop down list

    • Type: Select Protection from the drop down list.

    • Goal: A range of business protection goals now display in the drop down list. Select the relevant goal. Note: The Goal and and Goal label fields automatically prepopulate.

    • Description: The text in the free text field can be customised. Note: The text that automatically displays is compliant.

      • Click Save.

  3. Planning Priorities and Preferences. Use this free text field to include any concerns and/ or preferences the client wants you to consider when formulating your advice. Note: The free entered here does not flow into the Advice Constructor Wizard.

  4. Click Next. The Adviser Notes page now displays.

Adviser Notes Page

The Adviser Notes page Contains a free text field which allows the user to capture any other details that do not categorically fit into the other sections of the Business Risk Client Profile wizard. Notes: This data does not flow into the Advise Constructor.

Key data fields

mceclip31.png

  1. Enter free text into the notes section.

  2. Click Next. The fees and FSG Details page is now

Fees and FSG Details Page

Data entered on this page flows through:

  • Client Menu:

    • Compliance > FSG & Privacy

    • Compliance > FSG & Opt-in  Details

Key data fields

mceclip32.png
mceclip33.png

  1. SOA Fee and communication preference: Detail any preference the client/s may have relation to product cost, features and benefits. Note: This information does not flow into the Advice Constructor Wizard.

  2. Current FSG: Select FSG details, including version number, version date, date on which it was provided etc. Note: this data flows through to Client Menu > Compliance > FSG & Privacy

  3. FSG History: The panel provides a historical record of FSG provided to client.

  4. Advice Wizards fees: This section is used to capture the fees that will be charged to the client. Refer to the licensee Standards for more details. Note: This information does not flow into the Advice Constructor Wizard.

  5. Preferred Mailing Method:  The client must expressly indicate that they wish teceive advice documents such as SoAs, RoAs, FGGs and PDSs by electronic means (i.e. Where this delivery channel is available for the document type). Note: This information does not flow into the Advice Constructor Wizard. Check the:

    •  Preferred email field to ensure the email listed is current

    • Exceptions to electronic receipt and select the relevant checkbox for those documents the client wishes to receive in hard copy.   

  6. Privacy and FDS: 'Privacy discussed?' If privacy has been discuss with the client, select 'Yes' from the drop down list. Note: This data flows through to the Business Risk Client output document and also flows through to:

    • Client Menu > Compliance > FSG & Privacy

    • Client Menu > Compliance > FDS & Opt-in details

  7. Click Next. The Tax File Number page is now displays.

Tax File Number Page

Data entered on this page flows through to:

Client Menu:

  • Client Menu > Client Details

Key data fields:

mceclip35.png

  1. Tax File Number: Enter the Business entity's Tax File Number (TFN)

  2. TFN Authority signed: If the client sign the TFN Authority, Select Yes.

  3. TFN exemption status: Enter information relating to the business' TFN exemption status

  4. Click Next. Submission Complete page now displays.

Submission Complete Page

Key data fields:

mceclip36.png

  1. Merge BRCP: To generate the Business Client Profile output document, click the Merge BRCP button

  2. Variable Substitution: A Variable Substitution pop up window now displays. Click Execute.

    mceclip38.png

  3. Confirm. Click Yes to Confirmation message then click OK to the information message.

    mceclip39.png

  4. Envelope icon: Once the document has been generated, a numberwill display next to the envelope icon.

    Click the Envelope icon to download the output document.

    mceclip40.png

    TIP: 

    • Click thh View / Edit Entity Details button to redirect you to the clients dashboard

    • Click the Restart Wizard button to redirect you to the scenario Index page of the Business Risk Client Profile Wizard.


    • Related Articles

    • Wealth Axis Wizards - Fact Find Wizard Overview

      Fact Find Wizard Overview The purpose of this guide is to provide a step by step outline for entering information into the Fact Find Wizard. If followed correctly, you will have a fully completed (based on the amount of information provided by the ...

    • Wealth Axis Wizards - Fact Find

      Fact Find Wizard Overview Understand the process of completing a Fact Find Wizard. To view the IRESS Insights Video, please view the following link here and here. (Created by Anthony Derriscott on Feb 19, 2018)   Sample Documents To view the Wealth ...

    • Wealth Axis Wizards - Risk Profiler Wizard

      Risk Profiler Wizard Overview The purpose of this guide is to provide a step by step outline for entering information into the Risk Profile Wizard.  How to access the Risk Profiler Wizard Within the Client Menu, go to Wealth Axis FP Tools Navigate ...

    • Wealth Axis Wizards - Overview

      Overview  This article is designed to help you effectively use the Wealth Axis Wizards in XPLAN. The key features of the Wealth Axis Wizards are: Integration with key modules such as Client Focus, Portfolios (IPS), Risk Researcher, WealthSolver and ...

    • Wealth Axis Wizards - Overview and Navigation

      Wealth Axis Wizards Overview and Navigation Learn how to navigate through a wizard. To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Feb 19, 2018)   Wealth Axis Wizards Review Report Fact Find ...

    • Popular Articles

    • Wealth Axis Files - Naming Convention

      File Format: Date, Client Name, File Name Date - yymmdd E.g: 12 Sept 2013 - 130912 E.g: Undated - 010101 Client Names One Client / Only primary client (John Smith) E.g: Smith, J Two Clients (Primary and Secondary Client/Client and Partner) - Married ...

    • Wealth Axis Wizards - Overview

      Overview  This article is designed to help you effectively use the Wealth Axis Wizards in XPLAN. The key features of the Wealth Axis Wizards are: Integration with key modules such as Client Focus, Portfolios (IPS), Risk Researcher, WealthSolver and ...

    • New User Manual - Admin

      XPLAN and the Advice Process Overview Many advisers use the Advice to Client process to manage the advice process in their business. To enable participants to be able to relate to the different modules in XPLAN, this course is structured along the ...

    • Administration - Email: Setting up the Outlook Plugin

      Outlook Plugin - Overview  Outlook Plugin is a function available with XPLAN that allows you to quickly and easily save and record email correspondence in the XPLAN document library as a Note that is linked to a client or user entity. This allows for ...

    • XPLAN Workshop - XPLAN Client Setup

      Introduction Overview     Each practice deals with leads, referrals and potential clients differently. However, most practices have a system regarding the way client information is recorded and relationships with clients are managed. In this section, ...

    • Recent Articles

    • XPLAN Legislative Rates June 2022

      XPLAN Legislative Rates - June 2022 Legislative rates have been updated to reflect: 1. Social Security rates effective July 2022 2. AFSA Retirement Standard Benchmarks for the March Quarter 2022.  Social Security Rate Changes - July 2022 The rate ...

    • XPLAN: Task Notifications - Redirecting

      XPLAN: Redirecting Task Notifications XPLAN task notifications can be sent to your Email Inbox (e.g. Outllok, Gmail) to notify you if a task has been created, unactioned, is overdue or complete. If the task notifications cannot be turned off, then ...

    • XPLAN Version Enhancements - 18 November 2021 (Version 21.11.195)

      XPLAN Version Enhancements - 18 November 2021 (Version 21.11.195) Client Focus Digital Signature Notification will Honour the "Override from Address" when sent by Super User The notify signatories template configured in system settings > client focus ...

    • XPLAN Version Enhancements - November 2021 (Version 21.11.194)

      XPLAN Version Enhancements - November 2021 (Version 21.11.194) Client Focus New Current Residential Address Field A new field, current residential address, has been added to record a client’s current address. When entering the first address for a ...

    • XPLAN Datafeeds: HUB24 Enhancements (v4.3) 29 October 2021

      HUB24 Enhancements: 29 October 2021 HUB24 have released enhancements to their  XPLAN EPI 4.3 datafeeds, to be effective 15 November 2021. Below is the information directly from HUB24 on the enhancements. The Individual Holding extract is where the ...