Understand the process of completing a Fact Find Wizard.
To view the Wealth Axis Sample Templates, please click on the following links
<Description>
<Description>
To help you undertake reasonable inquiries, document a client’s current financial position and to help identify a client’s relevant circumstances, we have developed the Client Fact Find document. The Client Fact Find can be found in the Advice Document Library on Xplan and must be used as it contains appropriate fields to capture relevant information applicable to the goals, objectives and scope of advice being sought by the client. It is crucial that you complete the fact find in full to ensure that you are able to support the advice you are providing.
Further information on Fact Finding and Data Collection here
Here is a list of Data Fields that are commonly used in XPLAN and an explanation of the benefit you and your business of having them populated
| XPLAN Data Points |
|
| Fields |
Benefit |
|
Title Key Details > Client Details |
Client's titles auto populate into the address section in advice documents as well as other coded documents i.e. RoA, Client Review Report and FDS. |
|
First Name Key Details > Client Details |
It is vital that the client's first name is entered correctly for any application/bank statements/formal documents. This is part of the AML reforms and helps with knowing your client. |
|
Preferred Name Key Details > Client Details |
This enables personalisation of documents and is especially useful if clients don't use their legal name as their preferred name. It also assist with knowing your client. Advice documents are coded auto populate the client's preferred name. |
|
Surname Key Details > Client Details |
As with the first name , it is vital that the client's surname us entered correctly for any applications/bank statements/ formal documents etc. This is part of the AML reforms and aligns with knowing your client. |
|
Salutation Key Details > Client Details |
A salutation enables you to personalise your documents. It will also flow through to advice documents.
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DOB Key Details > Client Details |
DOB is compliance requirement and helps with knowing your client. It helps you to understand your client's life stage and providing the most appropriate advice. This fields links to both XTOOLS and Risk Researcher. This is also useful for segmenting your clients for communications/marketing. |
|
Gender Key Details > Client Details |
Gender is important as advice for male or female may be different, especially for insurances making this field essential.This fields also links through to Risk Researcher.
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Marital Status Key Details > Client Details |
Marital Status is critical for XTOOLS and Risk Researcher for partner information to show. This also enables you to search through your clients and target them with marketing which is most relevant to them. |
|
Preferred Address Key Details > Contact |
Preferred address is coded to auto populate in the advice document as well as other coded documents. A current address is requirement for all advice documents and helps with knowing your client. There are also different rates for insurance in Risk Researcher based on your client's location. |
|
Contact email address Key Details > Contact |
Contact email address enables you to send correspondence digitally to your client database including communication/marketing in bulk. All emails sent from XPLAN can be saved into XPLAN Notes. |
|
Contact phone number Key Details > Contact |
Enables you to contact your clients quickly and easily. |
|
Preferred contact method Key Details > Contact |
Preferred contact method ensures you and your staff know the right way to contact your client, whether it's via phone, email or mail. |
|
Dependants Key Details > Dependant |
Recording dependants in XPLAN ensures you have a record of the full picture of each client's situation so that you provide appropriate advice, It also assist with knowing your client. In addition, if dependants are not entered into XPLAN, the SoA will pull through text starting that there are no dependants. Having this documented in XPLAN will save post-merged editing. This shows in the Client Profile and links into XTOOLS and Risk Researcher.
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|
Employer Key Details > Employment |
Employer information will auto populate in the advice documents as well as the Client Profile. This is shown in other areas in XPLAN, such as Risk Researcher.
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|
Occupation Key Details > Employment |
Occupation auto populate in the Advice Wizard SoA, Client Profile and other areas of XPLAN- such as Risk Researcher. In addition, this can be useful for marketing purposes. |
|
Employment Income Key Details > Employment |
Knowing the client's income assist in recommending appropriate advice for the client's situation. This auto populates i both the SoA and the Client Profile. In addition, this field can be imported to XTOOLS/+ Modeling. |
|
Health Key Details > Health |
Health neeeds to be recorded as it could potentially affect the type of advice offered and helps with knowing your client. This also shows in the SoA document. |
|
Smoker Key Details > Health |
Smoking status is linked with Risk Researcher and could potentially affect the type of insurance recommended. It also helps with knowing your client. This auto populate in both the SoA and the Client Profile. |
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Disclosurse Statement Required Compliance > FDS and Opt In Details |
For compliance reasons, you need to be aware if you are required to provided your client with FDS and keep track of this information. |
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Opt-In details
Compliance > FDS and Opt In Details |
For Compliance reasons, you need to be aware if you are required to provide your client with an Opt-in/ Renewal Notice and keep track of this information. |
|
FSG Details
|
You are required to provide your client with the most up to date FSG and keep track of the version date for Compliance reasons. This is relevant for the both the SoA and Client Profile.
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Prior SOAs and SOFAs Compliance > SOA/SOFA History |
These fields enables you to track past and present advice document provided to client, The details of the previous advice can be referenced in future advice documents. This is also beneficial for Compliance reasons as it provides evidence of advice given. having this field completed in XPLAN provides efficiency in your processes and can remove the need to search manually through XPLAN Notes for the date of the last SOA provided to the client. |
The added bonus of having all these fields populated is that they are all searchable fields within XPLAN which enables you to segment your database for Practice Management and Marketing Purposes.