Wealth Axis Wizards - Review Report: Client Review Report (Individual Clients)

Wealth Axis Wizards - Review Report: Client Review Report (Individual Clients)

Client Review Report (Individual) Overview

The Client Review Report (CRR) (or Statement of Current Position) can be used as part of the client review process. When merged in XPLAN, it will be pre-populated with the selected client’s (or entity’s) recorded data, including:

  1. Contact details, employment and family members

  2. Risk profile, goals and objectives

  3. Income and expenses

  4. Portfolio holdings, assets and liabilities

  5. Insurance policies

  6. Superannuation contributions

  7. Self-managed superannuation fund details

  8. Health and estate planning

The CRR also includes the following features:

  1. If insurance or estate planning data is not recorded in XPLAN, the client will be asked if they would like their situation reviewed and prompted to provide further information.

  2. A Going Forward section for notes made during the review process (including an action plan), that can be kept on the client’s file.

  3. A Client Acknowledgement section for those requesting financial advice, and for clients to confirm that the details recorded in the CRR are correct and reflect their true financial position.

  4. Include a Tax File Number (TFN) Consent Form and Electronic Consent Form at the end of the merged CRR.

What’s more, you are also able to select the logos you’d like displayed in the header and footer of merged CRRs. To find out how, in the Zendesk go to Administration > Your Practice logos.

Did you know that you can also merge CRRs for groups of clients in bulk? To find out more, in the Zendesk go to Wealth Axis Wizards > Client Review Report (Bulk Clients). 

How do I merge a Client Review Report

To merge (or generate) a Client Review Report:
  1. Search for and select the client’s (or entity’s) record.
  2. Go to Advice Process > Review > Client Review Report.
  3. In the Additional Sections panel, select/enter as required:
    1. Related Entities to Include: SMSF, Company, Trust
    2. Portfolio Data to Include: Investment Holdings & Performance, Investment Holdings (By Asset Class), Investment Holdings
    3. Include Market Commentary: Yes or No.


      Screen_Shot_2018-07-23_at_3.23.04_PM.png

      Notes

      1.      Only applicable for the ‘Individual’ entities selected in the search result list. The SMSF Details, Company Details and Trust Details sections will not be included in the merged CRR if they’ve been selected for a client that does not have any of these entity types linked to them. Furthermore, insurance policies owned by linked entities are displayed if the client or partner is selected as the life insured.

      2.      The Portfolio section of the report is pre-populated with the client’s holdings recorded in IPS. You are able to choose how the clients’ IPS holdings are displayed in the report by selecting the Portfolio option that best suits the needs of the adviser and/or client (as suggested by the name of each option). Subsequently, to avoid duplication of the client’s portfolio holdings, it is recommended that only one Portfolio option should be selected before merging their report.


  4. In the Additional Forms panel, select the options required:
    1. Include Tax File Number (TFN) Consent Form: Yes or No
    2. Include Electronic Consent Form: Yes or No

      Screen_Shot_2018-07-23_at_3.23.11_PM.png
  5. Click Next.
  6. Click Merge Review Report.
  7. The client’s report will be merged in the background. Click Ok.
  8. When the client’s report has been merged, clickScreen_Shot_2018-07-11_at_10.39.59_AM.png to display the new system message.
  9. Click Download Report to download the merged review report.

Troubleshooting

My client’s superannuation and pension accounts are displayed as Investment Assets
Superannuation and pension accounts recorded in Portfolios (IPS) (at Portfolios > Portfolio > Position) will be displayed in the Investment Assets section of the Net Position table if they are not linked to a superannuation or pension record in Client Focus (at Financial Details > Superannuation).
 
My client’s Portfolios (IPS) Account is not displayed in their review report
There are two possible reasons for why the client’s Portfolios (IPS) Account is not displayed in their review report:
If the IPS account has been linked to a record in Client Focus, the status of the Client Focus record (in Financial Details) must be Active:

Screen_Shot_2018-07-23_at_3.23.26_PM.png
Portfolio filtering may been applied to the client’s IPS Account. To find out more, in the Zendesk go to Reports > Portfolio filtering. 
 
An underlying holding in my client’s Portfolios (IPS) Account is not displayed in their review report
Portfolio filtering has been applied to the underlying holdings of the client’s IPS Account. To find out more, in the Zendesk go to Reports > Portfolio filtering.

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