Wealth Axis Wizards - Review Report Wizard Overview

Wealth Axis Wizards - Review Report Wizard Overview

Review Report Wizard Overview

The purpose of this guide is to provide a step by step outline for entering information into the Review Report Wizard and generating an appropriate Review Report.


This wizard is a powerful tool with the ability to serve a number of purposes. A Standard Annual Review can be generated along with other documents such as a Portfolio Review Report as well as a Fee Disclosure and/or Opt-In Statement.

Typically, the Licensee will determine what an Annual, Bi-Annual, Quarterly or Monthly Review Report would contain and this will be setup in XPlan accordingly. Users will also have the ability to generate a Custom Review report if the user requires. 

To view an Iress Training video on their Model Office Review Wizard - click here. 

How to access the Review Report Wizard

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

  • Navigate to E2E Wizard > 11B Client Review Report




  • Use the 11B Review Report 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.

Notes

Review Report Details

  1. Advice for: Choose the entity (entities) for whom you wish to generate the Review Report. Select Client & Partner to make this a joint review document. 

    1. NOTE: When generating an advice document for a Company. Trust, SMSF or Partnership ensure you select Client. 


Merge Output Settings

This section allows the user to include (if required) a Cover Page and Cover Letter with the review document. Importantly, it also determines the type of review document being generated.
  1. include Cover Page: select Yes to include a cover page for the review document. 
  1. include Back Cover Page: select Yes to include a back cover page.
  1. Date to use: This date will merge throughout your review document where appropriate. Ensure the proposal date on the Portfolio Modelling page matches this date. E.g. If you select Use Merge Date then the Proposal Date must be today. Select Use Merge Date. 


As stated above, the Licensee will typically determine what an Annual, Bi-Annual, Quarterly or Monthly Review Report would contain. As a default this can be setup in XPlan accordingly to allow an efficient generation process. However when required, users will also have the ability to generate a Custom review report if the client requirements dictate accordingly. 

This article will show the differences in both a typical Annual and Custom Review report. 

To generate an Annual Review Report Type;
  1. Review Report Type: select Annual.
  1. Include AML Customer Brochure: this option can be selected if the user wishes to include this brochure within the document being generated.
  1. FDS/Opt-In: this option can be selected if the user wishes to include this statement in addition to the document being generated. If selected a new page will become available within the wizard to enter in relevant FDS and Opt-In information. 
  1. Ongoing Service Agreement: this option can be selected if the user wishes to include this agreement in addition to the document being generated. If selected a new page will become available within the wizard to enter in relevant OSA information. 



To generate a Custom Review Report Type;
  1. Review Report Type: select Custom.


A whole series of options are now shown that allows the user to select from. This will help determine the make up of the Custom Review Report. Users will need to review the list and select for each option to include. 


For every option selected, a new page will become available in the wizard relevant to that option. As an example select Personal Details Snapshot - Detailed. Then select Next.



A new page is now available and the user is able to review and update (if required) the clients personal details. 




Click on Next to continue. 

Letter Editor

The Letter Editor allows users to customise a cover letter to be provided in conjunction with Review Report. 
  1. Area of Advice: There are a number of pre-defined letter options to select from. Depending on the Area of Advice selected a further subset of letters are available for selection in the Select Letter drop down menu. Select Advice Document/Research/Paraplanning Request.
  1. Select Letter: Letters only relevant to the Advice Document/Research/Paraplanning Request group are available to choose. Select Record of Advice (Portfolio Review).
  1. Default text has now populated the RE: and Content fields. users can review and update the text accordingly.



Additional Info

  1. Letter Closings:  Select the appropriate way in which you wish to close the letter. 
  2. Print on letterhead: Select Yes if required. 


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

Portfolio Reports

This section allows users to determine which Portfolio Reports to include in the review document. As outlined in the Review Report Type selection - users can select from Licensee set periodical options (Annual, Monthly etc) or Custom. The following steps will outline the requirements for an Annual or Custom selection. 

To include the Annual Portfolio Report Type;
  1. Portfolio Report Type: Select Annual. 
  1. Portfolio Start Date: Select the appropriate start date.
  1. Reporting Period (Start): Select the appropriate start date.
  1. Reporting Period (End): Select the appropriate end date.


To include the Custom Portfolio Report Type;
  1. Portfolio Report Type: Select Custom. 
Users will now be able to select and add portfolio reports as required. 
  1. Click on Add.


  1. Select the appropriate Report options as required and click on Save. 


  1. Add as many Reports as required


Click on Next to continue.

Click on Merge Annual Review Report to generate the document. 




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Client Review Report

The Client Review Report 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:

  • Contact details, employment and family members
  • Risk profile, goals and objectives
  • Income and expenses
  • Portfolio holdings, assets and liabilities
  • Insurance policies
  • Superannuation contributions
  • Self-managed superannuation fund details
  • Health and estate planning
  • Portfolio Review Report
  • Insurance Schedule 

Further information on Client Review Report (Individual) here and (Bulk) here

Portfolio Review Report 

The Portfolio Review Report Wizard enables you to easily merge a customised Portfolio Review Report for the selected client that is pre-populated with their data recorded in XPLAN. You can:
  1. Produce a single report for a couple, or for a couple and their related entities.
  2. Produce consolidated reports for your client’s portfolios, providing a combined view of the accounts and assets held by the client, their spouse and related entities.
  3. Select/deselect the portfolio reports to be included, and how you’d like the information to be displayed in the client’s merged report.
  4. Select/deselect other sections to be included in the report, such the client’s goals and objectives, attitude to investing, insurance, and estate planning.
  5. Nominate the reporting start and end dates.
  6. Include a Tax File Number (TFN) Consent Form and Electronic Consent Form at the end of the merged PRR.
Further information on Portfolio Review Report (Individual) here and (Bulk) here

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