Wealth Axis Wizards - ROA (Advice Doc Creator)

Wealth Axis Wizards - ROA (Advice Doc Creator)

Overview

This guide is designed to help you effectively use the Advice Doc Creator Wizard in Wealth Axis’s XPLAN to produce a Record of Advice (RoA) for your clients.  
The key features of the Advice Doc Creator Wizard are:
  1. Integration with key modules such as Client Focus, Portfolios (IPS), Risk Researcher, WealthSolver and XTOOLS+
  2. Simple, easy to follow menu structure
  3. Strategy text recommendations that are customised to reduce post-merge editing
  4. Built-in on screen instructions

Learn how to access the generic XPLAN SoA Wizard and an overview of its navigation by clicking here to view the suite of Iress training videos. 

How to access the Advice Doc Creator Wizard 

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

  • Navigate to E2E Wizard > 07 Advice Doc Creator


  1. Use the 07 Advice Doc Creator 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

The Introduction section of the Advice Doc Creator helps determine which components of the builder to include throughout the remainder of the wizard by selecting the type of Advice Document as well as the Scope of Advice to be included. 

Review and update the following sections as required;

Advice Recommendation

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

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

  1. What is the Advice? You will need to select the type of advice document being created. Select Record of Advice. 
  1. Type of RoA: You will need to select the appropriate option relevant to the advice document you are creating. For the purposes of this example select Further Advice. 
  1. Date to use: This date will merge throughout your advice 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. 


XPLAN Modules

This section allows users (if required) to include product recommendations from various modules within XPLAN in to the advice document. 




Users will need to determine if Product Recommendations are to be included and (if so) from which module. Users will also need to determine if Replacement of Product Advice tables are required and (if so) where from. 
  1. To include investment product recommendations tick Yes in the Include Investment Product Recommendation tick box.
  1. Users will then need to select the relevant (previously modeled) Wealthsolver scenario from the Select Wealthsolver Scenario you wish to merge into the advice document drop down menu.
  1. To include replacement advice tick Yes in the Is Replacement Advice included? tick box. Select the relevant Replacement Advice area option.
 

  1. To include insurance product recommendations tick Yes in the Include Insurance Product Recommendation tick box.
  1. Users will then need to select the relevant (previously modeled) Risk Researcher scenario from the Select Risk Researcher Scenario drop down menu.
  1. To include replacement advice tick Yes in the Is Replacement Advice included? tick box. You will be able to select the relevant Replacement Advice area options in a later page.


  1. To include any Xtools & Xtools+ modelling within the advice document tick Yes in the Incorporate Xtools/Xtools+ tick box.


For the purposes of this example we will not select any of these options - for further information on section of the wizard please refer to the Wealth Axis Wizards - SoA (Advice Doc Creator) article found here. 

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 Page: select Yes to include a cover page for the SoA. 
  1. include Cover Letter: select Yes to include a cover letter for the SoA.
  1. Letter Sign Off: select the closing of choice.
  1. Include Key Contacts: if selected the key contacts for the client (e.g Client Services Manager, Receptionist etc) will be included within the SoA along with the relevant contact information. 

Client Information & Compliance Requirement

  •  Date of Client Risk Profile:

    • If the Risk Profile questionnaire is part of the Fact Find enter the same date that was entered for the Fact Find.

    • If the Risk Profile questionnaire is separate to the Fact Find enter the date that the client(s) signed the Risk Profile questionnaire. However, if the Risk Profile questionnaire has not been signed by the clients, then use the date that the Risk Profile questionnaire was completed (which may be different to the signed date). This can usually be found on the cover or at the back of the Risk Profile questionnaire. 

  • Date of Client Fact Find: enter the date that the client(s) signed the Fact Find.
    • Note: If the Fact Find has not been signed by the clients, then use the date that the Fact Find was completed (which may be different to the signed date). This can usually be found on the cover of the Fact Find.
  • FSG Version Number: Use the version number as it is on the advisers’ Financial Services Guide provided to the client. 

  • FSG Date provided: Use the date that the client had the initial meeting with the client. If this is not available, use the date that the Fact Find was signed by the clients. If this is not available, request the date from the adviser.

  • Adviser Profile Version: Use the version number as it is on the Adviser Profile provided to the client. 

  • Adviser Profile Date Provided: Use the date on the adviser profile.




At any given time you are able to use the options at the top of the page to navigate throughout the wizard by clicking Previous or Next. You may also Save & Exit to leave the wizard and return to the Client Menu or you can select Cancel. 

NOTE: selecting Cancel will ensure you leave the wizard immediately and any fields you updated may not be saved and lost. 



Once all relevant details have been completed you can select Next to continue in the Advice Doc Creator wizard. 

Scope of Advice

The reasons why you are seeking advice

  1. Have you discussed this advice with the client previously: Select the appropriate Yes or No response. If you select Yes a further field is made available;
    1. When did you meet/discuss this advice recommendation: Enter the date as required. 
  1. Comments: Ensure you detail the further advice being provided and the context of the discussion. What is the client looking to achieve? What are their goals? What is their timeframe? 

Client Circumstances

 Determine the changes to the clients relevant circumstances. These changes need to be documented in the RoA to make it evident that they are not significant. This should in most circumstances, be updated prior to further advice. For example, the advice may be able to rely on the 'assumed no significant change to circumstance' provision. 



Subsequent areas for Scope of Advice

The following remaining 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 Investment Advice. 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.

Where you are now

This section allows the user to determine which components of the clients current situation should merge into the advice document. Users also have the ability to choose if they wish to edit each of those sections within the Advice Doc Creator wizard.
  1. Where you are now? By checking each box, an additional page will open in the wizard
  1. Do you wish to review/edit Client Details: If the user wishes to review (for each of the sections above) the clients Fact Find information ensure that a tick is placed in the Do you wish to review/edit Client Details box.


  1. Page Settings: Users can select to bring the client details into a seperate document. To do so you will need to click Yes in the Would you like "Where you are now" to be in the Annexures? 


Click on Next to continue.

Update Personal Details

This section has now been included in the wizard due to selecting this option in the previous page of the wizard (Where you are now). As previously suggested you are now able to review and update this section of the clients Fact Find as required.



Click on Next to continue.

Where you want to be

This page allows users to review, edit or add to the clients Objectives and Retirement details. These items will be included automatically if updated correctly during the Fact Find data entry process.

To enter in a client’s objectives, follow these steps:

  • Click the Add button in the top right corner


  • In the Objective Details, enter the following details.

    • Client/Adviser stated objective: select Client stated objective if the objective was stated by the client or Adviser stated objective if it stated by the adviser.

    • Type: select either Lifestyle or Financial depending on what type of objective it is.

    • Category: select the relevant option from the dropdown menu.

    • Option: select the relevant option from the dropdown menu.

    • Description: enter the objective as outlined in the Fact Find.

      Note: all objectives must be entered as closely as possible in the clients’ or advisers’ own words. You can change the wording a little bit (for example, to provide a bit more detail or to make an objective clearer) but the objective must resemble what the client states. THIS IS A COMPLIANCE REQUIREMENT.

      We cannot change objectives to make them, for example, sound better or more in line with a recommendation. If the objective in the SOA does not match the clients’ stated objective, this can make the SOA non-compliant.

    • Amount required: if the client or adviser has provided a dollar value for the objective, enter it here

    • Owner: select the relevant owner for the objective. This could be client, partner or both.

    • Not in scope reason: if provided, enter the reason why a particular goal or objective has not been considered for advice by the client or adviser. For example, sometimes a client may state they don’t wish to consider advice in a particular area.

    • Proposed timeframe: if provided, enter the estimated timeframe for the goal or objective to be achieved.

    • Note: this must be provided by the client or adviser. If no timeframe has been provided, DO NOT enter one.

    • Referral Required: select ‘Yes’ or ‘No’ from the dropdown options, depending on whether the goal or objective requires a referral (for example: referring the client(s) to a solicitor for Estate Planning).

    • Key benefits: if the adviser has provided an outline of the benefits of the goal or objective, enter them in the text box.

    • Once the details have been added, confirm they are correct and click the save button.

    • Note: if you have multiple goals & objectives to enter, tick the ‘Add More’ checkbox and repeat the process until all objectives have been entered.mceclip13.png

  • Further details can be input in the additional tabs below:

    • Details Tab

      • Timeframe: select the relevant timeframe from the dropdown menu

      • Date Goal Captured: enter the date the goal was captured. If no specific date provided, then enter the date the Fact Find was signed.

      • Importance: if provided, select the relevant option from the dropdown menu.

        Note: if no option has been provided, do not add one.

      • Feelings: if provided, outline the way the client feels about the objective

      • Due date: enter the due date for the goal or objective to be achieved. If no date provided, do not enter one.

      • When to be addressed: if outlined, select the relevant option from the dropdown menu. NOTE: only those items with Address Now or Ongoing Goal will be included in the advice template

      • Tracking: if outlined, select the relevant option from the dropdown menu.

        mceclip14.png


    • Adviser Notes: if the adviser has provided notes regarding the clients’ objectives, enter them into the Adviser Notes text box.

      mceclip15.png

    • How your adviser can help you Tab: if the adviser has provided notes regarding how they can help the client, enter them into the Have you thought of the followingtext box.

    • Values Tab: if provided, tick the checkbox next to each relevant option.

      mceclip16.png

    • Bucket Tab

      • Wealth Bucket: If provided, select the relevant option from the dropdown menu

      • Wealth Bucket per month: if provided, enter the $ amount the client(s) are saving towards their Wealth Bucket goal in the text box.

        mceclip17.png

      • Needs and Concerns Tab: if provided, tick the checkbox next to each relevant option.

        mceclip18.png

  • Notes: for ‘Have you identified conflict in needs, goals or objectives?’ select the relevant dropdown option. If you have selected ‘Yes’ enter the notes relating to areas where you have identified a conflict in needs, goals or objectives. If you have selected ‘No’ then move to the next step.

    mceclip19.png

  1. Enter in all the required information and select Save. 
  1. NOTE: only those items with Address Now or Ongoing Goal in the When to address field will be included in the advice document.
  1. Click Next to continue.

Your Risk Tolerance

In this section, allocate the appropriate risk profile for the client(s) by following these steps:

  • Investor Risk Profile: Select the relevant Risk Profile option for the client(s) from the dropdown menu.

    Note: The clients’ risk profile can be obtained from their risk profile questionnaire.

  • Update target from Risk Profile: Once the risk profile is selected, click Update from Client Profile to update the risk profile

    Important: you must click the button, otherwise the risk profile will not recorded.

  • Agreed Asset Allocations: Once the risk profile has been updated, the asset allocation percentage will automatically update.

  • Repeat the process for the Partner and Joint options as required.

mceclip11.png 

 

Variations

mceclip13.png

  1. Risk Profile Variation Reason: if the client or the adviser has outlined an investment recommendation that is not in line with the clients’ risk profile, then tick the relevant option/options from the list as to why the variance applies.

Click Next to continue. The following sections will be dependant on the sections included in the Scope of Advice section earlier. For each area of advice selected a new section will now be available with option to choose from for that area of advice. In this example we selected Investment Advice as an area of advice to be within scope. 

Investment Advice 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.



For the purposes of this example we will select two strategy types - Portfolio Review & Re-balance for the client. 
  1. Place a tick in the Central Strategy 121: Portfolio Re-balance - Implement.
  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 385 (Portfolio Review - Changes Recommended)
  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.

Fees & Charges

This page allows users to record the various types of fees that are relevant to this advice document. Fees include Advice Preparation as well as Commissions and Ongoing Advice fees.

First, the user needs to determine if there is a change in the adviser remuneration as outlined in the initial Statement of Advice.

If there are changes;
  1. Is there a change in the adviser remuneration: Select Yes. Further fields are made available allowing the user to select as appropriate. 
  1. Which fees and charges are changing: Place a tick as required.
  1. Fees & Charges: Modify/Delete or Add Fees and Charges as previously outlined in the SoA.


For further information on updating Fees & Charges in the wizard please refer to the Wealth Axis Wizards - SoA (Advice Doc Creator) article found here. 



Commission / Bonus Payments

These sections allow the user to disclose any relevant Commissions or Bonus payments received by the adviser. Include as required. 


Referrals

To be used where referral agreements are in place and need to be disclosed.
  1. Is there a referral fee payment: Select Yes as required and utilise the subsequent options. 
  1. Update the default text in the text box appropriately. 


Alternative Remuneration

To be used of there are any alternative forms of remuneration that need to be disclosed.
  1. Alternative Remuneration: Select Yes as required.
  1. Update the default text in the text box appropriately. 



Click Next to continue.

What is Next

Forms

There are a variety of forms and authority items which should be reviewed and included (or not) as appropriate to the advice being provided. 



Client Authority

  1. Delivery Method: Where authority has already been provided by the client to proceed with this advice the user must update this field accordingly. 
  1. Record/Filenote Date: Date must be recorded.
  1. ...enter Comment: Details of the authority must be entered.


Flyers

Select the appropriate option to have flyers included (or not) with the advice document.




Click on Next to continue.

The Advice Doc Creator Wizard has now been completed. Users are able to click on Merge Advice Document and/or Merge Separate Annexures;
  1. Click on Merge Advice Document

  1. Select Execute.

  1. The following message appears advising that the document is being generated and will be available for download shortly. 




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Scenarios

The purpose of the following RoA scenarios guide is to help in the generation of a RoA utilising best practice principles. The guide is aimed at ensuring the document provided is compliant and produced in the most efficient means possible.

  1. Re-balance RoA

  2. Withdrawal RoA

  3. Switch RoA

  4. Hold RoA
  1. Increase Insurance RoA 
    2.  

Bulk RoA

The process of merging an RoA for groups of clients in bulk uses a combination of XPLAN tools (such as Target Sets, Campaigns and Portfolio Group Modelling) and the RoA Bulk Re-balance Wizard.

Further information on generating an RoA in bulk please click here.

Corporate Action RoA

Corporate actions come to market from time-to-time. A Corporate Action RoA for a particular corporate action may be available in XPLAN for merging for groups of clients in bulk.

Further information on the Corporate Action RoA please click here.

Open Platforms Only

This guide is designed to help you understand how to effectively prepare a short form RoA for your clients to recommend they transfer their Asgard eWRAP, BT Wrap and/or BT Panorama accounts to the corresponding Asgard and BT Open platforms.

For further information on Open Platforms only please click here.


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