Open Platforms Only

This guide is designed to help you understand how to effectively prepare short-form Records of Advice (RoAs) 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

At the end of this workbook you should be able to:

• Understand the steps required for preparing and merging your client’s short-form RoA document
  
• Model your recommendations for the new Open platforms in WealthSolver
  
• Enter the key information required in the ROA Wizard (‘Open’ platforms only) for your Asgard and BT Open platform recommendations
  
• Merge and edit your client’s short-form RoA document
  
• Store the short-form RoA document presented to your client in an XPLAN Note
  

Where can I get help?

If you have any questions or require more information about Panorama Full, Panorama Compact, BT Wrap Open or Asgard Open, refer to the Product Disclosure Statements (PDSs) or contact your Wealth Axis Adviser Guide .

There may be circumstances in which the short-form RoA is not suitable for the advice you are providing to your client. For guidance and further information on when to prepare short-form RoAs for your clients, speak to your Wealth Axis Adviser. If you require access to or have any queries, please email their support team at support@wealthaxis.com.au

Features of the ROA Wizard (Open Platforms Only)

The features of the ROA Wizard (‘Open’ platforms only) are:

• Specifically designed for the preparation of short-form RoAs recommending clients transfer their Asgard eWRAP, BT Wrap and/or BT Panorama accounts to the new Asgard and BT Open platforms, as listed in the table below.
  
  
• Integrated with WealthSolver for the calculation and disclosure of fees. Furthermore, as only the change in Administration and Trustee Fees (as applicable) are disclosed in your clients’ short-form RoAs, you are not required to implement your WealthSolver Proposals to Portfolios (IPS).
  
  
• No post-merge editing of your clients’ short-form RoAs will be required if you’ve modelled your recommendations in WealthSolver and completed all fields in the Wizard, as recommended by the instructions on-screen in the Wizard and in this workbook.
  

What do I need to know?

1. Change or rebalance the underlying investments
   
2. Increase/decrease insurance, or regular contributions or withdrawals
   
3. Rollover/consolidation of super from other platforms or accounts
   
4. Transfer other Asgard or BT accounts not listed in the table above to the new Asgard and BT ‘Open’ platforms
   
5. In these circumstances, you will need to prepare your advice document in the SOA Wizard or ROA Wizard (as appropriate for your advice).
   

Can I use the ROA Wizard (‘Open’ platforms only) for Asgard Infinity eWRAP?

Steps for preparing your client’s short-form RoA document

Step 1: Your client’s current position

Your client’s current assets and superannuation holdings

Step 2: Model your recommendations

Can I model my recommendations in Portfolios (IPS)?

How do I model my recommendations in WealthSolver?

1. Search for and select the client (or entity) required.
   
2. Go to WealthSolver > WealthSolver.
   
   Create your Scenario:
   
   
3. In the Scenario Selection panel, enter an identifiable name in the Scenario Name field, then click Create Scenario:
   
   
   
   
4. Your client’s Superannuation, Pension and Investment Platform information from Client Focus and IPS will be displayed in the Current Situation panel:
   
   
   
   
5. Remove all assets (or plans) from Current Situation that are not to be included in your recommendations. To remove a plan, click the down arrow icon for each plan and select Remove Plan:
   
   
   
   Add your Proposal:
   
   
6. In the Proposals panel, click Add Proposal:
   
   
   
   
7. Select the entity you would like to recommend to (Client, Partner or Joint Proposal):
   
   
   
   
8. If Client or Partner was selected in Step 7 above, select the Plan Review scenario:
   
   
9. This scenario will be automatically selected when adding a Joint Proposal
   
   
   
   Model your recommendations:
   
   
10. In the Plan Review panel, from the Recommendation dropdown list select Close/Roll balance out for the current plan:
    
    
    
    
11. Click Add Proposed Plan (in the top right-hand corner of the Plan Review panel).
    
    
12. If recommending Asgard Open eWRAP or BT Wrap/SuperWrap Open:
    
1. In the Filter panel, enter ‘open’ in the Keyword Search field:
   
   
   
   
2. The Asgard and BT Open plans will be displayed in the Add New Plan panel. Select the Open plan required.
   
   
   
   
13. If recommending BT Panorama:
    
1. In the Filter panel, enter ‘panorama’ in the Keyword Search field:
   
   
   
   
2. BT Panorama plans will be displayed in the Add New Plan panel. Select Compact menu or Full menu (as applicable) for the required plan:
   
   
   
   
14. For Asgard Open eWRAP Investment only:
    
    This step is only required if your client will hold shares in the proposed Asgard Open eWRAP Investment account. The total amount invested in shares is required to ensure the change in Administration Fee is calculated correctly for disclosure in their short-form RoA.
    
    
1. The default cash account will be displayed.
   
   
2. Click Add Investment (in the top right-hand corner of the Investment Funds tab).
   
   
3. In the Add Investment panel:
   
   
1. Select ASX – Australian Stock Exchange from the dropdown list.
   
   
2. In the Search field enter the ASX code for one share and click Search. (Note: This share will be used to capture the total balance to be invested in shares in the proposed Asgard Open eWRAP Investment plan.)
   
   
4. In the Search Results panel, tick/select the share to add it to the Selected Investments panel.
   
   
5. Click Add Investments (in the top right-hand corner).
   
   
6. The investments selected will be displayed in the Investment Funds tab of the Plan Review: Edit Plan screen. Ensure Allocate Balance: By $ Amount is selected:
   
   
   
   
7. In the Proposed $ column, enter the total amounts as follows using the screenshot or printout from Step 10 above:
   
   Refer to the Points to remember box below for a tip on how to quickly calculate the total balances required to model your recommendations
   
   
   
1. Cash account = total balance of cash + term deposits + managed funds
   
   
2. Share = total balance of shares
   
   
3. Click Save, and go to Step 17 below.
   
   
15. The default cash account for the Open plan selected will be displayed.
    
    
1. Enter the total balance for the Open plan in the cash account:
   
   
   
   
   
2. Click Save.
   
   
16. Your recommendations will be displayed in the Plan Review panel. The Current Balance and the Proposed Balance should be the same amount:
    
    
    
    
17. Click Save (in the top right-hand corner above the Plan Review panel). Your Proposal will be displayed in the Proposals panel:
    
    
    
    Remove Transactional Costs (if required):
    
    Transactional Costs (such as Buy/Sell costs and Listed Securities Fees) may be calculated for the current or recommended plan, and will be reflected in the From and/or To balances for your Proposal. For example:
    
    These costs will not be disclosed in your client’s short-form RoA, however you may wish to remove them to ensure the Administration and Trustee Fees calculations (as applicable) are more accurate.
    
    
18. To remove Transactional Costs for the Current plan:
    
    
1. Click on the down arrow icon on the left-hand side of your Proposal and select Edit Plan Fees, and then select the client’s Current plan:
   
   
   
   
   
2. In the Calculated Fee Amount column, tick the Transactional Costs to be amended (e.g. Listed Securities Fees) and change the Amended Fee Amount to $0.00:
   
   
   
   
3. Click Save.
   
   
19. To remove Transactional Costs for the Proposed plan:
    
    
1. Click on the down arrow icon on the left-hand side of your Proposal and select Edit Plan Fees, and then select the client’s Proposed plan.
   
   
2. In the Calculated Fee Amount column, tick the Transactional Costs to be amended (e.g. Buy/Sell Costs and Listed Securities Fees) and change the Amended Fee Amount to $0.00.
   
   
3. Click Save.
   
   
20. The From and To balances for your Proposal should now be the same:
    
    

To access the ROA Wizard (‘Open’ platforms only):

1. Search for and select the master client (or entity).
   
2. Go to Advice Process > Advice Docs Generator > ROA (‘Open’ platforms only):
   
3. The Badge-to-Badge advice page will be displayed:

1. Modelled your product recommendations in WealthSolver; and
   
2. Completed all fields in the Wizard, as recommended by the on-screen instructions

Background Information

1. Date of the previous SOA
   
2. Have you previously provided an ROA for this client? (Yes/No)
   
3. Previous ROA Date (if ‘Yes’ was selected in the field above)
   
   

ROA Details

1. How was this Badge-to-Badge advice discussed with the client? (Verbal, Email, Phone Call)
   
2. The date of this discussion
   
3. Select the entities you are providing the advice for (Client, Partner, Joint, Superfund, Company, Trust)
   
4. Did you use WealthSolver? (tick for ‘Yes’)
   
5. If your WealthSolver Proposal includes recommendations for platforms owned by an individual or a related entity (such as a SMSF, Trust or Company), the WealthSolver scenario - Individual & Entity field should be used to select the required scenario.
   
6. If your WealthSolver Proposal includes recommendations for jointly-owned products, the WealthSolver scenario - Joint only field should be used to select the required scenario.
   
   

Additional Information

1. BT Wrap text field: [B2BROA] BT Wrap Reasons
   
2. Associations & Relationships text field: [ROA] ROA Relevant Associations Relationships
   

For clients with BT Wrap accounts, tick for ‘Yes’ as required for Do you want to include a specific reason why the new BT Wrap ‘Open’ is appropriate? A text box will be displayed, allowing you to enter custom text for display in the Reasons for my recommendations section of the client’s RoA. Please note that numbering is not to be used in this text box.

Ongoing Advice Service & FSG

1. Do you have an ‘Ongoing Advice Service’ arrangement with the client? (Yes/No)
   
2. Distribution of the Financial Services Guide (Previously provided, Included with RoA)
   
   

How do I merge my client’s RoA document?

1. After you have clicked Next in the Badge-to-Badge advice page, you can then merge (or generate) the RoA. Click Merge ROA:
   
   
   
   
2. The RoA will be merged in the background. Click Ok.
   
3. When the RoA has been merged, click letter icon to display the new system message.
   
4. Click Download Report to download the merged RoA.
   
5. Review the RoA and update as required.

1. YYYYMMDD > Document Type > Surname > First Initial > .xxx
   For example: 20180723 RoA Bloggs J.docx
   
2. YYYYMMDD > Document Type > Entity Name > .xxx 
   

1. Digital File Management guidelines
   
2. File Note Framework
   

Create a Note for your client to store the RoA document in XPLAN

1. In the search box of the Title Bar (at the top right-hand corner of the screen), ensure the Clients option is displayed.
   
   
1. To change this option, click on the down arrow icon on the left-hand side of the search box and select Clients
   
   
2. Enter the client’s name in the search box and hit ENTER (or click on the magnifying glass icon).
   
3. Locate and select the master client (or entity).
   
4. In the Client Menu on the left-hand side, click Notes:
   
   
   
   
5. Two panels will be displayed:
   
   
1. Document Filters: Enables you to search your client’s existing Notes using certain filters such as Type, Subtype and Date Range, and even keywords from within the body of your Notes.
   
   
2. Document List: Displays all Notes previously recorded for your client.
   
   
6. In the Document List panel, click Add (in the top right-hand corner):
   
   
   
   
   If using a Note template:
   
   
7. Click Template (in the top right-hand corner) and select the required Note template. This will pre-populate the fields and text box for you automatically.
   
   
   
   
8. Edit/update the Note details, as required.
   
   
9. To store attachments with the Note, refer to Step 15 below.
   
   If not using a Note template:
   
   
10. From the Type dropdown lists, select 2. Advice and 2.1 ROA.
    
    If your Practice has selected service tracking as the preferred method for reporting the delivery of ongoing advice services on your clients’ FDSs, this will ensure the RoA will be correctly disclosed on your client’s FDS when it is merged (or generated) at the end of their service arrangement period
    
    
11. Select who the Note is to be available to in your Practice:
    
    
1. Shared with specific groups: To be shared with selected User Groups
   
2. Shared with my groups [default and recommended option]: All of your Practice (User Groups) can access the Note
   
3. Shared with client’s Groups: When a Note is linked to a client, this option gives access to anyone in your Practice (User Group) that the client belongs to
   
   
12. Change the Date, if required.
    
    
1. This should be the date the RoA was delivered or presented to the client (as per the Digital File Management Guidelines)
   
   
13. In the Subject field enter a short summary or description for the Note.
    
    
1. This field is indexed for searching using the Document Filters
   
   
   
   
14. Enter detailed information in the text box, as required.
    
    
1. This information can be formatted as required
   
   
15. To store attachments with the Note:
    
    
1. Select the Attachment tab.
   
2. Click Upload File.
   
3. Browse for and select the RoA document to be uploaded, and click Open.
   
4. The RoA document uploaded to the Note should be the final version presented or delivered to your client. The filename of the RoA document must also be in line with the Naming Convention. For further information, refer to the Digital File Management Guidelines.
   
   
   
   
16. Click Save and Close.
    
    
17. To create additional notes for the client, click Add and repeat Steps 7 to 16 above.