Statement of Position Overview

(Under Construction)

The purpose of this Statement of Position Wizard guide is to provide instructions on how to:

• Enter information into the Wizard

• Merge a Statement of Position

• Send a Statement of Position to clients via an email template

• Set the frequency of sending the Statement of Position

• Add a Statement of Position widget to your dashboard

Note: This Statement of Position User Guide provides guidance only on the functionality of the wizard. It is critical that you refer to the Licensee Standards regarding Compliance requirements.

Purpose

The Statement of Position provides a perfect opportunity to increase engagement with your clients. It can be used to increase the number of touch points with your clients, thus adding value to your client relationships.

The Statement of Position can be:

• Used as a simple report sent to client every quarter to provide an update on their portfolio position (which may incorporate an economic/market update, information on legislative changes and technical or interesting articles)

• Used as a more comprehensive report presented in the manual review meeting that includes updated financial projections showing what the future may look like if client stick to their current strategies. Adviser will typically present this report in the client facing review meeting which it will help the client to focus on the forward looking aspects of their financial plan and the adviser to address client concerns like 'Am I still on-track?'

• Sent to clients via email and can be executed either individually or en-masse.

Important! Note the following regarding use:

• The Statement of Position is designed as a no advice document and makes no comment/recommendation about changes to the client's portfolio or strategy. Its purpose is to it simply shows the client's position.

• The Statement of Position Wizard can be used to generate a FDS and Service Renewal Notice. However, the Statement of Position and FDS & Service Renewal Notice must be sent to clients as two separate documents.

• You must have a database of healthy data within XPLAN to produce a high quality and accurate Statement of Position document.

Benefits

A large indicator of a valued relationship lies in the quality of the client engagement. Using the Statement of Position helps to promote:

• Trust

• Client loyalty

• Larger referrals

• Fulfillment of compliance duties

The benefits of using the Statement of Position are as follows:

• Ability to send various reports and articles

• Meet ongoing service commitments

• Can include financial projections

• Ability to be sent at periodic intervals (e.g. monthly, quarterly)

Accessing the Statement of Position Wizard

Client Menu > Wizards (NAF) > Statement of Position

Statement of Position Wizard - Report Contents

Statement of Position Wizard

This section of the Statement of Position wizard establishes who the document is addressed to and whether you want to include information regarding linked entities.

1. Select the appropriate options.

Important! - The wizard draws information from Client focus and automatically incorporates the following sections in the Statement of Position document:

• Your Needs and Objectives

• Assets and Liabilities

• Income and Expenses

Report Contents

This section establishes the main content of the output.

2.  Select the relevant/preferred reports/articles you would like to incorporate in the client's Statement of Position document:

a. Family Tree - requires you to complete the Family Tree Wizard beforehand in order to pull relevant information through

b. Market Update - provides a market and economic overview

c. Portfolio Reports - this expands further to provide options to select for the types of reports to generate. Important here to have healthy data in IPS.

d. Schedules - populates from Client Focus

e. In the News - this provides a range of technical articles

f. FDS Opt-In - this provide the ability to generate compliance documents

Portfolio Reports

The panel below appears when you select the 'Portfolio Reports' options within the 'Report contents' panel. This section draws information from IPS and produces standard (listed on screen) or customised Portfolio Reports.

Important! It is crucial that your datafeeds are set up correctly to produce accurate portfolio reports. For more information on datafeeds, refer to the Advice Capability Centre.

1. Select the relevant/preferred report that you would like to incorporate in your Statement of Position document.

2. Select a Reporting valuation date. This is the Portfolio Valuation Date.

3. Select one of the following options from the drop down menu:

• Individual reports - Select this option to generate a separate asset allocation report for client and partner.

• Client/Partner Grouped plus other Entities - Selecting this option generates a combined client's and partner's asset allocation report and a separate entities asset allocation report.

• Grouped Reports - Selecting this option will generate a combined asset allocation report of all grouped entities.

Financial Projections

The panel below appears if you select the 'Financial Projections' option within the 'Report contents' section. This section draws information from XTOOLS+, Retirement Funding tools or the Lifestyle Goals tools to produce various projections.

1. Projection Tool - select which projection tool you would like to use from the drop down menu as the source for the financial projection.

2. Financial Projections (Xtools+) - select the preferred/relevant Financial Projections you want to incorporate in the Statement of Position document.

TIP! Projection tools are in the following sections in XPLAN:

In the News

The panel below appears if you select the 'In the News' option within the 'Report contents' section. This section enables you to incorporate articles such as economic/market update, information on legislative changes and technical or interesting articles.

1. Select the article/s you would like to include in your Statement of Position document.

Investment Profile

This section enables you to incorporate Lonsec and Morning Star Fund Profiles of client's existing managed funds into the Position of Statement document.

1. Select the relevant/preferred fund profile you would like to incorporate in the client's Statement of Position document.

Statement of Position Wizard - FDS & Opt-In

The 'FDS & Opt-in' section appears if you select the 'FDS&Opt-in' option within the 'Report contents' section.

To generate an accurate FDS and Opt-in document, it is crucial you have:

• managed and maintained Opt-in and Fee Disclosure Statement details

• set-up and managed Service Benchmarks

• mapped Clients policies to a Client's record in Commpay

For further information regarding FDS & Opt, refer to the Advice Capability Centre.

Fee Disclosure Statement & Opt-in

The 'Fee Disclosure Statement & Opt-in' panel enables you to generate an FDS and/or Opt-in (Service Renewal Notice).

1. Select whether you would like to generate an FDS & Opt-in or FDS only document.

2. The 'Next FDS date' will populate automatically using data from Client Focus > Compliance > FDS and Opt-in Details > Disclosure Statement Tab.

3. Select the relevant FDS and Opt-in option.

Service Benchmarks

This panel displays the benchmarks entered within Client Menu > Servicing > Service Benchmark, and enables you to add new benchmarks or edit existing benchmarks.

1. Enter a new benchmark or edit an existing benchmark as appropriate. If no changes are required, move to the next panel.

Service Benchmark Graphs

The Service Benchmark Graphs panel displays a graph that allows you to view which benchmark items have been delivered to your client and those that are still outstanding.

1. Enables you to select a service benchmark that you would like to view.

2. Gives you the option to view a client's benchmark for the current calendar year or FDS year.

3. 'This year' tab enables you to view which benchmarks have been delivered to your client for the year and 'Outstanding This Year' tab enables you to view benchmarks that are outstanding for the year.

4. Click to generate a 'Fee Disclosure Statement and/or 'Service Delivery Report'.

Generate the Statement of Position

1. Click the Statement of Position button to generate the Statement of Position output document.

2. The following pop up box appears. Select a scenario you wish to use as the source of projection, then click ‘Execute’.

3. Once the document has generated, you will see a number next to the envelope icon.

Tip!

• Clicking on the ‘View/Edit Entity Details’ button redirects you to the client’s dashboard.

• Clicking on the ‘Restart Wizard’ button redirects you to the ‘Report contents’ page of the Statement of Position wizard.

Send the Statement of Position

The Statement of Position can be sent to clients via email. To do this, you first need to have the following set up:

• Created an email template

• Entered the client’s email address into the Client Menu > Contact > Telephone/Email panel.

Once your Statement of Position has generated, it is automatically saved to Client Menu > Notes (refer image below):

1. Locate the Statement of Position you would like to send in Noted > Document List Panel.

2. Click the Actions button to open the options in the drop-down menu.

3. Hover over the ‘Email’ then select ‘Text as PDF’

4. Send the email as you normally would. Refer to the Advice Capability Centre (Client Data & Servicing > Emails) for further instruction on how to send out an email.

Set the Frequency for the Statement of Position

For Clients who wish to receive a Statement of Position at regular intervals (e.g. monthly, quarterly) complete the following steps to set the frequency.

1. Identify which clients wish to receive a Statement of Position regularly and determine the frequency for sending.

2. In XPlan, record the clients that wish to receive a Statement of Position – select client > Servicing > Reviews

3. In the manage Reviews panel, click Add.

4. The Review panel displays.

g. In the Type drop down menu, select Statement of Position.

h. In the Description field, enter relevant description (e.g. Statement of Position to be sent)

i. In the Date field, select the relevant date.

j. In the Responsibility field, select the relevant team member responsible for sending the Statement of Position

k. In the Frequency field, select the appropriate frequency for sending the Statement of Position as determined for the client.

l. In the Comment field, add any comments required

m. Click Save

5. Update your service benchmarks. For further details on how to update service benchmarks:

a. Click here to access help information on the ACC

b. Scroll to the FDS & Opt-in section to view the detailed guides

Add a Statement of Position widget to your dashboard

Once clients have been updated in Xplan with their frequency via Reviews (refer section 9), you can also add a widget to your homepage to see which Statement of Positions are approaching for specific clients.

Complete the following steps to add this widget to your dashboard.

1. From the Dashboard / Home Page, click the Home drop down menu > click Add Widget.

   

2. The Add New Widget panel displays.

   •  In the Widgets drop down menu, scroll down to Reviews section > select Incomplete/Upcoming Reviews

   • Click OK.

     

3. The Edit Widget setting panel displays.
                          
   

   • In the Caption field, enter a specific caption for the widget (e.g. Upcoming Statement of Position)

   • In the Review Filter drop down menu, select Upcoming Reviews

   • In the Time Frame field, choose the appropriate timeframe

   • In the Review Type section, click the Statement of Position checkbox

   • Click OK

The Upcoming Statement of Position widget will now display on you Dashboard / Home Page.

When you identify the clients are due, go to the Statement of Position wizard to complete the requirements (refer sections 4 – 8 of this document).