WealthSolver - Custom Products: New Macquarie Consolidator Products
New Macquarie Consolidator Products Overview
The purpose of this guide is to provide users with the tools to accurately model the new Macquarie Consolidator Pricing Structures within XPLAN.
This process involves using new WealthSolver derived products created by the licensee (the first time the Licensee has undertaken this process). By using these new products, you will accurately be able to calculate the Administration, Brokerage and Managed Funds Cost associated in the majority of cases.
There are 2 scenarios however, where you will be required to use Macquarie’s Online Calculator and override the fees calculated by WealthSolver. These 2 scenarios are:- When the value of the Client Group Funds under Management means the combined Administration Fee exceeds $3,400.
- When the Client Group owns Superannuation / Pension Product and a separate Investment Product.
Modelling the New Macquarie Consolidator Fees
Wealth Solver Component
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Within WealthSolver, under the Proposals panel, click ‘Add Proposal Add Proposal Add Proposal’.
- When you select an individual proposal, i.e. Client or Partner, you will see thescreen below that provides information on the strategies available to you. Click‘Select’ Select’ Select’ on the proposal that applies and you will be taken to therecommendation screen.
For recommending a new Macquarie Product, this will be the“Rollover/Con Rollover/Con Rollover/Consolidate Plans solidate Plans solidate Plans” option.
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From the Recommendation menu select ‘Close/Roll balance out’ Close/Roll balance out’ Close/Roll balance out’ for any fund that need to be closed. To add the new recommended plan, select ‘Add Proposed Plan’ .
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To add the new recommended plan, select ‘Add Proposed Plan’
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When the list of plans has been filtered, click on ‘Select’ for the type of product you need. The new fee structure Macquarie Products have been created within WealthSolver, as per below.For each consolidator product, there are 2 options:• Standard – for use when a sole policy is held by the client group.• Related Discount – for use when multiple policies are held by the clientgroup and Macquarie have applied further Grouping Discounts.
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Once you have selected the appropriate plan, the investment option page will automatically open so the desired investment mix can be selected. Click the ‘Add Investment’ Investment’ Investment’ button on the right hand-side of the page to develop this mix.
Note: Within the Review Plans Page, there is the Aggregation tab where normally you would add the balances of related plans. When modelling the new Macquarie Consolidator Pricing Agreements, this is not required.
- Once all your comparisons have been completed, it is best to download the Compare Proposals report from WealthSolver, by selecting ‘Actions’ Actions’ Actions’> Quick > Quick Merge > Wealth Solver Compare Proposals.
This can be uploaded with the Product Research File note as part of your research to justify your selection. -
The report will generate in the background, and a notification will appear in the notification area once complete.
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Once the report is generated, information will be required from this report to be inputted into the Disclosure Fee Set, as outlined in the next section. Specifically, the Administration, Brokerage, Listed Securities Fee and Managed Funds Fee need to be noted.
Manually Updating WealthSolver Fees Manually Updating WealthSolver Fees
If your modelling falls within WealthSolver’s existing fee calculation limitations, you willbe required to manually update the Fee Calculations. To do this, once you have
completed selecting the funds that your Macquarie Consolidator product holds:
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Select ‘Edit Plan Fees’ from the Action icon on the Proposal Page, to edit anyupfront or ongoing fees associated with the recommended fund.
- To edit the fees, tick the box next to the fee you wish to amend. This will openthe fee boxes and allow you to edit the fees with by % or $ amount.
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Once completed, click ‘Save’ to go back to the 'Details' page.
Portfolio (Fee Disclosure) Component
If within the Advice Constructor, you intend to select IPS as the Source of Portfolio
Recommendations, you are required to transpose the WealthSolver Generated fees, into
the IPS Fee Pages if you wish to minimize your post merge editing of your Advice
Documents. You are also free to skip this step, and manually update the Fees, Costs and
Disclosure Table if you desire.
If you use WealthSolver as your source of Portfolio Recommendations, this step is not
required.
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After modelling all the recommendations into Portfolio Portfolio > Model lio Model > Recommend Recommend Recommend, either by manually recreating your Wealth Solver recommendations or using the Implement to Portfolio’s functionality within WealthSolver, you will be required to add a Disclosure Fee Set to IPS.
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To apply the Disclosure Set, select the ‘Action But Action Button Action Button’ in the top right corner of ton the Investment Recommendations table.
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And select ‘Fees’
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From the Proposed Disclosure Fees Page, select the appropriate Account from the Account Dropdown, as well as the “Generic Generic Generic–Official Licensee Set Official Licensee Set Official Licensee Set” Fee Set from the “Disclosure fee to apply Disclosure fee to apply Disclosure fee to apply” selector.
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Under the ‘Fees’tab, is where the Brokerage and Managed Funds will be entered. To do so, select the edit button.
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After hitting edit, transcribe the brokerage fees into the Brokerage Fee Min Brokerage Fee Min Value field, the Listed Securities Fee into the Listed S Listed Securities Listed Securities Securities Value per Value per transaction field and the Managed Fund Fee into the transaction Managed Funds Value per Managed Funds Value per transaction field.
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To enter the Administration Fee, Navigate to the Tired Scales Tired Scales Tab.
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After navigating to this page, select Add under the Administration Fee.
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The Admin Trenches box will appear. Enter the end value of 1, and the Fee Minimum Value equal to the Administration Fee calculated be Wealth Solver, before selecting OK.
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After entering this final value, select Save.
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After Selecting Save, you are ready to being your Advice Construction.
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By doing these steps, the fees will then automatically appear in the appropriatecolumns in the Fees, Costs and Disclosures section of the Advice Documents.
WHERE TO GET HELP
XPLAN Help Desk
134 360, Option 1
xplansupport@mlc.com.au
XPLAN ClassroomTraining
XPLAN Create Day 2 – WealthSolver, Portfolios & Super Advice Day
Booked via ACC
XPLAN ClassroomTraining
XPLAN Revitalise - WealthSolver & Portfolios (IPS)
Booked via ACC
XPLAN Mentoring Coaching
Booked via ACC
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