WealthSolver - Overview and Navigation
WealthSolver Overview and Navigation
The purpose of the WealthSolver user guide is to provide instructions on how to:
- Correctly enter your client’s investment information into XPLAN
- Create a scenario in WealthSolver
- Use WealthSolver to recommend a rollover of superannuation
- Use the comparison tools available within WealthSolver to compare superannuation, pension and investment plans
XPLAN’s WealthSolver brings together all the information you need to deliver timely, compliant advice. It gives you the power to search, compare, analyse and provide recommendations based on your client’s specific needs with rich visual tools.
- To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Dec 3, 2018)
Key Features of WealthSolver
- Detailed information and ratings for over 1,200 products
- Flexibility to integrate your product lists
- Simple and complex needs analysis
- Scenario and premium modelling
- Premium validation
- Product comparisons (current and expired products)
- SOA integration
- Push quote data to insurer quote software
- Access on any device
Introduction to WealthSolver
WealthSolver is an investment planning advice and comparison tool designed to provide you with an efficient process in which to construct and implement analysis advice of superannuation, pension and investment products.
WealthSolver is underpinned by a comprehensive product database that provides a wealth of information around costs and intangible plan features, which can broadly be split into the following categories:
- Product Features
- Insurance
- Investment Option Details
- Underlying investment options with ICR and Asset Allocation data
- Fees
The data within WealthSolver may be used to:
- Calculate fees based on fund/plan fee structures, and client-specific balances and contribution levels
- Compare intangible features and benefits
- Compare the cost and features of insurance cover within superannuation
- Consolidates amounts in multiple funds to compare fee impact
- Provide future projection analysis
- Incorporate super and non-super strategies into an efficient Statement of Advice document.
WealthSolver Benefits
-
Easier comparisons: With detailed information for over 800 superannuation, pension and investment products plus your own customised solutions, WealthSolver makes it easy to confidently compare options when giving advice.
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Faster recommendations: You can quickly show your clients a complete side-by-side comparison of their current and proposed positions when making recommendations and highlight all the key points, including asset allocation, performance and fees.
- Better compliance: WealthSolver lets you merge all the relevant information into a clear and compliant Statement of Advice (SOA) enabling fast turnaround and saving you valuable time.
WealthSolver and the Advice Process
WealthSolver is designed to be used in conjunction with other modelling tools, such as Portfolios (IPS), Risk Researcher and XTOOLS+, within the advice construction process.
The three key areas that need to be addressed for the successful use of WealthSolver as part of your advice construction process are the Data Entry, Research & Recommendation components.
WealthSolver and Data
Entering Investment Data into IPS
Correct Data Entry is essential to the correct functioning of WealthSolver. If entered correctly, all investments and recommendations will only need to be entered once.
When receiving investment information for a new prospect, the first point of Data Entry should be completed within the Portfolios (IPS) screen either via the Client Profile Wizard or via accessing Portfolios from the Client Menu.
- Within Portfolios, create a Portfolio Account for each investment platform and enter holdings. If investments are being updated by a Datafeed, this will already have been established.
| Note: WealthSolver is not integrated with the Portfolios module, and only items entered into the Financial Details area within the Client Menu come through correctly. Any investments entered only in IPS will appear in WealthSolver as “Other holdings”. |
Setting up plans in Client Focus
The next step in the Data Entry process is to enter in the basic information of the super/pension/investment platform with the Financial Details area and then ‘link’ the platform to the investments previously entered in Portfolios.
- Either from the Client Profile Wizard or from the Client Menu, access Financial Details and enter in the client’s super/pension platform in the ‘Super and Retirement’ section, or for investment platforms, in the ‘Balance Sheet’ section.
Linking IPS to Client Focus
-
After the basic information is entered, within the Details tab, click the ‘Link’ button to link this account to the information previously entered in Portfolios.
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Select the portfolio account from IPS to link to then click OK, then click ‘Save’ on the next screen.
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All IPS information will flow through to the Client Menu investment area and will be imported automatically into any new scenarios created in WealthSolver.
Once the data has been input correctly for all related entities, all platforms and their underlying investments will automatically be brought through to any new scenario created within WealthSolver for that client.
Accessing WealthSolver
There are two ways of accessing WealthSolver, one through an individual’s Client Menu, and the other from the ‘Home’ button.
The differences between the two are important as your options that are available are different depending on the way you access the tool.
Differences between the two ways of accessing WealthSolver:
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WealthSolver from the Home Menu
In this section, you will learn how to access WealthSolver to carry out detailed plan research to assist making recommendations for your clients.
Further information on WealthSolver from the Home Menu here
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WealthSolver from the Client Menu
Most frequently, you will access WealthSolver from the Client Menu when preparing your advice.
Further information on WealthSolver from the Client Menu here
Proposed Scenario
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Further information on Proposed Scenario here
Quick Compare
The purpose of this guide is to provide you with an overview of WealthSolver's Quick Compare function.
Quick Compare is used to compare the features, costs, investments and insurance of various plans side by side. Plans selected here will automatically carry across to the other comparison pages under this menu.
Further information on Quick Compare here
Research
The purpose of this guide is to provide you with an overview of WealthSolver's Research function. Research is used to view the investment research data available within WealthSolver.
Further information on Research here
Knowledge Base
The purpose of this guide is to provide you with an overview of WealthSolver's Knowledge Base function. The Knowledge Base menu within WealthSolver provides you with easy access to reference material that may be of value during the recommendation process.
Further information on Knowledge Base here
Super Rollover Strategy
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Further information on Super Rollover Strategy here
Dashboard Widget
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Further information on Dashboard Widget here
Custom Products
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New Macquarie Consolidator Products
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.
Further information on New Macquarie Consolidator Products here
Settings
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Further information on Settings here
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