Quick Compare Overview

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.

• To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on July 28, 2016)

Quick Compare

Features

This allows you to compare the features and benefits of multiple plans.

• From the navigation menu under Quick Compare, select Features
  
  
  

• Click the Add Plan button to add plans to the comparison list. Filters on the left of the page can refine the list of available plans

• To select the plan, click on the ‘Select Super/Pension/Investment Plan’ button. You will be taken back to the ‘Comparison’ page. We will select the ‘Access eWrap Super’ plan to add Michael’s existing superannuation plan;
  
  

• For additional plans, click on the Add Plan button and repeat the process to add the remaining existing superannuation plans

Once 2 or more plans have been selected, a tick box appears in the top left of the Selected Plans panel which you can select to Show differences only between the selected funds.

To remove a Fund from the comparison list, click on the next to the Super Plan name

• To print a report of all of the listed plans, click on the Report button located on the top right hand-side of the page.
  
  
• The below pop up will appear and you will be able to define what you would like reported then click OK for your report to be generated.
  
  
• This will generate a PDF or Word document that you can either open or save.

Ongoing Fees

This allows you to compare the costs of multiple plans side by side. It permits the flexibility to specify the general details of the plan, insurance amounts and funds (underlying investment) providing a highly efficient method to conduct accurate and comprehensive fee analysis.

• To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on July 28, 2016)

• From the navigation menu under Quick Compare, select On-going Fees;
  
  
  

• The plans selected in the previous page Features will be seen here. If you would like to add a plan, use the Add Plan button on this page.
  
  
• In the Selected Plans panel at the top of the page, details such as the Account Balance and Investment Fund for each Plan should be identified for accurate comparisons.
  
  
• In the Account Balance row, change the status of the fund by selecting either Proposed or Existing
  
  

• Add the details of the Account Balance, for the Access eWrap Super by clicking on the Edit button in the same row
  
  

• Complete the necessary fields for the account balance, and click Back once completed
  
  
• Now the investment funds can be selected. You will notice that some funds may have automatically come through.This will occur if the plan has a default investment option. In this scenario, this has occurred with 1 of our existing plans
  
  
• To add or edit Investment Funds, select the Add Button in the Selected Investment Funds row.
  
  

• To select the investments, click on the Add Investment button and select out of the following options
  
  
  • Add Option - Managed Funds
  • Add Custom – Create an unlisted fund.
  • Add Security – Listed Security
  • Import Portfolio Modelling Target Set - A pre-set IPS Target Set (Model Portfolio)
    
    

• Select Add Option and use the filter to search for the Cash Holding – adviceLink Investment Wrap Cash Account managed fund. Investments that are frozen or closed to new investments are indicated by a * at the start of the fund APIR code.
  
  

• Select the fund by ticking the checkbox next to the fund. Multiple investments can be selected in this window and added to the list
  
  
• Click the Add Options at the bottom of the dialog box.
  
  
• Once the funds have been selected, the balance needs to be allocated to them by dollar amount, percentage, or automatically (balanced divided by number of investments). We will select Automatically

They can also be removed by clicking on the Delete button.

There is also an Asset Allocation panel at the bottom of the page that will show the break-up on the assets in the existing fund against a Risk Profile;

The Risk Profile being used will not necessary be the risk profile as the client as we are working outside the client record.

• Investment Performance Charts are also available through the Investment Performance button. This will show historical performance returns for the funds selected. Click Close to return back to the Investment Options screen.
  
  
• Click on the Back button when finished.
  
  
• Looking at the Product Costs panel, the default base costs associated with the plans have been inserted.  Amendments to any of the costs and rebates in this table can be made through the use of the Edit icon.
  
  
• A report of this information can also be generated by clicking on the ‘Report’ button.

Merge your Research Reports

When completing your product comparison you are required to merge the reports below as evidence that research has been conducted on the products.

To merge your research reports for the client’s superannuation products:

1. To merge the Product Features & Ongoing Fees Report, on the top right corner click Report:
   
   
   
   
2. In the Print Report window, select the options indicated below and click Ok:
   
   
   • If you are comparing Insurance Details of the products, you may also wish to select the Insurance Details option under Include Research Sections
     
     
     
     
3. The report will download automatically.
   
   
   • Example: Product Features & Ongoing Fees Report output:
     
     
     
     
4. To generate the Growth vs Defensive report, on the top right corner click Report:
   
   
   
   
5. In the Print Report window, select the options indicated below and click Ok:
   
   
   
   
6. The report will download automatically.
   
   
   • Example: Growth vs Defensive Report output:
     
     
     
     

Notes: Store your research reports for your client

Ensure your research reports are saved in a Note for your client as follows:

• Note Type: General
  
  
• Subtype: Research
  
  

Investments

This page allows you to add or edit investments within each of your selected plans whilst viewing the asset allocation for each of the funds side by side. If you have already selected the funds in the On- going Fees screen, they will transition through to this page automatically. Alternatively, new plans can be added here

• To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on July 28, 2016)
  
  
• From the navigation menu under Quick Compare, select Investments
  
  

• To add or edit the investment option within the plan, under the Selected Plans panel click the Add icon in the Selected Investment Funds row. The Investment Selection process is detailed above in the On-going Fees section.
  
  
• If you would like to add a plan, use the Add Plan button on this page.
  
  
• A report of this information can also be generated by clicking on the Report button

Insurance

The Insurance option will run a quote on the super funds selected in the previous screen for the criteria selected. You are then able to view a comparison of the insurance features of selected Superannuation Insurance Plan.

• To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on July 28, 2016)

Merge your research reports

When completing your product comparison you are required to merge the reports below as evidence that research has been conducted on the policies.

To merge your research reports for the client’s insurance policies:

1. Go to Insurance Research > Risk Researcher.
   
   
2. Click Create Scenario and enter a name for your scenario that is easily identifiable.
   
   
3. Under Action, select to Review the client’s Existing Policy.
   
   
   • In a scenario where you are reviewing your clients existing cover you will always need to select Review under Actions for that cover. As we are looking to replace an existing product our client holds, we need to select the Review button to compare it to other options on Wealth Axis’s APL
     
     
     
     
4. Click Next to navigate to the Premium Estimates screen.
   
   
5. In the top right-hand corner select Report > First Year Summary:
   
   
   
   
6. The report will download automatically.
   
   
   • Example: First Year Summary Report output:
     
     
     
     
7. Go back to the Premium Estimates screen.
   
   
8. In the top right-hand corner select Action > Compare Differences:
   
   
   
   
9. The screen will show as the following:
   
   
   
   
10. Click on Report and the report will download automatically.
    
    
    • Example: Compare Differences Report output:
      
      

Notes: Store your research reports for your client

Ensure your research reports are saved in a Note for your client as follows:

• Note Type: General
  
  
• Subtype: Research
  
  

Step 6: Recommendation

Superannuation: Prepare your recommendations in WealthSolver

For step-by-step instructions on how to prepare your superannuation recommendations in WealthSolver, in Zendesk go to Consolidating super funds.

Insurance: Prepare your recommendations in Risk Researcher

For step-by-step instructions on how to prepare your insurance recommendations in Risk Researcher, in Zendesk go to Increase and Replace Insurance.

Prepare your advice document: SOA Wizard

To prepare your client’s Statement of Advice (SoA):

1. Go to Advice Process > Advice Docs Generator > SOA (New).
   
   
2. Complete all pages of the SOA Wizard in sequential order.
   
   
   • To find out more about how to use the SOA Wizard to prepare your client’s advice document, in Zendesk go to SOA Wizard.
     
     
3. In the Strategy Selection page, click Add:
   
   
   
   
4. Select appropriate fields relevant to your strategy. If you wish to add additional text select the tick box next to ‘Would you like to add additional text to this strategy?’. This will give you the Additional Text tab where you can add further details relating to your strategy such as reasons for recommending your selected product and things the client needs to consider in relation to that product.
   
   
   • A more comprehensive report can be run through Risk Researcher that includes PDS extracts re. definitions, exclusions etc. if there are differences relevant to the client’s circumstances that are important to disclose
     
     
     
     
5. Once complete click Next.
   
   
6. In the Alternative Strategies & Additional Information page you are able to further expand on your recommendation reasoning and discuss alternate strategies you may have considered prior to making your final recommendation.
   
   Enter information appropriate to the strategy you are recommending:
   
   
   
   
7. Click Next to continue navigating through the wizard.
   
   
8. At the end of the wizard complete the Checklist in relation to Product Replacement: