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Kickstart 2025 with some Xplan housekeeping

courtney.youngblutt's avatar
courtney.youngblutt
Icon for Iress Contributor rankIress Contributor
2 months ago

Sounds exciting, doesn’t it? 

At the recent FAAA Congress in Brisbane, generative AI and data analytics were on everyone’s minds. I’d expect to see things like “increase automation,” “implement AI” and “delve into business intelligence” at the top of most financial advice practices’ list of new year’s resolutions as we move into 2025. How lofty (or achievable) these goals are, though, is directly related to the quality of your data. 

In May last year, Michael Barbera, Iress’s chief product officer - trading wrote this blog which revealed that “86% of financial services institutions lacked confidence in using their data to drive decision-making.” 

If you’re in that majority, why not use the quieter period over January to put yourself in the best position to achieve your data-driven goals with a little Xplan housekeeping? The data-driven insights, AI efficiency gains and exceptional customer experience wins are definitely worth the effort.

Your Xplan housekeeping checklist
1: Audit your data

Take the time this January to identify gaps or discrepancies in your CRM data. Use Xplan's comprehensive advanced search criteria and Xport capability to identify clients with missing or outdated information and look for inconsistencies in data across the different sections of Xplan. You can then:

  • Review and update client contact information; ensure mobile numbers are entered to enable SMS.

  • Merge duplicate records, archive old records, delete unknown entities, ensure categories, and entity statuses are up-to-date, review client adviser roles and update using auto set.

  • Verify compliance data is recorded correctly (FSGs, identity checks, date of last SOA, risk profiles and review dates).

  • Review open cases and ensure benchmarked activities are completed and relevant documents linked.
2: Tackle your task list

Do you feel like you spend more time moving out due dates on your task list than you do actually completing tasks? A to-do list is meant to help organise your day, not make you dread it. Set yourself up for success by ruthlessly tackling your task list:

  • Use the new Task Hub to filter and group outstanding tasks for efficiency.

  • Complete quick tasks immediately.

  • Delegate tasks where appropriate, or ask for help.

  • Set realistic deadlines for remaining tasks.

  • Review workflow templates to streamline processes, make use of checklists, and avoid task overload.
3: Dig deep and resolve datafeed issues

Datafeeds were never meant to be set and forget; they require ongoing monitoring and maintenance. Imagine the efficiency gains and sheer delight of confidently letting your clients log in to Client Portal or entirely automating the process of sending out quarterly reports.

Are you ready for DBFO Tranche 1?

Changes to ongoing fee arrangements (OFAs) as part of the Government’s Delivering Better Financial Outcomes (DBFO) package came into effect on January 10. Are you Xplan ready?

  • Read about the changes we made in Xplan here.

  • Review and update client records, ensuring all consents and agreements are documented.

  • Ensure the team understands the changes and their role impacts.
What did you miss?

2024 was a busy year, and while you were working hard on your business, we’ve been working hard to deliver to our product roadmap. Have you missed the release of Xplan updates that might make an impact on how you work?

Take the time now to review our Financial Advice 2024 Roundup to see how our product enhancements can add efficiencies and enhance the way you work in 2025. 

For example, you might not know that:

  • Xplan now integrates with Docusign.

  • We introduced new document note features including the ability to search for keywords in attachment and images, note tagging and the merging of multiple notes.

  • We have new intuitive portfolio screens with enhanced features.

  • We enhanced SMA capability across Portfolio, WealthSolver and IressNet and you can now model on the underlying funds in WealthSolver.

  • WealthSolver has integrated with Risk Researcher bringing insurance features and quote access directly into WealthSolver.

  • You can model investment bonds in Xtools+.

  • Enhanced aged care modelling is available in Visualise.
Leveraging your data

Once your Xplan data is in order, you're set to reap the benefits:

  • Enhanced compliance – you’ll be well-prepared for audits and regulatory changes.

  • Improved client service – efficiently provide more personalised and timely advice.

  • Efficient operations – spend less time entering and checking information and more on value-added activities.

  • Powerful insights – gain accurate and actionable insights to drive your business forward.

Automate and experiment to see just how far you can take the efficiency gains.

Your next steps

Ready to give your Xplan the spring clean it deserves? Here's what you can do right now:

  • Block out time in your calendar this January for your Xplan clean-up.

  • Share this post with your team and assign responsibilities.

  • Check out Iress's Xplan resources for tips on using Xport reports, Scheduler, datafeeds, and other data management tools in the Iress Community.

Finally, make housekeeping a habit! A one-time clean-up is great, but maintaining data integrity should be an ongoing practice. A little routine maintenance can lend itself to a lot of efficiency gains in the long run.

Updated 2 months ago
Version 2.0
  • luke.watson3's avatar
    luke.watson3
    Icon for Advisely Contributor rankAdvisely Contributor

    One of the best tools to use is the bulk update option. I did a big clean up last year and updated/categorised clients correctly into the most appropriate service packages, updated the staff listed for each client to have the correct admin, secondary adviser, paraplanner and adviser listed. Such an underrated tool, and may well be blocked on some users accounts by licensees??! 

  • If you have any questions about how you can better kick-start your year with Xplan, I highly encourage you to post a question in courtney.youngblutt 's AMA thread here.

    She'll be online on Advisely on Wednesday 12th Feb from 3pm-4pm AEDT to answer all your Xplan questions live in this text-based Q&A!

    Post a question

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