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Xplan Hacks

Tips to generate advice out of Xplan

Advisely-Team's avatar
Icon for Advisely Team rankAdvisely Team
9 months ago

Xplan provides a lot of automation and efficiency to the advice process, but only if the information and settings in the system are set up correctly.

In addition to having the client’s details all up to date in Xplan, there are lots of other settings and information that can help to build efficiency into the process. Following are some tips for ensuring your Xplan is set up to suit your practice’s preferences. 

Note: All Statement of Advice templates may be coded differently, these tips are general in nature and may not be specific to your licensee’s templates. 

1. Most advice templates should bring through the adviser’s details from the adviser profile in Xplan. Therefore, taking the time to ensure that the following information is up to date in Xplan will ensure that the correct information comes through into the document:

  • Authorised rep or Adviser number information
  • Job title & qualifications
  • Contact information: email, phone number, address details
  • Fee splits

2. Ensure that your Risk Profiles and Assumptions are up to date in Xplan. This information not only feeds through into advice documents, but impacts the modelling and projections completed in Xtools+ and WealthSolver. 

  • In the Assumptions area ensure that the following is up to date:
      • Risk Profiles
      • Asset class returns
      • Economic data

If you don’t have access to this area in Xplan, contact your site administrator for assistance. 

  • Ensure that the client(s) you are generating the advice for have the correct Risk profile selected. 

3. In WealthSolver you can set up the following:

  • If you use white label products or special rate cards:
      • Derived plans allow you to make a copy of the base/original plan to apply your custom options and discounts.
      • Information on derived plans available here via the Iress Community and also in the WealthSolver training within the Iress Learning Centre.
  • Discounts to MERs or custom investment options
        • Use custom products and add them to original plan, derive plan if required.
  • Model portfolios & managed accounts:
      • Target sets can be set up and linked to the Plan in WealthSolver
      • SMA products can be added to the system either by the platform or as custom product.
      • Information relating to Target sets can be found here and training is available via the Iress Learning Centre. To register, type Target Sets into the Search by Name or Description filter in Find learning.
  • Approved product list:
      • Set up your licensee’s approved product list. Information on how to set this up is available here

4. In Risk Researcher you can set up the following:

  • In System settings the following can be set up:
          • Default adviser commission splits
          • Default fee structures
  • Approved product list:
          • Set up your licensee’s approved product list. Information on how to set this up is available here
  • Adviser settings:
          • Advisers can update their own settings via Risk Researcher > Settings > Adviser Defaults (as pictured), to update:
          • Default scenario selections
          • Underwriter default commission structures
          • Default option selections
          • Validation settings: allows you to connect to providers for specific adviser discounts applied to quotes.
Updated 5 months ago
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