margaux.bugante's avatar
margaux.bugante
Active Interactor
11 months ago

Statement of Advice for Multiple names

Hi Team,

Just want to ask if anyone here has onboarded accounts in Xplan that involved three siblings and not a couple? Do you load them as individual clients in Xplan? If so, how can you prepare a joint Statement of Advice (SOA) for all 3 names?

Thank you,

Margaux

xplan

7 Replies

  • courtney.youngblutt's avatar
    courtney.youngblutt
    Icon for Xplan Expert rankXplan Expert
    11 months ago

    Hi margaux.bugante

    From a data entry perspective, you could add all 3 as individual records and link them via the client group.

    If using WealthSolver to model investments, you can then pull the related entity into a WealthSolver scenario created against one of the clients.

    And in Portfolio, you can create a shared portfolio to hold the investments:

     

    An alternative approach could be to add a single Trust record (Named: John, Jane & Jo Example) and provide the advice to that entity.

    In either case, it is likely that the SOA will need to be manually edited post merge, as it is unlikely that it would have been specifically coded to cater for this situation.

    If your SOA design allows you to prepare advice direct to the entity, opting to create a trust record may be your best bet.

    I'm also interested to hear how others have handled this use case.

    • margaux.bugante's avatar
      margaux.bugante
      Active Interactor
      11 months ago

      Thanks Courtney for this. We don't use WealthSolver, but can this be done/used for Xtools & Xtools+? At the moment, we do manually edit the SOA post merge for tricky scenarios like this. So I guess it will be up to us to assess which workaround will take longer to edit as our Trust SOA is coded (and worded) quite differently from an Individual or Joint SOA. 

      Hoping others can also share how they've dealt with similar scenarios 🙂

      • courtney.youngblutt's avatar
        courtney.youngblutt
        Icon for Xplan Expert rankXplan Expert
        11 months ago

        Hi margaux.bugante, while you can model a 'trust' in Xtools+, tax rates etc may be incorrect. It would depend on the use case and investment structure being recommended - lana.graham any suggestions on how to model for 3 individuals in Xtools+?

  • lana.graham's avatar
    lana.graham
    Icon for Xplan Product rankXplan Product
    11 months ago

    margaux.bugante 
    Are you providing advice in NZ? If so, you would use the NZ Xtools+ Cashflow tool.
    The info I shared above was regarding the AU version of Xtools+.

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