Statement of Advice for Multiple names
Iress ContributorFrom 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.
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
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
courtney.youngblutt
Xtools+ are only needed if you need to include Asset and/or cashflow projections in the SOA. There are also other Xtools that can provide simpler projections / calculations.
Xtools+ provides projections for single individuals or couples. You can incorporate projections for for trusts, companies and SMSFs into that projection and if you model a trust or company, you may be able to show other beneficiaries besides the client or partner as part of the trust or company cashflow.
margaux.buganteApologies for the edit - I had originally asked what type of projections you are looking for, however I'm also wondering what type of advice it is and why its being combined into one SOA.
It seems odd to provide a single SOA to 3 separate individuals considering the need to preserve each individual's privacy and ensure advice is in the best interests of each individual based on their unique goals, needs and circumstances.The safest and most efficient way for you to proceed may be to set up a separate Xplan record for each sibling and produce 3 separate SOAs.
