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...
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
Xplan Expert
Xplan ExpertHi 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
Xplan Product
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.Hi lana.graham, our SOA is primarily product-centric as our scope of advice is limited to our in-house investment products (which is just a KiwiSaver - a form of superannuation - and a Managed Fund investment). So in this instance, if the recommendation is for the three siblings is to invest and open a joint Managed Fund, we will be providing just one SOA. We will still be capturing their own individual details, but it won't be efficient to prepare separate SOAs with the same recommendation if they agreed to have the consultation and advice jointly.
This scenario also applies when a mum and dad wants to open a joint Managed fund account with their child.
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