14th August AMA: We're Leah, Xplan expert, and Rob, IressNet product manager, Ask Us Anything!
If you're aiming to scale, enable client portals, or cut down on admin, reliable datafeeds aren't optional — they're essential. But are you managing them efficiently? For example, do you have questions on: What is the most efficient way to stay on top of datafeeds? How to set up alerts before issues snowball? Plans for how to get them under control when you have not given them attention? If not, join myself and rob.borthwick here on Thursday, 14 August from 3pm to 4pm AEST. We've helped hundreds of practices clean up and streamline their Xplan datafeeds – and we'll be live in the thread answering your questions. Start popping in your questions below and Ask Me Anything! 💬 This AMA is text-based, so we'll answer your pre-submitted questions in the scheduled time. 📆 Click here to save the date in your calendar. 🔔 Don’t forget to hit the bell in the top right corner to be notified. 🎙️ Let us know what you thought of the AMA and what topics you would like to see next here.
Risk Researcher - How can I update the owner to super fund for super-owned cover?
Hi brain trust, When I click REC button in Premium Estimates section, this product appears on Recommendations section. However, ownership for super-owned policy is the client's name. How can I set it up to 'Superannuation' automatically?🤓Xplan Hint: DBFO consent comes to Xplan Risk Researcher
Did you know Risk Researcher now enables you to document client consent for insurance commissions? As many of you know, from 9 July 2025, advisers providing personal advice on life insurance will need to obtain informed client consent before implementing advice or receiving commissions. (Delivering Better Financial Outcomes (DBFO) Act 2024,) Now, you can easily record client consent using the new Insurance Commission Consent (ICC) column in Risk Researcher’s recommendations screen. It allows you to indicate whether consent has been received for each product you recommend. And yes, there’s new merge syntax available so you can include the details in your documents. This update was the result of conversations with several of you. Many shared that consent would typically be captured in their Advice documents (e.g., ATP) or other consent forms. For more information, check out the community article Meeting DBFO informed consent requirements in Xplan. Now that Risk Researcher supports consent tracking, and lets you include it in your documents, we’re also thinking ahead. Are there other ways you’d like to use this data? We’d love to hear your thoughts around any other use cases you see for insurance fee consent. Let us know in this thread!Benefit for advice businesses that offer general insurance to HNW clients goes beyond good service
I have read many articles over the years about servicing High Net Worth (HNW) clients in the financial services industry; however, most businesses that put together a HNW Best of Breed service model do it without looking through the eyes of their clients. In fact, very few businesses have a model that effectively and comprehensively services the needs of HNW clients. HNW individuals, professionals, families and business owners, typically have considerable estates with complex accounting and taxation requirements. This complexity requires a broad range of financial services, a clearly articulated value proposition and the ability to work in tandem with the client's accountant, lawyer, life insurance advisor and finance provider. HNW clients also tend to stay with their planner for the long term and are often brand ambassadors for the planning business referring the practice to their network of peers, friends and family members. Hence, HNW clients can be both challenging and rewarding as they want their planner to intimately understand their personal, business and family dynamics as well as their estate planning aspirations, cash flow, assets, liabilities, taxation situation, etc in order to manage their account holistically. HNW clients own many valuable assets and possessions such as larger homes, fine art, antiques, jewellery, etc. that require the need for asset protection – and yet many accountants and planners fail to provide a general insurance service as part of their Best of Breed offering. In these times where business growth is a scarce premium – expanding the HNW client offering should be as easy as increasing your service offer! I raise this perspective because, over the last few years, there has been an increase in M&A activity within the general insurance market from overseas businesses. This mirrors their past interest in accounting and financial planning businesses. Recently, I have been approached by overseas buyers looking to purchase general insurance broking businesses from $1M - $20M in revenue. I have also helped to facilitate general insurance brokers into high-net-worth accounting/Financial Planning businesses to service their HNW clients. At the present time, general insurance broking firm valuations have EBITDA multiples higher than both accounting and financial planning businesses. Sometimes the best opportunities are simple and, by offering comprehensive and holistic financial services that include general insurance, ensures all aspects of the client's financial picture are considered and integrated into a cohesive plan. Not only does this comprehensively address each client's unique challenges and goals, it increases the value of the practice and reputation of the business.
