Unlocking the Power of XPLAN Wizards: A Guide to Streamlining Your Financial Planning Process
Author: Chris Walls, Advice Technology Consultant
As a Licensee or advice practice, one of your top priorities is ensuring that your advice delivery process is personalised, highly efficient, and compliant.
In previous Enzumo blogs, we've delved into XPLAN optimisation for practice management and offered valuable suggestions on streamlining your processes to create positive change. This article focuses on the power of XPLAN Wizards and how they can enhance your approach to advice production.
Are you confident that your team is harnessing the full potential of XPLAN, or are you only scratching the surface of its capabilities?
Read on to see how we explore the untapped potential of XPLAN Wizards and discover how leveraging these tools can unlock a new level of efficiency in your practice.
Benefits of using XPLAN Wizards for Financial Planning
Imagine XPLAN as your one-stop shop, just like Bunnings, equipped with all the tools you need to build a solid foundation for your financial planning practice. The catch? You need to know how to utilise these tools to assemble the perfect structure effectively.
Enter XPLAN Wizards - the ultimate step-by-step, screen-by-screen instruction guide. These powerful tools are designed to simplify and streamline your experience within XPLAN, making it effortless to perform everyday functions.
There are five powerful benefits when using XPLAN Wizards:
Streamlined Data Input: With XPLAN Wizards, you can effortlessly input data from multiple modules in a single, centralised location, saving you valuable time and effort.
Compliance Made Simple: XPLAN Wizards come equipped with built-in instructions, ensuring you navigate the regulatory landscape confidently and effortlessly.
Standardised Document Outputs: XPLAN Wizards provide standardised templates, ensuring your documents maintain a cohesive and polished appearance.
Automated Document Generation: XPLAN Wizards intelligently adjust templates based on user responses or variables, significantly reducing the need for manual adjustments.
Customised Templated Text: XPLAN Wizards allow you to customise templated text, ensuring that your branding and messaging shine throughout the entire wizard experience.
Understanding the different types of XPLAN Wizards
In XPLAN, Wizards can create any business process you need or produce various documents. Here are just some of examples of what XPLAN Wizards can do.
Fact Find
This Wizard supports simple and complex client data collection, built around a single flexible fact-find template. XPLAN has so many data entry points that using a fact find Wizard ensures you capture the data you need for compliance and the advice process.
Ensuring a reliable and up-to-date record of your client's information is crucial for generating advice documents or ongoing reporting. Because, as the old saying goes, garbage in, garbage out.
Statement of Advice (SOA) / Record of Advice (ROA)
The SOA Wizard is a master toolkit of specially crafted advice templates, strategy information, and text related to products. Grouping it in one Wizard is designed to assist you with fully utilising all the research and modelling functionality available within XPLAN.
Options within the Wizard mean you can produce an advice document efficiently, requiring minimal post-merge editing. For example, the estimated time to create an SOA is eight hours. However, with the efficiencies built into this Wizard, this can be reduced to under two hours.
Review Documentation
This XPLAN Wizard produces a comprehensive review report template, including the client's situation, goals, past advice, portfolio performance, and market commentary, all in an engaging presentation format tailored to the adviser or client's situation.
Ensuring an efficient client review process and documentation production can save your team many hours of added work. For example, reducing the time to produce review documentation by 30 mins or 1 hour per client will add considerable time savings and is worth the effort to automate.
FDS/Consent Documentation
When an FDS is produced, it draws on multiple fields across XPLAN. This Wizard enables these fields to be pulled into one document while ensuring the compliance steps are followed.
How to customise XPLAN Wizards to fit your business needs
Whilst Wizards standardise processes, you can also build flexibility for individual practices and advisers. Two examples of how you can do that include:
Adviser Preferences and Favourites
These can be established for each adviser, and preferences are saved and applied to all documents produced. The need for manual editing is removed, and document production timeframes are reduced. Some examples of preferences include:
Select which XTOOLS charts and tables are to appear
Choose which insurance or investment recommendations should populate first
Other preferences that can be preset include:
Key Adviser Disclosures
Which research provider and research reports are to be included
Market commentary that should be inserted
Ability to tailor review reports to have a snapshot of the client situation or only focus on the investment portfolio
Preferred Portfolio IPS reports
When each adviser completes their preferences, each document produced will consistently appear how they wish, without additional editing or formatting.
Managed Field Content and your customised text
If your advisers have specific text they repeatedly use in advice documents, they can use the 'Managed Field Content'. Once the template text is in the system, the adviser can pull it into a document via the Wizard.
The XPLAN system can store multiple versions of templated text, which reduces the requirement for copying and pasting paragraphs each time an advice document is prepared. It also removes the risk of human error by pasting the wrong information.
Unlocking the power of Wizards
XPLAN Wizards offer a powerful way to streamline your financial planning processes, improve workflow efficiencies and reduce compliance risk. XPLAN Wizards remove the bottleneck of manually editing advice documents, meaning your advisers and client service team can spend more time adding value to clients.
By familiarising yourself with the various types of XPLAN Wizards, tailoring them to your business requirements, and adhering to compliance best practices, you can fully leverage their capabilities and elevate your financial planning processes.
Ready to level up your advice document production process? Take the next step, schedule a demonstration of our Advice Wizard Suite and discover how our Wizards can significantly enhance your practice efficiency.