Composer | User Training Material

This user guide will help you get started producing advice documents using Composer. Last updated: August 2021 for Composer v10.0.

Introduction

Advice Composer is an advice wizard designed as a goal-centric, multi-entity, scenario-based advice framework. Integrating with IPS (IRESS Portfolio System), Risk Researcher, WealthSolver, and Xtools+, the framework supports the following advice types:

  • Comprehensive Statement of Advice (SOA)
  • Record of Advice (ROA)
  • Risk only advice
  • Strategy only advice
  • SMSF advice.

Goals based

Advice Composer helps clients understand the link between the advice provided and the objective the advice is designed to meet.

XPLAN best practice design

Advice Composer has been designed for using all of XPLAN’s functions and features enabling practices with large teams and small to maximize the value of their XPLAN licenses.

Fact Finding

Complete your fact find. The Persona fact find has been designed to integrate directly with the advice wizard ensuring that effort in data entry is not duplicated and time is not wasted.

Advice Request

The Advice Request wizard has been designed to plug the gap between the fact find and the Statement of Advice.

Modelling

Advice Composer integrates with all XPLAN’s key modelling tools. Modelling completed by the adviser or other users can be preplanned, then linked to the Advice Request wizard or directly to Advice Composer.

Benefits:

  • Allows your team to access all functions of modules rather than the limited set of functions available through embedding each modelling module within the wizard.
  • Supports the creation of several models and projections to pull through the most appropriate modelling within the advice scenario.
  • Staff can work in parallel on modelling the same client without everyone trying to be inside the advice wizard at the same time.

Advice Composer strategy library consists of about 150 different advice strategies that can be selected and adjusted directly in the wizard for your client.

Getting started

To begin an advice scenario, select a client and navigate to the advice wizard.

Scenario index screen

The scenario feature saves all the settings and options you chose during any specific advice journey. Each time you open the wizard, you have the option to open an existing scenario and continue working on it, start a new scenario, or take an existing scenario and ‘save as’ to create an alternative version based on this scenario.

Entity Advice Selector screen

Advice Composer supports the selection of the exact entities to be included in your advice.

Scope of advice

The Scope of Advice screen sets the subject matter for the advice being given.

Advice Entity: Defined by the entity selector on the previous screen

Type of Advice: Options include

  • Statement of advice
  • Strategy Only
  • Risk Only
  • Record of Advice

A goals-based scope of advice is driven by your client’s objectives.

Advice Configuration

Current situation section

Clicking Yes to Review Client details in this wizard if you would like to see all the client situation screens.

Include Sections

Selecting items in this list will add them to the advice document and add relevant screens to the navigational menu.

Client objectives

Goals & Objectives screen

Sourced from the fact find, the information entered in Client Objectives will drive:

  1. The scope of advice and therefore the sections which will appear in your advice document.
  2. The strategies and modelling output of your advice.

Adding a new objective to your advice

While creating a new objective you must ensure that the following parameters have been correctly configured:

  • In Scope? Select [ IN SCOPE ] to include the objective in your advice.
  • Owner: Who is this objective for? [client, partner or joint]

Client details

Client details screen

The Client Details screen contains the personal details field groups you are likely to find in the fact find and client focus in XPLAN such as:

  • Basic details
  • Address details
  • Employment
  • Estate planning

Risk profile screen

The client risk profile details contain all the standard risk profile elements from XPLAN. A review of this detail is an important step in the process.

Strategy recommendations

Strategy recommendations screen

Recommended Strategies: Click the Add button to link a strategy to the in-scope objectives. This is explained further under “Selecting a Strategy”.

Recommending a strategy

Advice Area: Select the area of advice you would like to source the strategy text from.

Strategy: Upon selecting a strategy, all text fields within the tabs pre-populate with the strategy content.

Freeform strategy text

Freeform text provides editable access to the strategy content directly in the wizard.

Advice Modules

XPLAN Modules screen

Increasing the value you get out of XPLAN is easier when you can integrate XPLAN’s various modelling modules into your advice document.

IPS screen

Portfolio Date: If you would like to use an earlier date for the portfolio valuation, then enter a date.

WealthSolver screen

A WealthSolver proposal must have the status RECOMMEND AND ACQUIRE to be included in your advice document.

Insurance Recommendations

Insurance Product Recommendations Reasons Enter the reasons and consequences for your recommendation into the free form text fields supplied.

Better Position Statement

If you elected to include the better position statement section, you will be asked to provide input into this area.

Alternative Strategies & Products

In this section, enter details of any alternative strategies that were considered, and the reasons why they were dismissed.

Ongoing service

Recommendation: Select the type of ongoing service arrangement you are recommending to the client.

Fees and disclosures

Advice fees (non-product)

Initial advice fees: Enter the Advice preparation fee and implementation fee where applicable.

Action plan

The action plan page allows you to create an action plan to give your clients. Tailor it to suit your clients' particular actions.

Safe harbour checklist

Best Interest Duty: You must act in the best interests of the client in relation to the advice.

Generating the advice document

Click Merge SOA button to generate the Statement of Advice.