IRESS’ XPLAN Prime is an advice solution designed to deliver a guided, scalable and objective-based advice process, from initial engagement through to advice generation, for the broad mass-affluent demographic. Prime enables a highly optimised advice process, with automated selection of initial strategy recommendations which the adviser can then vary and build on.
Prime is a guided advice solution that enables the provision of objective-based, scalable advice by providing a streamlined, highly optimised and efficient advice process. Prime leverages the holistic XPLAN advice platform to enable a streamlined process from initial engagement of the client through to implementation. It offers a wide breadth of functionality through specialist modules attached to a central CRM.
The specialist modules provide functionality for product research and comparison, calculators and projections, portfolio construction and advice fee calculations and comparison. XPLAN enables Prime via APIs (Application Programmable Interfaces), with Prime providing a highly defined advice process that reuses XPLAN’s specialist logic and functionality in a way that streamlines the advice process.
Prime leverages the client management, advice process, calculation, portfolio and research functionality of various XPLAN modules presented in a pre-defined, engaging and simple advice journey designed to be used collaboratively with clients. Optimisation of outcomes is a key facet of Prime with a range of optimisation methodologies and licensee configuration used to determine the most appropriate strategies and recommendations.
Prime draws on the breadth of available functionality and research without the Adviser needing to determine the required components. With a focus on outcome optimisation, Prime presents the best course of action, rather than access to a mere toolkit. This improves consistency of advice and ensures the Adviser is focused more on engaging with the customer on their objectives and educating them instead of iteratively modelling available strategies to determine the approach.
Prime presents an objective focused solution and advice process. The advice journey comprises:
- Discovery of client situation and advice needs via an engaging single screen visualisation of customer financials. Non-linear exploration and recording of client financial information builds around Objective capture, scoping and prioritisation panel.
- Objective-driven Facts data capture, eliciting goal details and ensuring data captured is relevant to the scope of advice. Together with the objectives, this defines the scope of the client advice.
- Strategy modelling with comprehensive optimisation functions to determine the recommended set of strategies to maximise achievement of the objective based on available resources in each strategy area. Manual adjustment of recommended strategies can be used to allow for customer preferences or constraints, with the ability to compare the outcomes of the optimised and final combination of strategies
- Each Objective has its own product recommendations. Prime provides rules-based product selection based on fees and appropriateness, offering a comparison with other products available in the market
- An Advice Summary to summarise the advice across all modules in scope for the current advice case, including cross-strategy affordability check. This includes a Fees calculator which can be configure to calculate based on case complexity. A summary of fees for recommended products is included.
- An SOA generation step, leveraging the powerful Xmerge functionality and giving the ability to include the content from Prime and the underlying modules in a generated document.
- An Acceptance step, where recommended strategies and products can be selectively nominated for implementation now or later. Acceptance can lead to Implementation where required workflow processes and electronic application actions can be commenced.
The targeted advice process and high level of optimisation of recommendations combine to significantly reduce the time taken to deliver scaled advice.
Advice generated in Prime is highly optimised to increase efficiency, increase consistency and reduce time taken by Advisers in manually determining strategies and products to recommend. Prime leverages the considerable modelling and product research capabilities of XPLAN, but the conditions for when these strategies are applied in Prime is determined by the licensee through configuration of Prime.
Loren Lane is an Account Manager with the Practice Solutions Team.
This article was written for the August 2017 Edition of the Practice Solutions Newsletter.