Alexander Klomp

Automating ROAs and Reviews

Blog Post created by Alexander Klomp Employee on Mar 1, 2018

What a start to the year! We've heard a lot of great news from many of you over the last few months, as well as a lot of questions. One of the hottest topics we've been asked about is automating compliance processes.


It's been a few years now since FOFA came in, and with the first 'cycle' around, many of you (myself included!) was hesitant about letting the process be taken out of our hands. Many wanted a 'hands on', case-by-case approach with each client, and that made a lot of sense when trying to extrapolate the details the new legislation was placing on your business. The requirements weren't too difficult, but they were new. Business processes needed adjusting, client value propositions needed tweaking - and to then let technology at the problem was a bit much at the time.


Now that we've come around the second 'cycle' of FOFA, many Practice Managers, Advisers and Client Services teams have been asking "there has to be a better way". So we listened, and put together a webinar that covered off on some of the main areas that we hear people asking for more information about.


This month, we ran a webinar on the processes around:


- Improving your Reviews Process

- Automating the ROA Process

- Building a Zero Intervention Opt-In Process


Also for the first time, we've recorded the webinar! So I'll keep this article light, as if you want to dive into more detail - you can watch the recording of our session from the 22nd February 2018 here.


Building Better Reviews


Here at IRESS we highly recommend the use of tasks and threads to build consistency within review processes. This can allow you to have automatic activity occur at the completion of tasks, allow tasks to be assigned dynamically to the relevant team member who needs to perform that task and most importantly, ensure that there is a consistent and repeatable process for your business, reducing training time, process complexity, audit pressure.




The above process will allow you to do precisely that. We've designed the process to allow it to integrate with other threads or cases you may have in your business as well as take advantage of automatic activity, sending clients FDS documents, review documents as well as diary invitations to clients.


Hot Tip: XPLAN can automatically mark reviews as complete when a thread is completed, and also set the next Review date in accordance with the previous review's frequency!


Automating ROAs


The logic we used here is based on functionality in XPLAN version 2.25 - so make sure you check your site version before diving into building this one! What we've tried to use here is  Alerts Manager and  Digital Signatures to build an ROA process that will help you get clients providing approval faster.





By using Digital Signatures we can have clients signing off on changes in their portfolios without needing to utilise email and print documents off. We can also use Alerts Manager to trigger the ROA process at the beginning by alerting the adviser to changes in a client's portfolio valuation, change in portfolio asset allocation or any other metric we see fit.


This will allow adviser's to more proactively manage their client's portfolios and be on the front foot with making recommendations and changes to their portfolio.


Zero Intervention Opt-In


This last topic we covered in this month's webinar was more of a hot tip. A lot of businesses don't know that XPLAN has Opt-in Email Syntax. Using this in conjunction with either Scheduler or Alerts Manager can allow you to have clients automatically opt-in to your services without your intervention.



With the use of a couple of set alerts, you can have this process repeat twice before kicking off a task or thread for the adviser to manually intervene and follow up the client if they believe they are at risk of terminating.



As you can imagine, there is a great deal to consider when integrating technology into a practice like we've described here. The above processes won't work for every practice so we highly recommend you speak with your Account Manager or Account Executive about how you can build something similar for your business.