Krupa Bhana

Improving SOA Generation

Blog Post created by Krupa Bhana Employee on May 9, 2018

The Statement of Advice preparation and generation is a crucial part of providing quality advice to your clients. XPLAN offers options that can draw from various modules of the software to assist in delivery of advice to your client concisely and efficiently. This article will provide you with some insight as to how XPLAN can help you improve this process and assist in delivering some efficiency gains for your practice.


The below table represents how we see XPLAN assisting with the Holistic Advice journey, and we believe your process should look something like this.



Last month we covered the automation of the Prospect journey, so we will pick up where we finished that journey and focus on the first meeting. The key to the first meeting is making sure you understand your clients key goals and current position. We know that this process of collecting data can be both painful and time consuming. Yet it remains one of the most critical components of the advice life cycle.


One of the most effective ways of improving the data collection process is to have the client provide you with their information. Rather than having your adviser sit in the first meeting filling out a fact find, you could have the client get the bulk of this information out of the way before this meeting.


Your client can utilise a Client Online Access login to complete your practice's fact find in their own time.


The Benefits

  • Allow the adviser to spend first meeting with the client getting to know them, building trust and rapport. 


  • The client has the opportunity to use a clean and professional interface to provide a snapshot of their situation. It also allows them to work through the fact find at their own pace.


  • Data protection and assurance will be improved by your clients using Client Online Access. When clients upload information to Client Online Access and this feeds directly into XPLAN fields and file notes. This is more secure than capturing information over email or in paper form.


  • You can reduce the time to turnaround advice documents by:
  • Being able to trigger workflow for your staff as soon as the client has finished the fact find, minimising potential delay associated with standard post and email correspondence to gather client information.
  • Reduce the administration burden on your staff by allowing client inputs on Client Online Access to feed through to XPLAN.


  • Ensure your practice maintains a high level of compliance. As your clients are the ones providing the information themselves. Your practice can be confident that the advice they are preparing is reflective of the clients situation.


  • Reallocate resources to tasks that add value to the client experience and level of service.


XPLAN functionality can also be utilised through the preparation of Statement of Advice documents via Scenario Wizards. We can configure your Statement of Advice template to a Scenario Wizard and this will allow you to merge the client data, research and modelling stored in XPLAN into the Statement of Advice.


This will not only reduce the time it takes your Paraplanner to prepare advice, but will allow you to reinvest resources to ensure ‘Best Practice’ measures are being met. Scenario Wizards are designed to be situational, which means you can save each advice document as a snapshot in time. This is really important in audit situations to be able to provide evidence of the work involved with preparing the advice. Please note that the responsibility of compliance for the content of the Statement of Advice remains the responsibility of the Licensee.


One of the problems we also see practices dealing with is clients with simple advice requests. These Statement of Advice (SOA) documents should be simple to produce. However because most practices have a single paraplanning team, they have to fit within the traditional workflow and timeframes with comprehensive SOAs. These sorts of simple SOAs form part of what we refer to as scaled advice.


IRESS has a tool to assist advisers in the scaled advice journey, XPLAN Prime. Prime is a guided objective-based advice solution that allows for a more streamlined and efficient advice process.


We know that advisers can come across clients who are only interested in a particular objective, and have no interest in holistic advice. This is where XPLAN Prime can be a solution for a more scaleable approach. It will allow advisers to reduce the advice preparation time from weeks to potentially hours. For the simplest advice strategies like a single super rollover, it is possible to go from fact find to presentation of the SOA in the same meeting.


XPLAN Prime leverages XPLAN modules through the use of APIs to deliver this offering. You will require 5 modules – Client Focus, Xtools+, WealthSolver, Risk Researcher and IPS for XPLAN Prime to function.


Where To From Here


I would highly recommend the following;

  • Think about your Practice's current processes and even map them out. It will assist you in understanding any gaps that are present, and make you aware of areas you wish to change.


  • Research current modules via the Insights Community and Classroom Training. This will put you in a more informed position to have a productive discussion with your Account Manager regarding improvements to your current process. 
  • If you are interested in seeing a demo for XPLAN Prime please contact your Account Manager.


If you have any further questions regarding the article above, contact your Account Manager or email