Blog / Wealth Management

In this series, our expert wealth management software consultants share their observations and tips to help you get the most from your advice technology. Here we look at where technology can streamline the non-client-facing, non-revenue-generating elements of providing advice.

If only running a successful advice business required just the delivery of quality financial advice. But, we all know there’s a great many demands on your time such as coordination and planning to ensure advice is timely and cost effective as well as appropriate and good quality.

This is where your advice management software moves centre stage.

Joining everyone up
There’s often a number of different teams and individuals working across the advice process, requiring robust management around the sharing, collating and storing of information, to ensure you have the required evidence that the advice was produced in the right way with the right client outcomes in mind.

XPLAN, allows you to utilise the ‘Case Management’ functionality which aims to bring process and artefact (such as a factfind) collation together. A case is made up of two parts, the workflow that provides task guidance throughout the advice journey and the ‘Case Benchmark’ set which is the collation of the multiple artefacts of the advice.

If only running a successful advice business simply required the delivery of quality financial advice.

We recommend thinking of a case as being like a suitcase to new XPLAN users. One that holds all of the items that are relevant whilst the ‘person’ carrying the suitcase along its journey is the workflow. There are standard cases that you can utilise either with or without workflow; or you have the tools within XPLAN to create your own.

How cases can be used
A case can be activated right at the start of the advice journey, manually or automatically by another task or process. Here’s how:

  • From as early as the prospecting stage you can collate initial appointments and conversations into a case. The adviser then updates a lead, and this gets linked automatically. (This in turn can help with MI to understand the connection between leads and advice provided).
  • An adviser can start the KYC process by producing a client factfind. Once ready, it’s captured using the ‘print’ command and auto saves to the client’s record within a ‘Doc Note’. The same can be done for the attitude to risk and identity verification documents.
  • By giving everyone in the business permission, they can add and link items to a case for the part of the advice journey they are responsible for, however ultimate ownership remains with the adviser for them to check before completion and to stay on track.
  • Once a case is complete, a feature called ‘Audit Sample Manager’ can locate relevant cases for compliance checking on a schedule of your choice and can also schedule workflow for compliance checkers. 
  • If details later change, the history of the advice is not lost and there's no reliance on keeping paper records. The information saved in the ‘Cases’ area or in ‘Case Summary’ provides a snapshot of the data that existed at the time of the advice, using the chain link icon

With permission, everyone in the business can add and link items to a case for the part of the advice journey they are responsible for.

There are three stages to creating a case in XPLAN.

  1. Build your own by going to XPLAN > Administration Functions > Case Benchmarks. A ‘case benchmark’ enables you to capture and link the required documentary evidence associated with the advice process. The first step is to create the individual items; such as the factfind, KYC or ID verification outlined above.
  2. Collate your benchmarks into a set, selecting each one in turn to the set using the ‘plus’ button.
  3. Create a case thread. This is created in the same way as any other workflow thread. Once created, with or without underlying workflow tasks, the case benchmark set can be linked to the case thread. It’s generally advisable to name both of these the same for ease of use, but you can add the one benchmark set to multiple process threads if required.

Once connected, you’re ready to go!

These functions to set cases, benchmarks and organise your workflow are extremely comprehensive and flexible. Tasks can be driven by the outcomes of other tasks, they can be role dynamic, be assigned to groups or even benchmark the average time spent. All of these are settings within the thread and underlying tasks themselves. 

So you know with XPLAN you have a place for everything and everything in its place.


More insight & research

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