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How to perform a client data audit in Xplan

Jun / 25 / 2021

If your database isn’t being kept up to date consistently across your clients, this will have an impact on your reports, the accuracy of your modelling, use of modules and generation of your Advice Documents.

Here are five areas you need to be checking when completing a client data audit in Xplan:

Client Category and Status
These two areas are quite often overlooked. Categories can impact your segmentation, reporting, and service packages and is a great way to show if a client is current, archived, prospect, or deceased. The Client Status field is a standard IRESS field and can also impact certain reports in the system.

Risk Profile
Without a Client Profile in your client record, you can’t complete your projections or your reasonable basis for advice. Plus it forms part of your KYC rules.

Date of Birth
This field can impact the modules such as Risk Researcher, WealthSolver and Xtools/Xtools+ as it assists with calculating age to retirement, retirement ages and life expectancy.

Perform Duplicate check
Have you checked if you have duplicate clients? Your staff might be updating two different client entities, file notes or scenarios may be split across clients. If you use datafeeds they won’t automap and you’ll have to manually map them.

It’s common for a client to be set up with the name of admin staff listed instead of the Adviser. Having the right Adviser linked to your clients means there are no visibility issues, any advice documentation generated from Xplan has the correct Adviser details recorded, reporting is correct, it will assist with CommPay mapping and not to mention it impacts Datafeed mappings.

If you would like to see how the team at Specialist PMC can help you with your site contact us today!