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Why your financial advisory business should be using Xplan

Oct / 24 / 2021

Choosing the right Financial Planning CRM and software for your practice can be a daunting and confusing decision to make. With so much information out there and so many rumours spread through the adviser grapevine, you may be wondering where to start. We are happy to walk you through the top reasons your financial advisory business should be using Xplan. 

Xplan is a fully complete and comprehensive financial planning software that has been designed with all advice practices in mind. It adds value to not only the largest dealer groups in the world but can provide significant value to the smallest of IFAs. At Specialist PMC, we provide personalised Xplan solutions to financial advisers and dealer groups looking to improve their current process and documents to utilise the software to its fullest potential. 

Xplan fits your specific advice model and business requirements

Xplan’s open API architecture lets you build your own tech ecosystem to match your specific advice model and business requirements. The incomparable breadth and depth of functionality that Xplan offers enables you to link directly with over 450 third party data providers to build the platform format and structure that precisely supports the exact functionality you need.  

This includes the unique ability to integrate a separate client engagement tool, process tool or documentation tool with IRESS Open. Data can then be transferred to or from Xplan to create efficiencies for businesses. 

For example, if your firm already uses NodDocs, you can use this to replace Xplan’s XMerge to generate documents. Similarly, LivePreso can use Statement of Advice data to generate a digital advice document. The enhanced API architecture is on top of existing integrations such as:

  • Outlook plug-in to file Outlook emails as notes directly onto the client file and syncing with diaries to bring through calendar information
  • SMS through Xplan functionality
  • MoneySoft integration for budgeting
  • Filing directly from printers, including Canon

If your business uses Xero, MyProsperity, MailChimp, CoreLogic or RP data, these software systems can be integrated with Xplan. We provide guidance on how best to utilise this technology to its full potential for your business. 

Compliance and risk management

Nothing has been more paramount in the advice world over recent years than compliance and risk management in your business. Xplan makes it easy to satisfy your compliance requirements by streamlining the process. If anyone knows the importance of effective and efficient compliance management, it’s you. 

Xplan’s integrated Lumen software delivers cutting edge data analytics. Resultantly, Xplan supports your compliance and risk management by providing an in-depth view of your business to monitor your advisers, the advice provided and ensuring consistency and quality across the full advice process. 

Some of the ways Xplan can help promote easy and effective compliance and risk management is through:

  • Monitoring your client data, utilising alert mechanisms with specific follow-up actions
  • Application of automated exception-based rules throughout your full client database. This applies to both your consolidated client data and portfolio data.
  • Retaining a full audit history within the Xplan CRM database, including tracking all changes to a client’s file and recording all activity. 
  • Built-in identification, alerts and validations across the full advice journey.
  • Recording your complaints register for compliance review. Xplan also helps assist in the management of this process by assigning follow up actions. 

Business Management

Xplan provides an all-in-one offering to fully manage your advice business. Xplan can effectively research, produce, record, and store information to minimise touchpoints and streamline your practice management from client reviews, activities, service delivery, and advice documents. 

  • Workflows

Seamlessly manage any style of workflow through the use of templates or create your own. Xplan provides the ability to produce bespoke, automated workflows that can be assigned, tracked and fully completed. Xplan’s ‘cases’, ‘threads’ and ‘tasks’ are the perfect combination to ensure nothing slips through the cracks. The bonus is that they come in-built with full management reporting capability. 

  • Administration

You name it, Xplan can handle it. Whether you want to SMS or email a client, send bulk communication to all clients (hello new Financial Services Guide release or staffing update) or integrate your diary and email with Microsoft Office, Xplan has the full capability and more. You can even use Xplan to create and distribute professional marketing materials. 

  • Management reports

Gone are the days of manually tracking your Annual Review or FDS/Opt-In position; Xplan allows you to access a wide array of detailed business reports and even create and define client service benchmarks and track your fulfilment. 

Many advisers underutilise the ability to monitor and manage their sales pipeline through Xplan and don’t realise the functionality to perform data interrogation searches to identify opportunities in the existing client base. Who doesn’t love organic growth opportunities?!

Client portal 

Xplan delivers a full foundation to access client portfolio information. Through secure two-way messaging in conjunction with data-fed details, you can have a live client Fact Find, as well as utilise educational material to enhance the service offering to your client base and distinguish yourself from competitors. 

Portfolio Management 

Never has it been easier to manage your clients’ portfolio position than through Xplan Portfolio. The automated IressNet data feeds from providers such as fund managers, brokers, product manufacturers, and investment platforms means that you automatically have real-time valuations and updated prices. 

More than this, Xplan’s portfolio management capability can:

  • Allow you to analyse portfolio performance using the internal rate of return over a defined period set by you. This can be done at an individual holding level, sub-portfolio or portfolio level and can be compared against benchmarks set by you on a time-weighted rate of return.
  • Help you construct, review, analyse, configure and maintain either simple or sophisticated investment portfolios.
  • Review and report on all portfolio positions, including transactions, tax, performance and asset allocation
  • Access tax assessment on both realised and unrealised capital gains
  • Reference Approved Product Lists (APL) 
  • Support you with corporate actions

Client reviews and reports

The onerous task of preparing for your review meetings cannot be understated, and Xplan knows this; it is why they have constructed a full suite of functions to assist you in building and managing an ongoing service offer and preparing for your review. Right from flagging and scheduling the review, you can track your client’s progress towards their goals, produce review documents, FDS statements, and identify areas to add further value to their financial world. 

By supporting all types of advice, from basic through to fully holistic or complex areas, Xplan allows you to manage the entire advice process. Let Specialist PMC open up your world by using Xplan to its fullest. 

We can help you customise your Xplan solution to your requirements and offer training and consulting in process efficiency and best practice. We can also assist with performing outsourced administration and support for all of your back-office needs. We help you get the best return from your technology investment.