Wealth Solver - Super Contribution tabs

alex.wong

In WealthSolver, what is the recommended way to model additional super contribution advice, particularly where the contribution is funded from a client’s cash account?

Should the contribution be entered as a rollover / transfer from cash to super, or should it be entered under Plan Review Options → Specified Contributions?

I would like to confirm which approach best captures:

• projection impact;
• platform/product fees;
• flow-through to Xtools+;
• SoA/RoA reporting; and
• compliance/audit evidence.

Could someone please clarify the preferred Iress/Xplan method and the limitations of each approach?

Many Thanks Alex

wendy.cross

Hi Alex, thanks for your question.

In WealthSolver, the recommended way to model additional super contribution advice, is to model the move from cash to super as a rollover / transfer. The cash account should be recorded in client focus and will be imported into WealthSolver.

The amount should also be entered under the Specified Contributions tab. 

This will ensure that both the change in balance and the contribution type are reflected in the projections and the platform/product fees.

The best practice approach to capture the data initially so that it flows through to both WealthSolver and Xtools+ is to enter it into Client Focus. The cash component should be added as a liquid asset while the super account should be added under existing plans and linked to both the correct plan in WealthSolver and the datafeed in Portfolio (if available). All current and historical super contributions should then be entered under the super plan.

By doing the above Client Focus remains your source of truth and the data will flow into all new WealthSolver and Xtools+ scenarios. 

While the above is best practice, you should also check with your site or template administrator as how the above will merge into your advice documents is dependent on how the template has been coded. 

From a compliance/audit evidence perspective, we always suggest you lock your scenario so that it captures your point-in-time modelling; however, you would need to discuss exact requirements with your licensee to ensure you are aligned with their compliance and audit procedures.

I trust this helps.