In our previous article, Unlocking the full potential of WealthSolver, we explored how this module serves as the primary engine for product comparison and fee analysis. But as any seasoned Xplan user knows, an engine is only as effective as its calibration.
While the "front end" allows you to run scenarios and compare products, the real magic happens in the back end. By fine-tuning your site settings and leveraging advanced configuration tools, you can transform WealthSolver from a generic research tool into a bespoke advice solution perfectly aligned with your firm’s APL and compliance standards.
Efficiency by design: APLs, Model Portfolios, and Custom Plans
Manually searching for the same products during every comparison is a drain on productivity and a recipe for human error. The back end allows you to move away from manual entry and toward automated consistency.
By configuring your Approved Product Lists (APLs), linking them to your Model Portfolios, and establishing Custom Plans, you ensure your team always works from a curated, compliant list. This setup allows WealthSolver to automatically identify recommended products based on the client’s profile, which maintains firm-wide standards without the administrative overhead. For more information on calibrating these settings and managing your APLs or Custom plans, see here:
Advanced modelling: deriving plans and SMSF scenarios
Beyond standard comparisons, WealthSolver allows you to derive a plan, giving you the flexibility to create custom variations of existing products.
Crucially, derived plans allow your business to set default fees. This is essential for firms that have negotiated special rates for their clients and want to ensure those specific figures are reflected accurately in every comparison. This functionality is also vital for firms handling self-managed super funds. Mastering the Derive SMSF Plan module within the Iress Learning Centre is the best way to learn how to edit underlying research data, accurately add complex fee structures, and manage plan visibility within your workspace.
Tailoring research: customising star ratings
WealthSolver’s Star Ratings offer a quick visual comparison of product features. However, "quality" is subjective: what matters to a boutique firm might differ from a large licensee.
Administrators can adjust the weighting of these ratings in the back end to ensure the output reflects your firm’s specific philosophy. If you value "Insurance Options" over "Investment Choice," your ratings should reflect those priorities. For more information on rating customisation, see here: Xplan Hint: Customising WealthSolver Star Ratings
Refining the output: Xmerge and proposal configuration
Once you’ve curated the perfect scenario, the final hurdle is presentation. This is where mastering merge syntax and proposal configuration becomes vital.
By leveraging the Xmerge library and tweaking your system settings, you can move beyond standard templates. You have the power to customise exactly how your WealthSolver proposals are formatted, ensuring that the final document delivered to the client is as professional as the advice within it.
The final tune-up: calibrating the equipment
Finally, bringing these elements together requires a holistic review of your overarching WealthSolver settings. Think of this as the final diagnostic check before the engine hits the road. Ensuring your general system preferences are dialled in will make the daily experience significantly smoother for both advisers and support staff. Take a moment to review your setup by checking out our community guide here.
The bottom line
WealthSolver is a powerful engine, and it performs best when calibrated for the specific roads you travel. By investing time in the back end, from APLs and SMSF plans to custom merge syntax, you ensure your team produces faster, more accurate, and more compelling advice. Now that your back end is fully optimised, what’s next? In the third and upcoming installment of our WealthSolver series, we’ll explore the broader WealthSolver research hub, diving into powerful macro-level features like Quick Compare, Researcher, and the Knowledge Base.
When was the last time you reviewed your WealthSolver configuration? Explore the links above to start refining your setup!
