Overview
WealthSolver is introducing fee related enhancements to give advisers greater flexibility when researching, comparing and disclosing fees in proposals.
These updates support more accurate fee comparisons, clearer disclosure of fees that do not affect client balances, and improved control over fee information included in advice documentation.
Pre-requisites
- Minimum Xplan version: 26.8.492
Key features
Enhanced fee editing within proposal comparison views
- Overriding system-calculated fee amounts.
- Entering fees that are not calculated by the system, such as Adviser Service Fees.
- Filtering fees using the Show fees for dropdown to view all plans or selected individual plans.
- Showing or hiding zero-value fees using the Show $0 fees checkbox.
- Viewing the relevant fee range directly in the Edit Fee window when a research range is available.
- Viewing the fee range on the Edit Plan Fee screen.
Minimum Xplan version: 26.8.492
Fees for disclosure only
WealthSolver now includes a dedicated Fees for disclosure only section for fee structures such as administration fees paid from reserves or by an employer. Disclosure-only fees are fees that must be disclosed but that are paid externally or from a fund reserve and do not reduce the client’s account balance.
These fees can be recorded and calculated for disclosure purposes without deducting the amounts from the client’s ending account balance or projected balances. They can also be displayed alongside standard account-level fees and flow into generated Statements of Advice.
Minimum Xplan version: 26.8.493
Action required
New Xmerge syntax has been introduced. In preparation for this release you may need to update your templates.
- If your templates use standard syntax, the "Fee for disclosure only" section will populate automatically. (e.g. <:=ss.disclosure_only_fees_table:> or <:=ss.disclosure_only_fees_formatted_table(format='table_format_name'):>)
- When using customised tables, specific syntax must be added to incorporate fees from the "Fee for disclosure only" section. (e.g. <:=plan.rollover_plan_fees.fee_name('admin_reserve'):>)
- Examples of Xmerge code can be found within WealthSolver under Tools > Merge Syntax and within the Xmerge Library.
- Please contact your site administrator to review and update your Xmerge templates as needed.
We recognise that you will require time to adjust your templates and as such, plan research has not yet been revised to incorporate the Fees for disclosure only section.
We are providing a one-month window to allow you to familiarise yourself with the "Fees for disclosure only" section and update your Xmerge templates accordingly.
- Once your site is on the required version, site administrators will be able to add custom fees to derived plans to evaluate this functionality.
- Following the completion of this period, the full research update will be scheduled and the Fees for disclosure only section will be visible across all default plans.
Related information
Sharing your feedback
We are committed to developing tools that align with your workflow and highly value your insights.
Should you have any questions about this update, please don't hesitate to reach out to us. You can contact our Help Desk at 1300 1300 69, speak directly with your Relationship Manager, or contact us via Iress Connect.
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