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tanya.robinson
The Essentials team will be releasing a new client review processes within your Xplan site on 17 October.
Why are we introducing this?
Consumer duty is a hot topic at the moment so we understand the importance of being able to track and monitor a review process for your client
The Essentials team are releasing a brand new workflow into your site which will allow you to track and monitor your reviews within Xplan.
This will be available to all our essential sites
What does your client review process look like?
Case threads are designed to help streamline operations, improve efficiency and reduce errors.
We have introduced a new review type called ‘Essentials Annual Review’ and by simply adding a new review date in Xplan, the system will automatically activate your process 30 days before that scheduled date.
Whilst helping track the steps of the process, this workflow will include additional functionality to help with navigation, such as sending you to the right page at a sensible point in the process.
The standard process looks like this: -
Key steps of the process are:
- Initial contact - By adding a review into Xplan, this ‘Contact client’ task will automatically activate 30 days before the scheduled review. Completing this will give the option to carry on the happy path or record the instances where a client may cancel or defer.
- Pre-Review checklist - Rather than having a number of tasks to complete as part of the review process, we have introduced a quick checklist to confirm when key jobs are completed. This includes a reminder to review additional requirements in line with client vulnerability. This will date stamp when the job is completed and confirm who carried out that action.
- Portal / Email check in - This option allows you to send a check in to the client by the preferred method of contact whether that be the client portal or using an automated email.
- Review meeting - This part of the process is the stop gap before proceeding with the actions that come out of the review. Completing this will automatically present you with a document note to record the details of the meeting and save to the client file.
- Review outcome - Once the review is completed, you can confirm whether the review has resulted in any new business, confirm changes to existing advice or client details or prompt a no change response.
- New business - Opting to use your own version of the workflow can mean you could link in your new business process from this.
- Advice / Client changes - Additional tasks are presented to either via these routes to prompt for research and new suitability report or to direct the user to the fact find to update these details straight into Xplan
- No change - If the recommendation is no change from the review, this will direct the user to create a no change letter which can be sent to them via any preferred method
- Completing the review - The final step in the process to complete the review which will automatically complete the review in the reviews area of Xplan and automatically create the next review based on the frequency that has been set up.
How can I make my own copy of this - I’d like to tweak a few things?
We’d love you to take a look at the new standard process when it’s available on your site and provide us with some feedback.
We do however understand not everyone follows this process in exactly the same way, so we are offering more freedom for our Essential + users.
Simply copy and customise this for your business.
To do this, follow these instructions:
- Navigate to the thread template area (Admin > Site > Template > Tasks & thread template > Threads) and ensure the type is set to Case
- Select the Add button on the right hand side.
- Using the dropdown next to All Categories, select the ‘Client Review Process' template. This will load up the existing template which you are able to customise.
- Once the page refreshes, you can edit the Name and the description for your firm and then press save.
- When the page refreshes you will see the tasks that are associated with the workflow and now have the ability to customise for your firm.
We recommend you review outcomes. Guidance on all things workflow can be found on the Iress learning centre here
If you have any queries or wish to attach your version of the process to a review please do not hesitate to raise with the Support team.
Is there anything else I need to be aware of?
As a standard process, we’ll constantly listen to client feedback and reserve the right to make improvements from time to time.
To become familiar with how the process works, why not run on a test client. This will ensure you are happy with the workflow before applying it to all your live clients. There may be a lot of manual work required to remove this once it is in place.
If you are an Essentials + user and want your own copy so that it remains the same until you decide to change it, we strongly recommend you take a copy which becomes your own.
The advantage of this is that if we make a change to the standard process, the process you’re following won’t change.
However, please bear in mind that if we make any improvements to the standard process, they won’t be reflected in your copy. There’s nothing to stop you making improvements to your own copy of the case thread though.
