Individual Fact Find report explained

[mary.galloway]

Contents

• Contents
• Overview
• What is it?
• Key benefits
• Wizard / Menu
• Fact find options page
• Deceased client indicator
• Skip the online fact find and print a paper version?
• Include Cover Letter?
• Include Table of contents?
• Pages
• Gate Questions
• Key Details
• Vulnerability Assessment
• Wizard
• Blank fact find
• Populated fact find
• Nationality & Tax
• Politically Exposed Person - PEP
• Contact
• Dependants
• Personal Status
• Employment
• Income & Expenditure
• Financial Status
• Affordability & Capacity for loss
• Income Requirements
• Capital Gains Tax (CGT)
• Estate
• Estate
• Power of Attorney (POA)
• Policies & Plans
• Cash Assets
• Investment Assets
• Property & Non-Investment Assets
• Liabilities & Debts
• Pension & Drawdown
• Retirement Income
• Life Assurance /Protection
• General & Other Insurance including Medical
• Goals & Objectives
• Professional Advisers
• Additional Information
• GDPR & Marketing Preferences
• Print Options
• Include blank lines for adding extra information?
• Include notes?
• Include adviser comments on all policies?
• Draft copy for checking?
• Include a signature page?
• Printed Fact Find
• Example cover pages
• FSMA & DPA
• Troubleshooting / FAQs
• How do I print a blank fact find?
• How do I update client details?
• How do I print a populated fact find?

 

Overview

This article is intended to be read in conjunction with the help notes within the Individual fact find wizard.  Where we believe areas of the wizard are self-explanatory, we haven’t reproduced that here.  As always, though, we are open to feedback if anything needs to be clarified or included.

 

What is it?

• A structured way of capturing and updating your individual client details
• Our standard solution to record hard and soft facts for your client
• Allows you to generate a report which covers both client and partner
• Generates for one individual at a time (not in bulk)

• Can be used to take a snapshot of all of a client’s fact find information at a point in time, or a blank version can be printed to take to a meeting
• ‘Gate’ questions allow you to skip unnecessary questions eg. dependants, professional advisers

Key benefits

• Consistency between data capture and the report
• Reuses data from your client record to avoid re-keying
• Ability to reflect your brand (logo, colour, font & table)
• Branding options only need to be set once
• Draft and final versions available for populated (Word or PDF)
• Option to have a bespoke front and/or back cover (colour images in background)
• Option to include a cover letter creating a personalised report
• Option to display/hide specific pages in the wizard (Control on the areas of fact find that require completing)
• Comments fields available on all pages

Wizard / Menu

The fact finds in Xplan are all ‘wizard’ based - where you are guided from screen to screen to capture the information in a structured way.

The wizard is used to capture information and to generate a merged document at the end. 

You can work through the wizard using the Next and Previous buttons, located at the top right and lower right of the screen, or by using the menu on the left of the screen.

Mandatory fields are marked with an asterisk. If you are in edit mode (ie. entering data on a page) you will not be able to move from that page unless the mandatory fields have been updated and saved.

Data previously recorded in the CRM or Financial sections will automatically be displayed in the wizard, there is no need for re-keying.

Any changes made in the CRM section will update the fact find and vice versa, keeping the fact find and CRM synchronised.

The Save & Exit button allows you to return to the wizard at a later stage to complete the data. For example portfolio data may require a letter of authority to obtain the information.

Fact find options page

Deceased client indicator

If either of the entities have a status of ‘Deceased’ a red warning note is displayed on screen.

TIP: This may be a good opportunity to check that the Address Title and Salutation fields have been updated accordingly as they will be used in various forms of communication.

The fact find report will display ‘The Estate Of’ in the first row of the Personal details table:

Skip the online fact find and print a paper version?

This question is mandatory and controls whether you are taken through the wizard to record data or skip to the print page for the purposes of generating a populated or blank fact find:

• Yes - will skip the wizard pages, open the Print Factfind page and generate a blank fact find
• No - will allow you to proceed through the menu and generate a populated fact find

Include Cover Letter?

There are two types of text you can include in the cover letter - and you can use one of them, both of them or neither.

The three options are: 

• You can add specific text for the client in your own words.
• You can use a templated paragraph (called “Managed Field Content”) which you can have set up for your team for use in the report.  To set up standard wording for this purpose, see here.
• Or, you can have a combination of both - use a templated paragraph as a basis and tweak the wording as you see fit.

Whichever option you choose will only apply to the current client’s fact find so you can tailor it to suit.

• The cover letter will appear at the start of the fact find as a separate page named Welcome to your Personal Financial Review. 
• The greeting is pre-populated using the Address Title stored against the client.
• The sign off is also pre-populated with the adviser’s name and a disclaimer included below.
• All you need to do is insert the text you wish to include.

Include Table of contents?

The wizard offers you the choice of including a table of contents.

It will appear after the cover letter in the report.

Pages

You can opt to display on screen specific pages in the fact find wizard.

This is useful if you’re updating existing data - perhaps your client has had a new baby and has updated their will accordingly since your last meeting.

Please note that the report will always include all pages in the fact find. The settings above only relates to the pages visible in the on-screen wizard, not the report.

Gate Questions

The majority of pages in the Individual Fact Find have an initial question, known as a ‘gate’ question. The purpose of the gate question is to expose additional fields in the section only when the user needs to enter data.

The page will open (if it has been selected in the Fact Find Options Pages > Pages section) but where the answer is ‘No’, the data entry fields will not be displayed. Eg. if the client does not have any dependants it would be pointless asking the related questions.  It allows you to proceed more quickly through each page.

However, if any data or notes have been recorded and the answer to the gate question is later set to No, the populated fact find will still include the data and notes (if notes have been included in the Print Options page).

The ‘Notes’ fields are always visible, regardless of the answer stored in the gate question.

Note: ‘C & P’ in the Notes column below means that the field display twice - once for the client and once for their partner.

Menu /Page	Gate Question	Gate Answers	Notes
Key details	n/a	n/a	C & P
Contact	n/a	n/a	C & P
Dependants	Have any dependant details been provided?	Blank Yes No - Client(s) have none No - Details not provided at this stage	C & P
Personal Status	Will you provide details of your Health & Lifestyle?	Blank Yes No	C & P
Employment	Have any Employment details been provided (including being unemployed)?	Blank Yes No	C & P
Income & Expenditure	Have any Income or Expenditure details been provided?	Blank Yes No	C & P
Financial Status	Have any affordability & capacity for less details been provided? Have any Income Requirement details been provided? Have any CGT details been provided?	Blank Yes No Blank Yes No Blank Yes No	C & P C & P C & P
Estate	Have any estate details been provided? Do you have a power of attorney?	Blank Yes No Blank Yes No	C & P C & P
Cash Assets	Have any Cash Asset details been provided?	Blank Yes No - Client(s) have none No - Details not provided at this stage	C & P
Investment Assets	Have any Investment details been provided?	Blank Yes No - Client(s) have none No - Details not provided at this stage	C & P
Property & Non-Investment Assets	Have any Property or Non-Investment Asset details been provided?	Blank Yes No - Client(s) have none No - Details not provided at this stage	C & P
Liabilities & Debts	Have any Liability details been provided?	Blank Yes No - Client(s) have none No - Details not provided at this stage	C & P
Pension & Drawdown	Have any Pension details been provided?	Blank Yes No - Client(s) have none No - Details not provided at this stage	C & P
Retirement Income	Have any Retirement Income details been provided?	Blank Yes No - Client(s) have none No - Details not provided at this stage	C & P
Life Assurance/Protection	Have any Protection details been provided?	Blank Yes No - Client(s) have none No - Details not provided at this stage	C & P
General & Other Insurance including Medical	Have any General Insurance details been provided? Have any Medical Insurance details been provided?	Blank Yes No - Client(s) have none No - Details not provided at this stage Blank Yes No - Client(s) have none No - Details not provided at this stage	C & P
Goals & Objectives	Do you have any Goals or Objectives?	Blank Yes No - Client(s) have none No - Details not provided at this stage	C & P
Professional Advisers	Have any Professional Advisers details been provided?	Blank Yes No - Client(s) have none No - Details not provided at this stage	C & P
Additional Information	n/a	n/a	C & P
GDPR & Marketing Preferences	n/a	n/a	n/a
Print Options	n/a	n/a	n/a

Key Details

Vulnerability Assessment

Wizard

The wizard starts with one question ’Does your client require additional support?’

• If the answer is Yes then 5 additional fields will be displayed.
• If the answer is No, no further questions are displayed.

Only the data recorded in the final question ‘Mitigation for vulnerability’ will be included in the populated report.

Blank fact find

The section has been renamed as ‘Vulnerability Assessment’ and the questions softened by using the term ‘additional support’ rather than vulnerable/vulnerability.  This wording is more acceptable where the fact find is provided to or completed by clients

The vulnerability assessment will generate all the questions in the blank fact find as follows:

Populated fact find

The populated fact find will only display the ‘Additional support required field(s) for client/partner’ regardless of whether they are populated or not.  This should act as a prompt for the adviser to assess the client’s current vulnerability, even if the last assessment was recorded as not requiring additional support.

Nationality & Tax

This page is composed of 2 parts:

• Nationality & Tax
• Nationality Identification

Politically Exposed Person - PEP

The Political Exposure (PEPs) section is stored in the wizard only and not included on the populated report. It is required for back office processing rather than client playback.

Contact 

Client and Partner details are recorded on the same page: telephone, email, address, previous address and notes.

Enter the details for your client and use the ‘Copy’ icon to easily populate the partner’s details. No need to enter the data twice.  Also works if you need to copy from the partner to the client.

One option of each entry type will be marked as ‘Preferred’.  If there is only one instance, eg. mobile number, it will automatically default to ‘preferred’.  

You also have the option to select which instance is to be the preferred one.

Dependants

The gate question controls whether the additional questions are displayed on screen for either client or partner.  The notes fields, separate for client and partner, are always displayed on screen.

As well as recording the dependant’s details there is also a section to record details related to schooling, such as dates, fees and name.

Personal Status 

The gate question controls whether the additional questions are displayed on screen for either client or partner.  The notes fields, separate for client and partner, are always displayed on screen.

This page was originally named ‘Health & Lifestyle’. It was enhanced in v24.05 and separated into 2 sections:

• Health & Lifestyle
• ESG

Employment

The gate question controls whether the additional questions are displayed on screen for either client or partner.  The notes fields, separate for client and partner,  are always displayed on screen.

There is an additional notes field when the answer to the gate question is No. This allows you to record why no employment was recorded, to justify that it wasn’t an oversight.

Income & Expenditure

The gate question controls whether the additional fields are displayed on screen for either client or partner.  The income and expenditure notes fields, separate for client and partner, are always displayed on screen.

There is an additional notes field when the answer to the gate question is No. This allows you to record why no data was recorded, to justify that it wasn’t an oversight.

Financial Status

This page is comprised of 3 sections:

• Affordability & Capacity for loss
• Income requirements
• Capital Gains Tax

Each section has its own set of gate questions and the notes fields, separate for client and partner, are always displayed on screen, regardless of the answers in the gate questions.

Affordability & Capacity for loss

Income Requirements

Capital Gains Tax (CGT)

Estate

This page is comprised of 2 sections:

• Estate Details (will, beneficiary, executor, gifts)
• Power of Attorney

Each section has its own gate question and the notes fields, separate for client and partner, are always displayed on screen, regardless of the answers in the gate questions.

Estate

Will details are recorded in the first panel, separate for client and partner.

Beneficiary, executor and gifts are recorded per client/partner in the next panels.

Power of Attorney (POA)

POA details are recorded per client/partner along with any notes.

Policies & Plans

Cash Assets

The gate question controls whether the additional fields are displayed on screen.  The notes fields, separate for client and partner, are always displayed on screen.

Investment Assets

The gate question controls whether the additional fields are displayed on screen. The notes fields, separate for client and partner, are always displayed on screen.

Property & Non-Investment Assets

The gate question controls whether the additional fields are displayed on screen. The notes fields, separate for client and partner, are always displayed on screen.

Liabilities & Debts

The gate question controls whether the additional fields are displayed on screen. The notes fields, separate for client and partner, are always displayed on screen.

Pension & Drawdown

The gate question controls whether the additional fields are displayed on screen. The notes fields, separate for client and partner, are always displayed on screen.

Pension and drawdown will be displayed per client/partner.

Additional fields include the following panels:

• Retirement Details (lifetime allowance and protection)
• Retirement Planning (age, member of occupational pension scheme)
• Money Purchase Annual Allowance (MPAA triggered)
• State Pension & Contracted-Out (BR19 request & details)

Retirement Income

The gate question controls whether the additional fields are displayed on screen. The notes fields, separate for client and partner, are always displayed on screen.

This page includes annuities and retirement income.

Life Assurance /Protection

The gate question controls whether the additional fields are displayed on screen. The notes fields, separate for client and partner, are always displayed on screen.

Please be aware of the text displayed at the top of the page: 

• If cover details are not included then the policies will not be displayed below.

If cover details have not been recorded against an existing protection policy, the policy will not be visible in the Individual Fact Find wizard.

However, the policy details will be generated in the populated report with a note advising that the cover details do not exist.

View from Financial details > Protection > By Policy - the L&G policy does not have any cover details recorded.

View from Individual Fact Find wizard - the L&G policy is not displayed

Populated fact find - the policy is displayed with a note, in bold, that ‘Policy has no cover details:

General & Other Insurance including Medical

The gate questions control whether the additional fields for general and other insurance are displayed on screen. The notes fields, separate for client and partner, are always displayed on screen.

The first panel (Policies) displays general and other insurance policies per client/partner.  The second panel displays medical insurance per client/partner.

Goals & Objectives

The gate question controls whether the additional fields are displayed on screen. The notes fields, separate for client and partner, are always displayed on screen.

Professional Advisers

The gate question controls whether the additional fields are displayed on screen. The notes fields, separate for client and partner, are always displayed on screen.

Additional Information

Additional notes can be entered and saved on this page, separate fields for client and partner.  

Where a large amount of text has been added it may be beneficial to enlarge the screen by dragging the image in the lower right corner, as highlighted in the screenshot below.    

Please note this field is not a rich text field,  the text cannot be formatted.  If you copy and paste formatted text from another source (Word, email) any formatting will be lost and the text will be left aligned.

GDPR & Marketing Preferences

This page is conditioned to only display the Marketing Preferences when the answer to the 2nd question ‘We like to take care …. Do you wish to receive this information?’ is Yes.

Preferences are saved for client and partner separately.

Print Options

This page offers you multiple options for the populated report:

• Would you like to include blank lines for adding extra information?
• Would you like to include the notes?
• Yes = Would you like to include Adviser Comments on all policies?
• Do you want to print a draft copy for checking?
• No = Do you want to include a signature page?

Include blank lines for adding extra information?

Selecting ‘No’ will generate the populated fact find with tables to fit the existing data.

Selecting ‘Yes’ will generate the populated fact find and relevant tables* will have an additional 4 blank rows allowing new data to be recorded. If there is no existing data then a table with 4 blank rows will be displayed.

The Pension table shows the extra blank rows.

*Relevant tables - not all tables will need additional rows, only tables where clients can have multiples - employment, income, expenses, policies, goals etc.

Include notes?

Selecting ‘No’ will generate the populated fact find without any of the notes fields*.

*The exception is the Additional Support field - this will always be included in the populated fact find.

Selecting ‘Yes’ will include all of the notes fields in the populated fact find and another option will be displayed ‘Include adviser comments on all policies’.

Include adviser comments on all policies?

This option has been conditioned to only display if you answered Yes to the above question ‘Includes notes’.

Adviser comments are used by some clients to make ‘internal only’ notes about a particularly policy / plan.  Depending on how your organisation uses them, you may or may not want to include them in the report, so we’ve made them optional.

Selecting ‘Yes’ will include the adviser comments recorded against each policy.

Adviser comments displayed in the populated report.

Draft copy for checking?

Selecting ‘Yes’ will remove the next question ‘Include a signature page’ as it would not be required on a draft copy.

The draft report will be generated as a Word document.

Selecting ‘No’ will display the additional option of ‘Do you want to include a signature page?’ and an extra button on the Print Factfind page of ‘Generate Final Report’.

Include a signature page?

Selecting ‘No’ will not change any of the above print options or report.

Selecting ‘Yes’ will automatically add an extra page to the populated report for the client/partner to sign and date the fact find.

It will also display the Print Declaration field.

Print Declaration

Leave this field blank to generate as below:

Alternatively, you can insert text as required via the 3 methods mentioned in the Cover Letter section at the start of the article:

• Free text
• Standard paragraphs saved as Managed field Content (via the Template button)
• A combination of both free text and standard paragraphs

Print Factfind

Based on the options you have selected in the wizard, eg. skip the online wizard to print a blank fact find or print a draft the print options are as follows:

• Generate Report - prints a blank or populated report in Word format
• Generate Report + Doc Note - prints a blank or populated report in Word format and uploads a copy to client document notes allowing you to select the:
•  Subject
• Note type
• Note Subtype
• Add Note To ....         

• Generate Final Report - prints a populated report allowing you to select the output format as Word, PDF, ODT or user preference (set Site > Templates >Merge Templates > Preference > Output Options > Default Format)

Once generated you will receive a notification in your notifications icon on the title bar to allow you to download the document.

Where the fact find is saved automatically as an attached to a document note, it  can be found in Notes or Servicing > Report Generation > Notes.

Printed Fact Find 

The following table lists what is included in the blank and populated fact finds.

Item	Blank	Populated  Draft	Populated
Front Cover
Logo	Yes	Yes	Yes
Background image	Optional	Optional	Optional
Name Completed By Date of Fact Find Place of meeting Attendees	Blank	Populated	Populated
Contents
Cover Letter	No	Yes/No	Yes/No
Table of Contents	No	Yes/No	Yes/No
FSMA & DPA	Yes	Yes	Yes
Names in table header row (joint only)	Yes	Yes	Yes
Vulnerability Assessment	Yes	No	No
Additional Support Required	Yes	Yes	Yes
Print Declaration	No	No	Yes/No
Back Cover
Logo	Yes	Yes	Yes
Company Name	Yes	Yes	Yes
Company Address	Yes	Yes	Yes
Background image & text	Optional	Optional	Optional

• The logo, by default, will be the one recorded in Xplan and used in the Letter Generator.  If you wish to have a different logo in your reports (fact finds and valuation reports) we can create a bespoke cover page. Please ask Iress Account Manager for more information.
• The company address on the back cover will be displayed if it is recorded against the adviser.
• ‘Optional’ means you can have a bespoke background image on the front and back covers. 
• The back cover can also include additional text such as FCA registration and website details.

Example cover pages

     

FSMA & DPA

The default is the current Financial Services and Markets Act 2000 and Data Protection Act  2018.  

The below page will be generated near the start of the document as follows:

Please contact your Iress Account Manager if you would like to amend the FSMA and DOA wording for your company.

 

Troubleshooting / FAQs

• How do I print a blank fact find?

• How do I update client details?

• How do I print a populated fact find?

How do I print a blank fact find?

On the Factfind Options page, select Yes to the question Would you like to skip the online factfind and print a paper version? 

Select Next to go directly to the Print Factfind page.

Click on Generate Report

Your document will generate in the background and a notification will display in the bell icon for you to download.

How do I update client details?

Client details can be updated via the fact find wizard or from other modules of Xplan:

• CRM (Client details)
• Financial Details
• Portfolios
• Mortgage Fact Find

Each page has a free text Notes field for recording soft facts which are stored in the fact find wizard and not duplicated in other modules.

Once you have finished editing the data, you can select Save and Exit, this will ensure all the information is saved in the fact find wizard and the corresponding areas within your client’s record. The other modules, where applicable, are synchronised once saved. 

How do I print a populated fact find?

On the Factfind Options page, select No to the question Would you like to skip the online factfind and print a paper version? 

Select Next to navigate through the wizard making updates as necessary.

From the Print Options page you can choose to print:

• draft copy in Word - select Yes to draft copy for checking
• final copy in your chosen format - select No to draft copy for checking

Select Next

Click on Generate Report or Generate Final Report

Your document will generate in the background and a notification will display in the bell icon for you to download.