Overview
This article is intended to be read in conjunction with the help notes within the Valuation at specified date 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?
- Reports on the client position at a specified date
- Historical information counts from the earliest dated record in Xplan, contributions and withdrawals or the portfolio screens
- Can only be run for one client at a time
- The format can reflect your brand (logo / colours / fonts / tables)
- Permanent front cover
Key benefits
- Brings consistency to your valuation reports
- Educate your clients and demonstrate your value by optionally including important information to supplement the valuation report.
- Many branding options only need to be set once to apply across all similar valuation reports
- You can tailor some aspects of the report per client if needed
- Reuses data from your client record to avoid rekeying.
Report Date
The report uses the closing balance of the date selected.
Therefore to run a quarterly report for example, select the 31st March as your report date.
How do I include my own text in the report?
Here you have three options
- 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 use in the report. These paragraphs can be set up for use by your colleagues as well so that they’re consistent across the team. To set up these templates, see here
- Or, you can have a combination of both - use template paragraphs as a basis and tweak as you see fit for that client.
Whichever option you choose will only apply to the current client’s report so you can tailor it to suit.
Report Options
You can opt to have the following information included in the report for the current client you’re running the report for:-
- Contributions and withdrawals - you can select to include / exclude these values. They are taken from the Total Contributions and Total Withdrawals fields in the plan / policy record screens within Financial Details. These fields automatically recalculate when you run a report which includes this information, so if you've entered a regular, recurring contribution or withdrawal, it will calculate the value of these as at the specified date.
- SIPP wrappers - Best practice is always to add contributions and withdrawals against the SIPP wrapper itself, rather than the underlying products. However, you can choose whether to pull out the contribution / withdrawal totals from the wrapper level or by totalling up the contributions / withdrawals recorded against each underlying product instead. This affects all SIPP wrappers recorded in the client record (e.g. client and / or partner SIPP wrappers).
- Items under advice - against most types of plan, you have the ability to set whether it is under advice or not. Some advisers want to include all plans to reflect their understanding of the client's current position. Others want to exclude them as it's not something they're responsible for.
- Protection - we offer the option to exclude these plans as they typically do not have a fund value which contributes to the overall totals in the report. These are plans / policies recorded on the Protection & Insurance screens within Financial Details.
Report Sections
The report consists of two sections:
- Summary Section
- Detailed Section
Summary Section
The Summary section will include tables containing total values, split between the following types of plan. There will be separate tables for the lead client, their partner (if any) and then any jointly owned items, together with combined totals at the end.
The value of each plan will be calculated as follows:
- The value of the linked portfolio account at the selected valuation date.
- If the plan does not have a linked portfolio account, contribution and withdrawal data will be used along with the current value to calculate the value at the selected Valuation date.
- An example, a policy with a current value of £100,000 at 1st May 2024 that has regular contributions of £1000 on the last day of each month, if the report ran on 1st January 2024, the value of the plan in the report will display as £96,000. N.B. These values may not be accurate as they can’t take account of any investment growth (they won’t have any underlying fund / security information on which to base an accurate calculation)
- If the plan does not have a linked portfolio account and does not have any contribution or withdrawal data the ‘Current Value’ in Xplan will be used.
The summary table, for each individual and joint, looks like this, with all of the columns displayed. The plan type and value columns are the only ones always included - the others can be hidden if required for the current client.
There will also be a breakdown split of the holdings for each individual and joint along with a pie chart.
Detailed Section
The detailed section will itemise plans / policies in each area. It will adhere to the report setting described above.
Contribution and withdrawal history
This information will be pulled from the contribution and withdrawal tab within the plan record. It does not pull from the linked portfolio account. The current value will be calculated using plan value adjusted using the contributions and withdrawals.
Investment holdings
Each plan with a linked portfolio account will be shown with its underlying securities / funds. The value will reflect the linked portfolio account at the selected Valuation date.
FAQs
Why is my plan not appearing in the report?
Any plans or policies with the status not set (i.e. set to blank) or those with a non-active status will not appear on the report.
Plans that do not have a valid Purchase/Inception date will also be excluded (the date must be earlier than the valuation date).
How do I exclude specific plans from the valuation report?
Under advice - if the reason for exclusion is that the plan isn't under advice, the Under Advice field against the plan (within the Financial Details screens) can be set to "No".
Status - only statuses which reflect the plan is current / active are included in the valuation report. If the status is left as blank in the Financial details screen, then the plan will not be included in the valuation report output. Remember, though, that a blank status could affect other reports or widgets. If the plan is linked to a portfolio account, that account will still show up in the fund details / asset class area.
How are contributions and withdrawals reflected in this report?
SIPP wrappers - for complex SIPP wrappers, which are linked in Xplan to its underlying products, contributions and withdrawals are taken from the details recorded in the Contributions and Withdrawals tabs within the plan record
Platform wrappers - platform wrappers in Xplan are handled differently, so the contribution and withdrawal information is always totalled up across the underlying plans linked to it.
All other plan types - contributions and withdrawals are taken from the details recorded in the Contributions and Withdrawals tabs within the plan record
