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mary.galloway
- Overview
- What is it?
- Key benefits
- How do I include my own text at the start?
- Market Commentary
- Report options for all report types
- Types of report output (level of detail)
- Summary section
- Combined liabilities / net value table
- Summary charts
- Detailed section
- Policy comments
- Group totals
- Contribution and withdrawal history
- Investment holdings
- Include liabilities
- Total
- Troubleshooting / FAQs
- How do I exclude specific plans from the valuation report?
- How are contributions and withdrawals I’ve recorded in Xplan reflected in this report?
- How are liabilities reflected in SIPP wrappers?
Overview
This article is intended to be read in conjunction with the help notes within the Valuation since inception 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?
- Our most heavily used valuation report format
- Reports on the client’s position as at today
- Historic information counts from the earliest dated records in Xplan or the Portfolio screens
- Can be run for one client or multiple clients at once
- The format can reflect your brand (logo / colours / fonts / tables)
- Optionally have a front and / or back cover
Key benefits
- Brings consistency to your valuation reports
- Educate your clients and demonstrate your value by optionally including a market commentary to supplement the client’s valuation information
- 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 re-keying
How do I include my own text at the start?
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 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 valuation report so you can tailor it to suit.
Market Commentary
With Market Commentary being relevant to you as a firm, we ensure this is consistent across both of your client valuation reports by managing this for you.
Just agree on the wording you’d like and raise a request via the Managed Site Services tile on the Iress Connect portal. Choose “Other” and add in the details and we’ll create the template for you. Once the template exists you will be able to update it as you wish. Removing any text or attachment from the template will prevent the market commentary displaying the in the valuation reports.
If you don’t want any market commentary included, then nothing will show on your reports.
Note: The text saved for Introduction and Market Commentary is shared in both valuation reports (Valuation since inception and Valuation between dates).
Report options for all report types
You can opt to have the following information included in the summary section for the current client you’re running the report for: -
SIPP wrappers - you can select to omit or include complex SIPP wrappers, recorded in Xplan as a wrapper with underlying products
Retirement income / 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
Contribution and withdrawal totals - 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 today’s date.
SIPP wrappers - Best practice is always to add contributions and withdrawals against the SIPP wrapper itself, rather than the underlying products. 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. This affects all SIPP wrappers recorded in the client record (e.g. client and / or partner SIPP wrappers).
Profit / Loss - this is a simple calculation derived from taking the current value, subtracting the contribution total and adding the withdrawal total. It is shown in both monetary terms as well as a percentage value. It does not reflect the underlying performance of the funds in any linked portfolio account. If you don’t want to show this information, you can select “No” to the question asking if you want to include it.
Portfolio analysis tables and charts
For plans with a linked portfolio account, you can include tables and charts which reflect: -
- The overall / combined holdings for all individuals within the client record
- The asset allocation and regional allocation pie charts and tables
Note: The tables and charts will only reflect the plans with linked portfolio accounts. If the client has several plans/assets without portfolio accounts (property, lifestyle assets, memo assets, plans not under advice/agency) where you are only recording a total value, then the overall client value will not match the portfolio tables and charts.
Also, if you have omitted plans (not under advice or left the status blank), the portfolio data will still be included
In summary, if all of your plans have linked portfolio accounts it is good practice to include the portfolio analysis tables and charts. However, if you are reporting solely on plans without linked portfolio accounts, or including a mixture of plans with and without linked portfolio accounts, it is best to omit the portfolio analysis charts and tables.
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 this to reflect their understanding of the client’s current position. Others want to exclude as it’s not something they’re responsible for, so wish to exclude from a valuation report.
Note: If an item is set with an Under Advice field of blank (the default), it will be assumed to be under advice.
Items under agency - similar to the above, you can choose whether to include / exclude plans you have recorded as being under your agency.
Note: If an item is set with an Agency in your name field of blank (the default), it will be assumed to be under your agency.
Types of report output (level of detail)
There are three types of report available - Summary only, Detailed only, or both, which combines the two. The report content you want can be selected for each client.
Summary section
The Summary 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 total values are calculated from the total value of the plans by type at the point you run the report. If a plan has a portfolio account linked to it, it will calculate the total value of the account. If there is no portfolio account linked and you’re updating the values manually, it will take the value recorded in the current value field for the plan within the Financial Details screen.: -
- ISAs
- (Other) Investments
- National Savings
- Property and Land
- Individual Pensions (excluding complex SIPP wrappers)
- (Complex) SIPP wrappers
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 combined table at the end, reflecting a total across all individuals / joint.
Combined liabilities / net value table
You can also choose to include a two row table which totals the value of current / active liabilities within the client record and have this reflected in a total net value figure.
Summary charts
There is a single setting where you can include, per individual and then jointly: -
- Pie chart showing a percentage split between plan / item type
- Bar chart showing profit & loss, in percentage terms, for each plan / item type
Detailed section
The detailed section will itemise plans / policies in each area. It will adhere to the report settings described above, as well as making these options available: -
Policy comments
These comments / notes are recorded against a plan within the Financial Details screens. They are intended to be client facing and capture anything specific that the client needs to be aware of. You can select to include / exclude these each time you run the report.
Note: there is a separate field in most areas - Adviser Comments - which are intended to be internal only. This option refers to the standard comments field, not the adviser comments.
Group totals
After each Asset plan type, eg. Investment bonds, ISAs, a table displaying the total contributions, withdrawals and current value can be displayed.
Contribution and withdrawal history
This information will be pulled from the contributions and withdrawals tab within the plan record. It does not pull from the linked portfolio account. It will include the information both at the top of each tab and also in the history table at the bottom.
Investment holdings
If this option is selected, each plan with a linked portfolio account will be shown with its underlying securities / funds. This will reflect the securities within the linked portfolio account associated with the plan.
Include liabilities
If this option is selected, each liability that is not included in a SIPP wrapper, will be listed.
Total
If the Summary section is not included, an overall total is displayed for the Detailed section at the end of the report.
Troubleshooting / FAQs
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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”.
Under agency - similarly, if the plan isn’t under the adviser’s agency, the “Agency in your name” field 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.
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How are contributions and withdrawals I’ve recorded in Xplan reflected in this report?
SIPP wrappers - for complex SIPP wrappers, which are linked in Xplan to its underlying products, the question in the wizard (“Include contributions & withdrawals at SIPP wrapper level”) should be set to “Yes” if you have recorded this information at the wrapper level.
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 Financial
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How are liabilities reflected in SIPP wrappers?
The show / hide liabilities option in the wizard only relates to liabilities outside SIPP wrappers. If a liability is linked to a SIPP wrapper in Xplan, then this will show regardless of the setting in the wizard.
