AMA: I'm Jess Lamb, Xplan expert and Director at Practice Dynamix, Ask Me Anything!

What a good question to kick off todays AMA.

I have some great news – the functionality to send a review fact find to clients prior to the review meeting is due to be released in early 2025! This information comes directly from lachlan.fuller, Client Portal Product Manager.

This feature is certainly one that advisers will be excited about, and we expect it to be a key milestone. Be sure to keep an eye on Advisely, where there will likely be discussions on the practical implications and how it can streamline the review process. Like you, we are eagerly anticipating this enhancement. Roll on 2025!

One of the key features of the XPLAN Benchmarking area is the ability to benchmark your client’s portfolio against any IPS product. This flexibility can be both advantageous and somewhat challenging, depending on the index you wish to use.

 

When reviewing Benchmarks to add to IPS reports. Here is my tip:

To ensure you're selecting the correct benchmark for your client, I recommend navigating to Portfolio > Maintenance > Products. From there, you can search for your chosen index by name. If you're uncertain of the exact name, you can use the Portfolio Wildcard (*) to help locate the product. More details on how to use the wildcard can be found here.

Once you’ve located the relevant index, review the Price area to ensure the benchmark is regularly updated. This is where is is going to draw the historical return information from. If it has a consistent price feed, it is likely a suitable benchmark for your client’s portfolio.

The new IPS Analytic page within the client’s profile is a great tool for reviewing the client’s portfolio in relation to the benchmark options you've selected.

I have a little video on Benchmarking. I could probably spend 1 hour on this, but I tried to cover it in under 7 minutes: 

 

Wouldn’t that be great! While a direct integration between Calendly and XPLAN to automatically create diary events and trigger review tasks is not yet possible, we do know that calendar integration is on the XPLAN Product Team’s radar.

However, you can still automate the activation of review tasks using the following methods:

1. Diary Template*
2. File Note Template
3. An activated case that searches for a date in an XPLAN date field
4. The client’s scheduled review date
5. Using scheduler

 

Note*: If you use a Case Thread linked to a Diary Template, you will also benefit from the Diary Date being used as a Base Date. This allows tasks to be triggered on specific days before or after the meeting date. Additionally, if the meeting date changes, the base date will automatically adjust!

Although we can’t yet link a Calendly invite directly to trigger a task, you can still streamline the process by implementing a system that ensures all events are recorded in XPLAN in some form - and kick off that next process through automation.

I love discussing XPLAN’s "hidden gems." Typically, these are areas of the system that you might not have explored yet, or features you didn’t realise you needed. There are too many to list in one sitting, but I’ll focus on your specific example of industry funds.

Industry funds offer clients lower-cost products and unique investment options, and they are widely advertised, so clients are often familiar with them. However, they can create some administrative challenges for advice businesses, particularly when it comes to manually updating portfolios and running review reports, especially around performance analysis.

While there’s no simple way around the manual data entry for these funds, there are several ways to improve efficiency and automate parts of your review process:

1. Automate Review Invitations: Set up automated emails triggered by the client's review date in XPLAN, encouraging them to book their review.
2. Streamline the Review Process: Once the review is booked, it should trigger the Review Process Thread, ensuring all steps are completed, including client paperwork.
3. Automate SOA/ROA Production: Ensure your workflow is linked to automatic production of Statements of Advice (SOA) and Record of Advice (ROA) documents.
4. Post-Review XPLAN Cleanup: After the review, include a task in the workflow to update XPLAN, including rolling over the client's next review date.

Key areas of XPLAN to consider when refining your review process include:

• Workflow Cases
• Case Benchmarks
• Email Templates
• Scheduler
• Diary Templates
• Wizards
• Review Merge Reports
• File Note Templates

By setting up these automations and workflows, you can significantly reduce manual effort and ensure a smoother, more efficient review process - freeing up time to update your industry super fund balances.

Thanks Kellie. The next 12 months present an exciting opportunity to maximise the potential of XPLAN. It’s a great time frame to build a strategic action plan, with clear monthly milestones tailored to your practice. A key focus should be on enhancing automation and streamlining processes wherever possible.

Some critical areas to consider over the next year include:

• Maximising the Client Portal
• Optimising workflow processes for your business
• Automating repetitive tasks
• Reviewing and refining internal documentation to ensure consistency and alignment with client needs
• Regularly reviewing client data and business performance

 

Looking ahead, there are several key features to be excited about in the next 12 months:

• Digital Signature Integration: The upcoming integration with DocuSign will simplify and speed up client approvals and document management.
• Business Intelligence Enhancements: XPLAN’s new Business Intelligence features will provide powerful, real-time reporting capabilities, reducing reliance on complex coding and offering actionable insights directly within the platform.
• Client Portal Fact Find Review: This update will help advisers collect up-to-date client information ahead of reviews, improving efficiency and client engagement.

 

Of course, we can’t overlook the impact of AI. I’m particularly excited about the upcoming Advisely webinar, "AI: From Hype to Prototype", where we'll hear more about this emerging space. I've worked with several groups already leveraging AI for file notes and client communications, which marks a significant step forward for the industry. By automating note-taking and project planning, AI can greatly reduce the time spent on administrative tasks, allowing you to focus on refining and implementing your insights.

If you haven't yet registered for the webinar, here’s the link:  Register now – AI: From hype to prototype | Advisely 

The next 12 months are indeed exciting, and I highly recommend developing a business plan that focuses on these areas. A plan with defined goals and measurable outcomes will drive efficiency, improve client service, and allow you to fully capitalise on XPLAN’s evolving capabilities.

It’s interesting to note that many firms are actually moving away from external platforms like Asana, Monday.com, or Jira, and bringing their workflow management back into XPLAN.

Processes do evolve over time, so it’s important to regularly review and update them, but this should not feel like a burden. Here are a few suggestions to help automate and streamline your paraplanning workflow within XPLAN:

1. Ad-Hoc Processes: For tasks that need flexibility, consider using a Task Template with a checklist for key action items. The task can remain open throughout the process, and the checklist will allow you to track progress. Standalone task templates are also easy to update as your processes change.
2. Larger Processes: For more complex workflows, consider reviewing and refining your processes at least every six months, with a more comprehensive review every 12 months.
• You can duplicate workflows to test major changes before making them live. (If you are not sure how to do this let me know and I'll share a how-to video.)
• Your processes should reflect the ideal path you want your clients to follow, but it's important to include exit points where needed. If a client deviates from the standard process, it’s perfectly fine to pause and then resume once the issue is resolved.

 

By refining these workflows within XPLAN, you can create a more organised, automated process without relying on third-party tools.

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