Advice Builder Wizard – 515 enhancements

January 2019

1. Alternative strategies – the adviser instruction has been amended to clarify that a
summary of alternative strategies must be documented in the advice document.

2. Asset allocation commentary – the dot point ‘overweight in cash due to fund
manager’ will be updated on 14th January to explain an overweight allocation to cash
due to fund managers holding large cash positions.

3. Better position statement – a new compulsory field on the Advice Details screen
lets you choose whether you want to complete your better position statement via
the strategy/product screens, or on a stand-alone screen.

Your selection also determines whether the better position statement generates into
the output document within a table or as a paragraph. The better position statement
is located near the front of the advice document (after ‘Reasons for seeking advice’)
so it is easy for the client to find and allows them to quickly and easily see how the
advice puts them in a better position. Please refer to the better position statement
XPLAN guide on eLMS for further information.

4. Cash flow instruction – an instruction was added on 10th December to state that
cash flow projections are mandatory. This instruction has since been removed, as
the projections continue to only be required if relevant.

5. Extended comparison information – the extended comparison table for insurance

has been reformatted.

6. Goals – the goals section now appears after the ‘Where you are now’ section. Also,
the goals timeframe has been replaced with ‘target date’; so when you next review
your client’s details, you will need to update the target date field on the goals screen
so it is picked up in the advice document.

Financial Services Partners Pty Ltd ABN 15 089 512 587, AFSL 237590
Internal distribution only
 7. Like for like comparison table – new like for like tables are now included in
advice documents for investment and insurance product replacements. New text
fields are also available in case you need to explain any limitations to the like for like
analysis (for example, if the existing product doesn’t offer the recommended levels
of cover).

Please refer to the new eLMS videos to learn how to generate the tables and
complete the limitations text:
 Risk Research Like for Like
 WealthSolver Like for Like

8. Product costs – the product costs table was removed on the 10th of December for
investment switch advice, because the required information can be generated in the
standard product replacement table. However, due to feedback received, the product
costs table will be reinstated on the 14th of January for all replacement advice.

9. Reasons for seeking advice – the adviser instruction has been updated to clarify
that the client’s own words should be used here.

10. Replacement of investment product – the investment switch table was removed
on the 10th of December as the required information can be generated in the
standard product replacement table. However, due to feedback received, this table
will be reinstated on the 14th of January.

11. Replacement of product – this section has had some minor changes to make the
information more relevant to clients.

12. Summary of our advice – the ‘executive summary’ table has been removed
because this information is now contained in the better position statement table. A
‘Summary of our advice’ section will still generate into your advice document if you
select in the Wizard to include flow of fund diagrams.

13. Where you are now – a new ‘estate planning’ table has been added to the ‘where
you are now’ section to outline the client’s current estate planning details.

Advice Builder Wizard – other enhancements

14. Authority to proceed – a new declaration has been added to the ATP. Having a
client tick this box negates the need to prepare a file note for the presentation
meeting.

15. Referrals/conflicts disclosure – these XPLAN fields are now mandatory to align
with the recent changes to Standards. The fields are located in the Advice Builder
Wizard on the ‘Disclosures and Next Steps’ screen.

16. RG97 disclaimer - the RG97 disclaimer has been removed from the SoA template
following the IRESS update which replaced ICR with investment fees and costs.
Fact Find Wizard – 515 enhancements
January 2019

17. Estate planning profile – beneficiary name and type can now be added if a
superannuation beneficiary exists.

18. Goals, needs and objectives – this section has been relocated nearer the front, so
it now sits after ‘Reasons for seeking advice’. Also, the goals timeframe has been
replaced with ‘target date’; so when you next review your client’s details, you will
need to update the target date field on the goals screen so it is picked up in the
advice document.

Financial Services Partners Pty Ltd ABN 15 089 512 587, AFSL 237590
Internal distribution only
 19. Grow Wrap reference – the footnote referring to Grow Wrap has been amended so
it is now product agnostic.

20. Future capital spending and emergency fund requirements – these fields have
been relocated to the ‘Expenditure details’ section.

21. Insurance details – the option ‘SGC’ has been deleted from the premium structure
row.

22. Considerations sections – any considerations that are ticked N/A now include a
text box to explain why that consideration is not applicable.

The investment considerations section, where the client ticked 1 to 5 their level of
importance for certain benefits, has been removed.

The question relating to how frequently the client would like their adviser to
communicate with them has been removed from the investment considerations
table.

23. Investor risk profile questionnaires – the instructions have been updated to
provide better clarity on how to obtain the profile result. A new table has also been
added to capture the agreed risk profile for joint investments. The returns in the risk
profile description pages have also been updated.

24. Product features / benefits – new sections have been added to the ‘advice
considerations’ section to capture insurance and investment product
features/benefits that are important to the client.

25. Savings capacity – a new adviser instruction has been added to clarify that this
section should be completed if the income and expense tables haven’t been
completed.

26. Scope of advice – the scope areas have been re-ordered so the most common
advice areas are at the top of the list. The columns have changed so you now need
to identify what other client information (eg super statements, file notes, etc)
contains fact find data; this will assist auditors in locating all relevant information.
Examples have also been added to the scope and limitations pages to provide
guidance on what is required.

27. Superannuation contribution history – an adviser instruction has been added to

clarify that this section is required if providing superannuation advice, or insurance
in super advice.

28. Vulnerable clients/PEP – this section has been moved so it now sits after ‘Scope
of Advice’

Fact Find Wizard – other enhancements

29. Third party referrals consent – a new consent has been added to the
‘declarations and consents’ section of the fact find so a client can consent to their
personal details being passed on for referral purposes.

Financial Services Partners Pty Ltd ABN 15 089 512 587, AFSL 237590
Internal distribution only