In September last year we provided practices with their own Practice Efficiency Report on how you are currently storing your client’s data along with how, as a practice, you are using XPlan and all its functionality.

As part of your Practice Efficiency Report, we identified some gaps around the use of the functionalities in XPlan as well as including some information about features that are available which you might not be currently utilising.  We implemented weekly “Meet with Megan” webinars that have helped you to upskill and become more knowledgeable around the different functionalities in XPlan. 

As you would expect, different roles within the practice are utilising different modules in XPlan.

• For Sole Practitioners, you may have a basic skill set across XPlan.
• For the Adviser role, there was a strong knowledge around File Notes, Fact Find, Risk Researcher and XTools+. 
• The Administration role traditionally is very strong around client data and implementation XPlan skills, and we had some practices that have “super users” in these areas.

For Paraplanners, most have an intermediate knowledge of most XPlan modules (with Invoicing and CommPay being the exceptions). This is in line with what we would expect to see. We were surprised that a lot of Paraplanners had only basic knowledge of the modules which are used to generate a SOA (i.e., XTools+, which generates projections).

Fast forward to today and we are seeing an increase in the functionality being used in XPlan by our practices which is great news. Improvements include: 

• 9 more practices are now using Xtools+ for projections and as a review tool for your clients.
• More usage of WealthSolver to prepopulate wording in the SOA especially around benefits gained and lost. 
• An increase in practices adding in their own templated wording in the SOA Wizard to help prepopulate the SOA. This eliminates the manual process of typing this in all the time when completing the SOA.

With this in mind, I will be continuing my Thursday webinars and will be re-visiting the Practice Efficiency reports in the coming months.  

In this Edition