Xplan to introduce opt-in capability

Financial planning software provider IRESS has announced its next update of Xplan will include new ‘opt-in’ capabilities for advisers as part of the practice management functionality.

IRESS wealth management product manager Aaron Knowles said the software provider wanted to address adviser concerns about extra time and expense associated with the introduction of the opt-in requirement as part of the government’s proposed Future of Financial Advice reforms.

“While detail is yet to be finalised, we anticipate that opt-in will happen, one way or another, and it is our job to ensure that our advice platform software can help our clients manage the process efficiently and cost-effectively,” Knowles said.

Advisers using Xplan’s Client Online module would already have a portal by which their clients can review services provided and elect to opt-in electronically.

The feature also enables advisers to send emails to their clients about the adviser’s service proposition and let the client follow a hyperlink to register that they opt-in, Knowles said.

Xplan’s alert manager feature would also be extended to send warning notifications if a client was at risk of lapsing.

“The goal is to allow advisers to accurately monitor their obligations as part of the review process, thereby reducing time, and hence expense,” Knowles said, adding the update was due for release in August.