Version 1.4
Feature Focus - Adjustments
(Dev Ref #IFF-599 > #IFF-617)
How?
Adjustments are available within a Strategy Builder scenario under the ‘Adjustments’ tab.
What?
The “Adjustments” section within a Strategy Builder Scenario is a powerful feature that enables users to make tailored adjustments to the financial modelling to accommodate for ad-hoc or unique transactions that are not catered for within the existing library of strategies.
Why?
“Adjustments” was designed to facilitate more comprehensive financial modelling in order to provide a more accurate representation of a clients financial situation by enabling the user to include unique financial events or transactions such as:
- Receiving an inheritance of $150,000 in 8 years’ time.
- Spending $300,000 on a house renovation in 2 years’ time.
- Reducing taxable income for a client who salary packages to their mortgage.
- Accounting for and including CGT payable on a property that a client has recently sold.
- Applying tax offsets or rebates like NRAS or foreign income tax offsets to a clients tax position.
The IFF Strategy Builder's adjustments feature provides a flexible and sophisticated tool for users to adapt to diverse client needs and financial events. By allowing manual adjustments, the Adjustments section ensures that users can maintain accuracy and comprehensiveness in their financial modelling.
Enhancements
Document Generator
We have made a number of changes to the standard IFF Statement of Advice:
- Moved the ‘Where are you now’ section to the body of the SOA
- Several formatting improvements to ensure consistent spacing throughout the Statement of Advice
- Coded the Logo, Header and Footer from the ‘Theme’ page of IFF
- Ability for licensees to customise all blocks of fixed text from within the IFF Portal e.g. change the Cover Letter.
- Enhanced the ‘Better position statement’ to clearly show the improved position based on your recommendations
- Enhanced the ‘Alternatives’ section to clearly show the alternative scenarios that were modelled and why these were dismissed
- Inclusion of an Assumptions appendix that will list the legislative assumptions utilised and the licensee return rates
Adviser Portal
- Ability to select ‘Same as partner’ when choosing a Partners retirement date
- Padlock icon on the client list screen to identify clients that have a locked Fact Find. Note; it is important that a Fact Find is ‘unlocked’ for a client to be able to update information via the Client Portal
Fixes
Document Generator
- Mortgage repayments were not feeding through to the Statement of Advice projections section (Dev Ref #IFF-550)
- When utilising a custom start date in expenditure, the expense was not feeding through to the Statement of Advice projections section (Dev Ref #IFF-547)
- Frequency selection within Insurance premiums was not feeding through to the advice document correctly (Dev Ref #IFF-568)
Did you know?
The ‘Adjust personal insurance’ strategy has now replaced all 16 individual strategies within all instances of IFF. To learn more about this strategy, navigate to the Strategy Builder section of the ‘Life-ring’ help menu (the blue icon located bottom right of all screens) and select the Adjust personal insurance strategy.
What next?!
The ‘big ticket’ items that we are currently prioritising are:
- Household strategies; will allow users to recommend ‘joint’ strategies, we believe this will provide an improved experience when providing advice to a couple.
- ProductRex integration; we have commenced work on phase 1 integration of ProductRex. ProductRex is a dedicated system to handle all of your superannuation and investment product recommendations.
- Omnium integration; we have commenced work on integration with OmniLife. Omnium is a Life Insurance premium comparison tool.
- Xeppo push-back; and lastly, being able to push clients back to Xeppo.
Have any other feedback suggestions for the team? Please raise these via the ‘Life ring’ button bottom right of screen by selecting ‘Send feedback’.