Advice Composer Release Notes V4.1.0
Previous release notes:
Consult our article here to know more about versioning scheme attached to our products.
TABLE OF CONTENTS
- Ongoing Upgrades to the Advice Framework
- New Features
- Other Improvements
Ongoing Upgrades to the Advice Framework
Welcome to your advice framework upgrade. In this outline we explain the changes we have made to your advice framework for April 2025. At the heart of our approach is a commitment to continuous improvement—both in response to legislative change and through the delivery of practical enhancements that improve the way advice is produced and delivered.
Regular updates to the advice framework ensure it remains aligned with evolving regulatory requirements while also incorporating functional improvements that streamline advice production. These updates are designed not only to reduce the time and effort involved in creating advice documents, but also to help licensees maintain high standards of compliance and professionalism.
Crucially, we actively seek and incorporate feedback from our users to guide the development of new features. This ensures the framework reflects real-world needs and supports best practice, all while preserving the flexibility for licensees to express their unique advice philosophies and business models.
Kind regards
Rob Corben - CEO
New Features
Short Form ROA – A Smarter, Faster Way to Deliver Advice
One of the key upgrades we've introduced this year is the new Short Form ROA, designed to significantly reduce advice production times and help us deliver on our commitment to efficiency.
Key Features of the Short Form ROA:
- Streamlined Format: Considerably shorter than the standard ROA
- Simplified Process: Only two wizard pages required
- Customisable Content: All static content can be tailored using the Group field ‘self-edit fields’, including:
- Client objectives
- ROA recommendations
- Disclosures and disclaimers
- Wealthsolver Integration: Leverages Wealthsolver for modelling and product fees
- Flexible Fee Configuration: Advice fees can be set directly in the wizard
- Concise Output: Designed to be between 9 and 12 pages in length
- Easy Editing: After merging, simply remove any client objectives or recommendations that aren’t relevant
- Ideal Use Cases: Perfect for review or rebalance ROAs and similar advice types
This upgrade is a major step toward faster, more efficient advice delivery—without compromising quality.
How to access the Short Form ROA
To access the short form ROA, while in the advice wizard under Advice Scope:
- Choose Record of Advice (ROA) in the wizard
- Then choose Short Form ROA
- The screen will now refresh and provide access to Wealthsolver recommendations.
- Choose yes to select the scenario you have been modelling. Note you can also add up to 4 additional scenarios if you choose.
- Add the agreed fee %
>Click Next
No Change ROA Letter – A Simple, Scalable Update
We're pleased to introduce the new No Change ROA Letter, designed for situations where no changes are being made to a client's current advice.
Key Features of the No Change ROA Letter:
- Quick Setup: Available via a streamlined one-page wizard
- IPS Integration: Requires an IPS license to include the asset allocation section
- Bulk Capability: Can be generated for multiple clients at once, saving time
- Customisable Content: The underlying text can be edited using the self-edit screens, allowing you to tailor the template with your own messaging
This tool is ideal for delivering efficient, consistent communication when no changes to strategy or product recommendations are required.
How to access the No Change ROA
- Select your client
- Go to Advice Process>2.Advice Generation>No Change ROA
Note: the path to No Change ROA can differ depending on your XPLAN site
You can also run the report from the search results page
- Search for a client (or group of clients)
- Select the client (or clients) you wish to merge the report against
- Go to Reports> Merge Reports>
- Select No Change ROA Letter
- Select Execute
- The merge will appear in your envelope as a zip file containing the separate reports.
Other Improvements
Support for multiple scenarios in WS output
When configuring your modelling output in the SOA wizard you can now include up to 4 additional modelling scenarios in your advice.
Client narrative changes
Based on feedback from users we have changed the sentence structure slightly in the client narrative section of the SOA output.
Private health in current situation
Within the client narrative, we have altered the code to source the private health insurance data to be sourced from the Medical Policies group field located under Insurance > Existing > Medical Policies.
Support for CALM entities
Historically, the calm modelling was limited to client/partner and joint entities. We had been using a separate wizard for non-individual entities. Now we have incorporated a new group field into the Xtools+ wizard screen that allows to include modelling for SMSFs, companies and trusts.
Strategy Recommendations – New Ownership Options
Previously, strategy ownership in the Strategy Recommendations screen was inferred by linking a strategy to a client objective, which would then associate it with the owner of that objective.
Based on user feedback, we've enhanced this functionality to allow for more direct control. You can now assign a strategy directly to a client, partner, both, or another entity—providing greater flexibility and clarity when mapping out recommendations.
Note: The TAB order on the recommended strategies field has changed and a new field appears by default asking “who is this strategy for?”
- Select from Client, Partner, Both, Other, Link to objectives.
- If you choose “Other” the screen will refresh asking you to search for the other entity to link to this strategy
If you choose “Link to objectives” you can then select those related objectives as you do today.
All other features remain unchanged
Bug fixes delivered this upgrade include:
Each upgrade we look to roll out fixes for issues resolved by the support team since the last upgrade.
Fix bug when adding new section
- When customising the SOA and adding a new section, under certain circumstances the framework generated an error message. This has now been resolved.
Move Reversionary Pension Strategy to Retirement Income
- The Reversionary Pension Strategy was identified as being in the incorrect category in the Strategy Recommendation screen. We have now move this strategy to the Retirement Income Streams Category
Error in Wealthsolver output
- In the platform and product costs section – Some product fees for were not displaying the dollar figure. This is now resolved
Regulatory Update
This week your site was updated with the latest strategy and educational content from Finura Group. Details of the update is below
Six new strategies have been added to this update. They are:-
- Home Equity Access Scheme
- Cancel and replace your insurance
- Tax free uplift due to TPD
- Small Business CGT Cap Super Contributions
- Make a lump sum withdrawal and re-contribute funds into your partner's Super
- Market linked pension wind back
- Please note: New legislation pending further guidance on social security.
- We are monitoring for updates and will advise if strategy adjustments are needed.
Strategy Flyer Updates:
- Aged Care - Current maximum daily fee for residential care has been increased from $63.57 per day ($23,203.25 pa) to $63.82 per day (23,294.30 pa). For home care, the maximum daily fee has been increased from $13.08 ($4,774.20 pa) to $13.14 ($4,796.10 pa).
Strategy Text Updates:
- Commence a Home Care Package – Maximum daily fee rate changed from $37.55 to $37.70 and annual amount changed from $13,669.63 to $13,724.45 pa.
- Enter Aged Care Facility and Restructure your Finances – note added in regards to current interest rate change from 8.42% to 8.17% from 1st April.
Your feedback is important
Please keep your feedback coming on issues, features functions, new strategies etc.
Please remember to use our support email address support@planfocus.com.au when sending feedback or looking for support.
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