Compass | FDS & Consent Builder

 

Video Published July 2022

  

 

Go to Client Menu > Wizards > 4. Review the Client > FDS (enhanced) & Consent Builder. Type in a scenario name and click Create Scenario

a. Details Page

Details

1.The first page of the wizard is used to set up the ‘Who this document is for’ section. The output of this selection will populate the letter names & address and also impact whose details will be included in the fee output.

2. The next step is selecting ‘Who is this document from’, which will set the Adviser’s sign off details and populate the various documents produced.

3. Leave the Custom Statement Period unticked.

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4. CommPay details can be viewed via the wizard by including the tick box (if required):

5. You must choose whether you want the FDS and consent document to merge combined or as separate documents. If merged separately, the FDS will include an additional Renewal document at the end.

Note: If you know the product provider requires their own consent form then you should leave the box unticked, however if the provider will accept our form, then you can tick the box to combine. The Consent Form Matrix can be found by Centrepoint Connect.

 

 

Expected Fees Next Period

6. Select where the next 12 months of revenue will be sourced from. This can come from multiple areas of Compass, depending on what you use in your business. If you select the ‘Show expected fee details page’ then it will create another page in the wizard that allows you to edit these details before producing your FDS.

 

Fee Consent details

This will be the most common option used for recording expected fees. It gets the fee details from the Fee Consent page of this wizard:

Asset, Super and Pension details

This option will get the fee details from client data information entered into Compass via the client account:

 Commpay Estimates

This option will get the expected fees from the estimated revenue you’ve added into Commpay with an expected revenue date during the next anniversary period:

You can do this via the estimates tab in Commpay:

 

Invoicing

This option will get the expected fees from raised future invoices with an expected payment date during the next anniversary period:

 

Custom Fee Group

This option will get the expected fees from what you add into this group via the wizard:

You can link these fees to calculate the fees based off of the last IPS value:

You can also add the details manually into the FDS Wizard:

Adviser Fees details

This option will get the expected fees that that you can add into the adviser fee fields against the client:

 

FDS and Renewal details

7. Set Opt-In Status to Pending Client Decision for both the Client and Partner. After producing your FDS this can be used to help manage the clients who you are yet to sign their renewal or fee consent.

8. Ensure you have the correct Anniversary Date. The disclosure period in your FDS will be the previous 12 months from this date.

Note: For clients who have signed on to an ongoing fee arrangement since 1 July 2021 the anniversary date will be the date they signed the agreement and it will remain the same each year. For existing ongoing fee arrangement clients, the anniversary date will be the date you are providing them the FDS during the transition year.

 

9. This will be used on the cover letter sent date. Note this date should be today’s date in most circumstances (day of issue). The field can also be used to track when you send the document to the client:

Note: For existing clients during the transition year, this will be the same date as the Anniversary Date.

 

 

B. Service Entitled and Received

10. Choose where the services entitled and received information will populate from for the previous 12 month period. You can either use Custom Service Text or Service Benchmarks.

 

Custom Service Text

Custom text which also you to add the details into the document via a free text box. The text box will show in the wizard once selected:

To make this process more efficient, you are able to create Service Package templates to use here. A guide on how to do this can be found on the Tech Solutions Hub.

 

Service Benchmarks

If you are using Service benchmarks to record services select this option. The details will show in the wizard to allow you to check these:

For more details on Service Benchmarks refer to:

https://community.iress.com/t5/Help-Guide-Xplan/Service-Benchmarks/ta-p/5735

11. Choose where the services entitled and received information will populate from for the next 12 month period. This can be done via one of the following methods:

Custom Service Text

Custom text which also you to add the details into the document via a free text box. The text box will show in the wizard once selected:

Service Benchmarks

If you are using Service benchmarks to record services select this option. The details will show in the wizard to allow you to check these:

 

 

 

Case Benchmarks

If you are using Case benchmarks to record services select this option. The details will show in the wizard to allow you to check these:

For more details on Case Benchmarks refer to:

https://community.iress.com/t5/Help-Guide-Xplan/Case-benchmarking/ta-p/4838

Ongoing Services (from the Advice Builder)

This option will allow you to use the Ongoing Service details you have already added while producing advice details in the Advice Builder wizard:

 

C. Commpay

12. If you have chosen to include the Commpay page, this section will allow you to view your Commpay policies. Modify the search parameters to show the revenue you received during the FDS period.

 

D. Fee Consent

Opt-In

13. In the Opt-In tab, confirm the details are correct. They come across from the first page of the wizard, so if you previously entered them in correctly then you will not need to make any changes.

Note: The Opt-In response date and comments will not need to be completed to produce the FDS. They will only be updated once the client has responded by signing the renewal or fee consent.

 

Fee consent

  1. In the Fee Consent tab, select the ‘Edit base settings’ button, add the following information and then click Save.

  • Consent status and dates: Ensure the consent status is blank. The date fields should already be populated using data you already entered into the wizard on previous pages.
  • Fee start date: Enter the Anniversary Date (i.e the same date entered on the first page of the wizard).
  • Fee end date: Enter 12 months from the Fee start date + 150 days
  • Advice fee amount: Enter a flat fee and/or percentage.
  • Advice fee frequency: Enter the frequency the fee will be deducted.
  • Is fee estimated: Marking this as ‘Yes’ will populate standard text into the document, however you can add additional commentary if required.
  • Provider status: Mark as Not Submitted. If the status of the consent is set to Submitted, Acknowledged, Approved, or Declined, it will be excluded from the document.

 

 

 

15. Click on the account name of the asset where fee consent is required and change the Fee consent required option to ‘Yes’.

 

Note: The only assets that will appear in the accounts will only show if they are in the Assets (Type of Investments or Liquid Assets and Status of Existing), Superannuation (Status of Active), Retirement Income (Status of Active) or Annuities (Status of Inforce):

 

16. This will apply the base settings to that asset, however you should override the details if required (e.g. splitting the total flat fee across two or more assets)

17. Repeat the process for all other assets as required.

 

 

18. Once updated, selecting ‘save’ will set these details for this account:

Note: The Account/Member number field needs to be added against the asset. This can be done by either going to Client > Know Your Client > Financial Information or it can be completed on the Expect Fee Details page of this wizard.

19. If you are dealing with assets owned by other entities, you will need to select the entity from the top of the wizard and then follow the same steps to complete the fee consent process.

E. Expected Fee Details

20. Depending on what you selected on the Details page, you may need to review the expected fee details to ensure they are correct prior to generating your FDS and Consent documents.

21. Clicking on Next will take you to the Review section, this will provide you with details of what you have entered into the FDS and Consent Builder Wizard. It will provide you with the Merge option that you have selected. Additionally, there is a Commpay Transactions Report that will provide you with the transaction included and excluded from the calculation of your FDS fees from Commpay.