Today we’re introducing an integration with Iress Xplan that makes it simpler for financial services businesses to scale their compliance and risk monitoring across all written financial advice.

 

Iress Xplan is the financial services industry’s leading advice software. TIQK is the market-leading solution for compliance and risk monitoring of written personal financial advice.

Enhancing SoA file audits with Xplan data is one of the most-requested features by our clients.

With this new integration between Xplan and TIQK, we’ve made it possible to automatically validate that the client’s information in a Statement of Advice (SoA) file matches that recorded in Xplan during the “fact find”.

The “fact find” is when a Financial Adviser records their client’s income, assets, liabilities, goals, objectives, and more. This forms the basis of the Adviser’s recommendations.

If the final SoA file is inconsistent with the fact find data, there is a risk of non-compliance and potential consequences.

Until now, experts have had to manually cross-check data in Xplan against each SoA file − a time consuming, expensive process that’s nearly impossible to scale.

By integrating TIQK’s sophisticated file auditing with Iress Xplan we’ve made it possible to automate this task. This enables financial services businesses to cost-effectively scale their compliance and risk monitoring program across all written advice.

Here’s a deep-dive into how this integration can help automate a common compliance task, quickly and easily.

We believe that smart technology shouldn’t be hard to use

We’ve made it simple to securely connect your Xplan and TIQK accounts. Just enter your Xplan site address into the new Platform Integrations section in TIQK and click Authorise:TIQK Xplan integration - set site URL

We use the latest OAuth technology which means that TIQK never sees or stores your Xplan username or password. In addition, only the Practice, Adviser, and Client records that you authorise can be accessed during TIQK file audits.

Once you’ve setup a connection between your Xplan and TIQK accounts, our Analysts work with you to create automated compliance and risk tests in just minutes using our innovative Rule Builder.

To our clients the process of creating automated tests is simple. Behind the scenes we’ve built a number of sophisticated technologies, methodologies, and integrations to deliver this powerful benefit.

 

Making Xplan -linked SoA audits fast and simple

Consider this task: testing if a client’s annual Investment Income listed in an SoA file matches that recorded in their Xplan record.

With Rule Builder we’ll create an audit rule that automates this test for every SoA file, using live access to Xplan data.

Breaking it down, these are the steps we’ll automate:

  1. In the SoA file being audited, identify the client(s), the date the advice was written, and the Investment Income for each client
  2. Look up the Investment Income in Xplan for those client(s), for the date range relevant to the SoA
  3. Compare the Investment Income values − if they match return a “compliant” result in the audit report; otherwise return a “non-compliant” result

Chips: powerful access to TIQK capabilities

In Rule Builder, we use “Chips” to create the logic of our rules. They are powerful point-and-click components that let non-technical users tap into TIQK’s advanced data extraction, natural language, and artificial intelligence capabilities.

With this integration, we’ve added new Chips to tap into and work with live Xplan data:Rule Builder - New Xplan chips

Correctly identifying the client(s) and date of advice

TIQK includes smart algorithms that detect the financial adviser and date of the advice in an SoA file. This makes sure that every TIQK audit is based on the correct legislation, regulations, regulatory guidance, and adviser profile.

Behind the scenes TIQK also identifies the client(s) in each SoA. This is important for auditing how recommendations and products relate to each client. For example the file may list a couple with different goals, objectives, and financial strategies.

With this implementation we’re now showing you each client that TIQK detected in each SoA:Rule Builder - client names in file list

Where TIQK is unable to automatically identify the client, our new smart search feature − powered by Xplan − makes it quick and easy to find and add them:Rule Builder - smart client search powered by Xplan

Finding the investment income in the SoA file

To automate this test in Rule Builder we create a new audit rule, and add a blank Possible Outcome called “Compliant”. Possible Outcomes contain the logic of our rule, which will be constructed using Chips:

 

The first step in our test is to extract the Investment Income listed in the SoA file. In this example, it’s found on a row labelled “Investment Income” in the Cashflow table inside the SoA file:TIQK Xplan integration - SoA income table

So, we add a Find in Table Chip to extract the Investment Income dollar value from the Cashflow table, for each file audited:TIQK Xplan integration - find in table chip

Because TIQK is date and SoA -template aware, you can create different rules for different SoA templates and date ranges. If you change how the Investment Income is listed in your SoAs over time, TIQK keeps track of which format and audit rule to run so that you always see accurate results.

 

Extracting the client’s Investment Income from Xplan

Next, we add an Iress Xplan Chip to obtain the client’s investment income data from Xplan:TIQK Xplan integration - Xplan chip

Simple on the surface, this powerful Chip performs a number of actions to deliver an accurate result every time, including:

  • Creating a real-time connection to Xplan for the most up-to-date data during every SoA file audit
  • Multi-level validation of each client listed in the SoA, ensuring the right Xplan records are referenced
  • Ensuring that only income date ranges from Xplan relevant to the SoA’s date of advice are considered
  • Normalising incomes to annual, half-yearly, etc. frequencies to match the test’s requirements

 

Comparing data extracted from the SoA with Xplan

We’ll add a couple of additional Chips to work with the data we extract from the SoA file and Xplan:

  • Sum Of: to total up the Investment Income data from Xplan, and
  • Equal To: to test if the Investment Income values in the SoA and Xplan are the same

The logic of our “Compliant” Possible Outcome now looks like this:Rule Builder - Possible Outcome logic

Click image to view full size

 

Adding a test for non-compliance

The final step is to add another Possible Outcome: this time for the scenario where the Investment Income in an SoA does NOT match that recorded in Xplan i.e. “Not compliant”.

We do this simply by duplicating the “Compliant” Outcome we’ve already created, changing just:

  • The Equal To Chip (=) to a Not Equal To Chip (≠),
  • The Result to “Non-compliant”, and
  • The Explanation that appears in an audit report.

Our Rule’s two Possible Outcomes now look like this:TIQK Xplan integration - possible outcomesClick image to view full size

 

Testing and deploying the new rule

Our automated rule is now ready for deploying and running on every SoA file we audit in TIQK. However, we know how important it is to test before deploying.

Rule Builder includes a built-in feature for rapid tests: just upload a sample SoA and tap the Test button. Rule Builder shows you which of the Possible Outcomes are returned based on your logic and Chips − and will flag any errors:
Rule Builder - test

Xplan and TIQK integration: start today

We’re excited to share this innovative integration between Iress Xplan and TIQK. To find out how this integration can assist your practice, contact us today.