Skip to main content

Enhancing Statement of Advice audits with Iress Xplan data

By 26 August 2019June 16th, 2021Announcements, News, Product Updates, Technology

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.

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.

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, test, and deploy automated compliance and risk tests in just minutes using our innovative and advanced rule builder technologies.

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.als, objectives, and financial strategies.

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.