Xplan has launched a web-based analysis tool that integrates multiple fee structures into a client's statement of advice (SOA).
Tthe tool is aimed at dealer groups who currently handle SOA information through complex spreadsheets, according to Xplan general manager Andrew Walsh.
"This option allows practices to provide fully automated SOA fee disclosure, if they want it," Walsh said.
"Our focus has been to look for further end user efficiency in the advice production process. The approach we take is to partner with clients to identify areas where we can help, and the platform fee initiative has been an obvious one, which we have spent over nine months developing."
The tool is designed to integrate a combination of advice, administration, platform and investment commissions, stockbroking, and investment fee types into the client's SOA.
"The web-developed and delivered Xplan solution lends itself to efficient maintenance and update of fee schedules by head office, and instant deployment to all users," Walsh said.
One group who is working with Xplan in an attempt to cut production times for SOAs believes the new tool will significantly improve efficiency.
"Working together with Xplan, we expect to reduce the time to produce this component of the SOA by up to 80 per cent," Genesys Wealth Advisers director Andrew Creaser said.
