CALS Tool

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Agenda The Fact Finding process What is CALS? How to prepare CALS Case study – Warren & Wendy Fact Finding tips Accessing the tools 2

3 The Fact Finding process Fact Finding process What are the client’s objectives? Determine the client’s current financial situation Are there any issues with the client’s current financial situation? Will the client’s goals be met? Collect further information if required Input all data into Xplan PFP Wizard The CALS diagram is a tool to help you determine the client’s current financial situation and identify issues

4 What is CALS? Acronym for Cashflow, Assets, Liabilities, Structures Not a new concept – advisers have always used CALS in financial planning CALS diagram A tool to help you to build a one page picture of the client’s financial situation The picture is easily understood by the client Helps the client see their situation from a holistic viewpoint Client can often identify the issues themselves Advice becomes easier to sell if the client can see the issues The ability to show a client their financial snapshot in a single picture can be an incredibly valuable tool

How to prepare a CALS Draw the diagram on a whiteboard Power Point slide Excel document – automatically total the relevant fields for you Word document – A3 and A4 sizes available – useful if you’re seeing a client remotely Merge report in Xplan – called ‘RI Advice – CALS’ 5 Consider using the ‘Snapshot Questionnaire’ to gather some information prior to your first meeting. Use the method that works best for you and which fits in with your business CALS documents are available at Adviser Services > Advice > Fact Finds

CALS – case study 6

CALS – tips for identifying issues Six advice streams – think through each: –Cashflow –Debt management –Investment –Risk management –Estate planning –Structuring Xtools retirement funding calculator –Point of sales tool –Project the client’s savings to see if goals can be met 7

Input the CALS data into the Xplan PFP Wizard Complete all other relevant information in the PFP Wizard At client review, generate a reverse Fact Find – check details with the client and update Keep comprehensive File Notes to support your Fact Finding process Needs and issues –Don’t rely on the ticker box – restate the client’s words into the Fact Find and SOA Scoping –Fact Find, File Notes and SOA should all replicate what is being scoped out –Can’t be driven by the adviser, can only be driven by the client 8 Fact finding tips Xplan should be your source of truth

Fact finding mistakes Fact Find not signed by both Adviser and Client LOE not completed, or not signed by Client Risk profile questionnaire not completed, or not revisited when risk profile changes Scoping being driven by Adviser, or not clearly stated in Fact Find, File Note and SOA Sufficient data not gathered to address client issue

Accessing the tools CALS tool now available for everyone (from 6 August) Different formats so you can choose best option to fit in with your client engagement process: –Word – A4 & A3 size –Excel –PowerPoint –Xplan merge report - called ‘RI Advice – CALS’ Access templates via Adviser Services website –Go to > Advice> Fact finds and FSG > CALS diagram