FinPlan R9.7. Mortgage Sourcing, Active FinPlan & Trusts

Transcription

1 FinPlan R9.7 Mortgage Sourcing, Active FinPlan & Trusts FinPlan R9.7 delivers a set of major new enhancements to the system including powerful new integrated mortgage sourcing, Active FinPlan for better task management and new configurable Corporate client and Trust fact finds. With FinPlan Mortgage Sourcing you don t need a separate system to identify the best deals available today and can quickly and accurately identify a suitable product for your client and their circumstances. The Mortgage data is automatically updated each day so you always have access to the latest deals. Active FinPlan provides a new dynamic method for task management and processing and the new fact finds increase the flexibility of the data capture process. 036 R1.2 Oct 2014 Page 1 of 13

2 R9.7 RELEASE SUMMARY This update adds new features and enhances the existing functionality. Key benefits include: New integrated Mortgage Sourcing facility. Rapid identification of the best deals available, including direct products and advanced filters; New operating mode: Active FinPlan which automatically presents the work items that require attention today; Show Timeline view in frameworks for time based review of case activities and notes; New FinPlan Portal features: o o o o Choose which admin framework stages are visible to the Portal Client; Send framework task notification messages to clients via the Portal; Upload shared documents, visible to all clients to the Portal; New Client Portal Status Report to identify active portal clients; Enhanced Enquiry not proceeding operation for easy removal from Workflow; New Corporate fact find and enquiry template with configurable sections; New Trust fact find and enquiry template with configurable sections; Updated TWAIN driver interface for document scanning from a wider range of sources; New search for client by Phone Number; New facility to delete frameworks added in error; Bug fix for Aviva Wrap valuations; Bug fix for Assureweb quote to age 90; KEY CHANGES YOU NEED TO BE AWARE OF 1. Mortgage Brain and TriGold integrations are no-longer supported. These have been replaced by the integrated mortgage sourcing solution. See below for further details; 2. The Tools menu button has been replaced with the new Go Active button. The items that were accessible from the Tools button, including Import Commission and Morningstar Fund Price Import are now available from the Tools menu option as opposed to via the button. 3. Active FinPlan provides a new method for efficiently processing your Workflows. Please read the notes below for further details. Page 2 of 13

3 FINPLAN MORTGAGE SOURCING FinPlan R9.7 introduces an integrated mortgage sourcing solution to enable you to quickly and accurately sift through thousands of current Intermediary and Direct deals to identify the lowest cost options that meet your specific requirements. FinPlan Mortgage Sourcing is powered by Defaqto s unrivalled mortgage data. There is no requirement for you to update your data as this happens automatically so you can be sure that you always have access to the very latest deals available. The new mortgage sourcing system replaces the previously available integrations to TriGold and Mortgage Brain which are no longer required to identify suitable mortgages. As a special promotion, FinPlan Mortgage Sourcing is being made available to all R9.7 users free of charge for an introductory period. This will enable you to trial the features and compare the results with your existing sourcing solution. We are confident that you will soon appreciate the flexibility and power of the fully integrated solution over alternative sourcing methods. Once the introductory period is over, the service will be charged at VAT per user per month. GENERATING A MORTGAGE QUERY Mortgage Queries are generated as part of a New Enquiry. To generate a new query, access the Mortgage Sourcing tab of the Enquiry and press the New Mortgage Query button. Previously generated queries are stored here and any previous query can be used as the basis for a new query to save reselecting similar details. If a query has been generated, it can be deleted if the record is no longer required, unless an illustration document has been generated and filed in which case the record becomes permanent. Page 3 of 13

4 Legacy Quotes: If you had recorded mortgage quote details in FinPlan prior to R9.7 these will be available via the Enquiry- >Legacy Mortgage Quotes menu option. When performing a Mortgage Query there are a wealth of filters and settings that will affect the results. It is possible to generate queries that can result in no results meeting the criteria although it is easy to re-edit the query and re-filter as required. TRUE COST CALCULATIONS It is possible to rank the query results in several different ways using the Order Results By setting in the Query Options. These are: APR the calculated APR for the mortgage, including the charges. The results are shown from lowest total APR to highest; Interest Over Full Term which presents the mortgages with the total lowest amount of interest to be repaid. The results are shown from lowest total interest repayments to highest; Cost Over Full Term which includes both the total interest and any fees/charges. The results are shown from lowest total repayments to highest; Initial Repayment the repayment amount (interest rate) at the start of the mortgage period. The results show the lowest initial rates but this means that a mortgage with an initial fixed rate of 3% that then steps to a final rate of 7.5% after 24 months will precede a deal with a fixed rate of 3.5% for the full term; and Final Repayment - the final repayment amount (interest rate) at the end of the mortgage period. The results show the lowest final rates but this means that a mortgage with an initial fixed rate of 3% that then steps to a final rate of 7.5% after 60 months will follow a deal with a variable rate which is currently 3.5% for the full term. It is also possible to either calculate costs over the full term of the mortgage or over a specified term period. This is to enable accurate calculation of the real likely costs if, for example, a mortgage is sourced over a 25 year term but there is a strong likelihood of a re-mortgage/move within 5 years (in which case ERC or other charges may apply). Page 4 of 13

5 QUERY FILTERS A set of filters are available that can be applied individually or in sets. These filters enable specific options or features to be included (or excluded) from the query. Not all filters need be applied, and each filter can be ticked (to indicate the feature/option is required), crossed (to indicate that the specific feature must not be present) or blank if the filter is not required. In the example above, a product will only be considered valid if it does not have any ERC and does allow for overpayments, underpayments and offers a free valuation. Care must be taken when applying Query Filtering as all criteria in the Query filtering must be met for the product to be considered so if a product did not have an ERC but did not offer a free valuation then it would be excluded by the over settings. REVIEW FILTERED DEALS Normally, the query results will show only those deals that fully meet the criteria configured before the Run Query button is pressed. If you wish to review products that were excluded from the results (and establish why they were not suitable) you can tick that Include Filtered Deals option in the Query Options. Page 5 of 13

6 With this option selected, any product that has been excluded from the results based on any criteria within the query is displayed. By clicking on the yellow alert triangle for a filtered case you will see a pop-up detailing why that particular item was excluded by the filter (this may be for multiple reasons). Should you wish to manually override the filter for a specific case and include the product in the query results you can do so by ticking the box on the left of the case. VIEWING DETAILS AND GENERATING AN ILLUSTRATION If you click on any product from the Query Results you will open the Mortgage Details screen, from where you can view the detail of the selected product and also generate the client illustration. The details are accessible via four tabs covering a summary of the product, any specific product features published by the provider, a summary of the fees and a repayment project for the product, covering the full term. You can navigate through the results using the Previous and Next buttons or return to the full results list via the Back to Results button. There is a Copy Mortgage Query button available so that a variation of the query that generated. the comparison results. When you have identified the product that you wish to generate an illustration for press the Generate Illustration button. This will produce a document that contains the product details in a standard format, along with a projection table of the repayments and a copy of When generating the illustration you will be prompted to confirm whether you are recommending the product or just providing information. You will also need to provide the details of any procuration fees that will be generated and the value of any fees that are added to the principle loan amount. These details will appear as part of the illustration document. Like other compliance documents within FinPlan, the document should be filed if it has been given to the client to ensure that a permanent record of the recommendation is retained. Once the illustration has been filed, the query and results cannot be altered however a new query can be created using the copy facility if required. Page 6 of 13

7 ADDING NEW MORTGAGE BUSINESS If the illustration has been generated and filed, a button will be available to Enter New Business this lets you record the associated mortgage proposal as new business within FinPlan. The button is accessed from the Illustration and is only available once the illustration has been filed. Page 7 of 13

8 ACTIVE FINPLAN Active FinPlan provides a new method for automatically processing outstanding Workflow items. Rather than manually reviewing and selecting items from the outstanding items in the Workflow, Active FinPlan automatically selects the activities to complete and presents them along with an easy to use processing interface. Active FinPlan can be used to share tasks between team members who access the same workflows, or can be configured so that an individual only receives items in their personal workflow. The idea is that Active FinPlan can ensure that all activities that have been flagged for review today are considered by the team, and time is saved from the process of continually re-loading the Workflow to identify the next item to process. It is possible to mix Active FinPlan processing with the traditional workflow review mechanism so that, for example, the administrators could use the Active FinPlan whilst the advisers could operate using the traditional workflow. In Active FinPlan, a user Goes Active when they are available to work on tasks and will be presented with the next task to complete. They then process that task, record notes about the activity completed and then proceed (automatically) to the next available task. When they have finished or are no longer available to process tasks they End Active Workflow Session to stop receiving tasks. A log of the activities completed and a timeline is automatically created for each active case so that you can easily review the work completed to date, as well as each user s activities for the day. A WORD ABOUT WORKFLOW TASKS When using Active Workflows, it makes sense for each stage of the workflow to identify the action or task to be completed. This means that you may wish to edit your existing workflows so that they more accurately represent the activity that needs to be completed. When working with the traditional workflows, the tasks often represent what was completed which is a different emphasis. The table below illustrates the recommended task labels for Active Workflow as opposed to Traditional Workflow: If Your Traditional Workflow Task Says Your Active Workflow Task Should Be Application Sent Send Application Enquiry Acknowledged Acknowledge Enquiry Date of First Meeting Confirmed Confirm Date of First Meeting Fee Agreement Signed Get Signed Fee Agreement Fact Find Completed Complete Fact Find If you would like assistance with configuring your Active Workflow tasks, please contact [email protected]. Page 8 of 13

9 GOING ACTIVE The Go Active function is accessed via the Go Active button on the main toolbar. When a user decides to Go Active they can select the Workflows to be included in their processing. A priority level can be set for each workflow section and higher-priority tasks will be presented before those set with a lower priority. Once Active, the user will be automatically presented with the next activity that requires attention. They will then process this item and either complete it, or update the notes and schedule their next review. Whilst a user is Active, the toolbar will show a flashing icon to the user and the Show Active Workflow Item will always return them to the current task that they need to process. When working in a team, it is important to understand that whilst you are working on an item (or it is shown as your current Active Workflow Item ) no-one else will be presented with that task. This means that if you do not End your active session before you leave (at the end of the day, or go to lunch for example) no-one else will be able to process the item you have been presented with. Also with Active Workflow the idea is that you complete the task you are presented with. You do not select which item to work on. If you are presented with an item that you cannot progress you can record a note and defer the case for later but must update the case before you are presented with a new task to complete. WORKING WITH AN ACTIVE WORKFLOW ITEM When Active, the next workflow item is automatically presented to the user who has Gone Active. Page 9 of 13

10 The Active Workflow screen presents the client to whom the task relates. If the task is part of a New Enquiry, the enquiry type is shown and for Administration or Compliance workflow items, the related policy is displayed. Your Active Task is displays the current workflow task which requires an action. Below this task are a set of action buttons to enable you to quickly complete common activities relating to the task, such as making a telephone call, sending an SMS message or , or updating the notes relating to this task. You can also mark the task as completed or being Not Applicable. To finish with the task you must either: Mark Task As Completed to confirm that the activity has been done and no further action is required; Mark Task as N/A - to confirm that no further action is required and the task was NOT completed as it is not required in this instance; Defer Task set a future date and/or time to review this task again. This is the action you should complete when you have completed work on an item but it is not yet finished. You can set the next date and/or time for the item to be represented in the Workflow; Transfer Task if there is a specific user who needs to work on this task, you can use the Transfer Task to assign this item to their workflow. Note that it is possible to transfer the specific task only (so the other tasks within this workflow will be presented regardless of this tasks completion or not) or you transfer the whole case which means that this and all following tasks will be presented to the selected user (unless they transfer the case to someone else). In the case of a New Enquiry, you can also elect to Kill the enquiry. This marks the entire framework as N/A and sets the Enquiry Outcome to Enquiry Killed. It effectively removes the item from the Workflow and no further action will be performed on it. If this has been done in error, the enquiry can be located in the Client->History->Enquiry History and the Enquiry not proceeding tick-box can be cleared to re-instate the enquiry. The Workflow Timeline button allows you to view all of the notes and activities for the current workflow in a single place. If you wish to review the traditional framework list for the current case the Workflow Summary button will jump to the traditional framework view. To return to Active Workflow you can use the Back button or press the Active button on the main toolbar and select Show Active Workflow Item. When work on the current items has been completed, the next available workflow item will be presented and the process continues until either all Workflow items have been processed or the user chooses the End Active Workflow Session from the Active button on the Toolbar. ACTIVE WORKFLOW LOG At any time you can review the items that have been processed by selecting Show Active Workflow Log from the Active button on the toolbar. This log can be filtered by date range, workflow and user as required although standard users will only be able to view their own workflow/activity items. Page 10 of 13

11 CLIENT PORTAL FEATURES A number of enhancements have been made to the Client Portal and features available within FinPlan. ADMINISTRATION FRAMEWORK FILTER It is now possible to hide or reveal specific stages of the administration framework on the Client Portal. This means that, for example, you can display when an application was sent and when the underwriting has been completed, but supress any other stages from appearing. To reveal any stage on the Client Portal, the framework configuration needs to be edited. This is a restricted function in FinPlan and you may not be able to perform the required changes yourself. If you are not clear how to make the changes or do not have access to this area of the system, you should your configuration requirements to [email protected]. SEND NOTIFICATIONS VIA CLIENT PORTAL It is also possible to configure the administration notification messages to be sent via the client portal (as opposed to via ). To do this, the Send via Portal option needs to be configured for the specific stage and the client needs to be active on the portal. If the stage has been configured for Send via Portal an will be generated as normal for all clients who are not yet active on the Client Portal so it is quite possible to configure the stage for both 1 st and 2 nd Applicant and then the system will use the Portal message (rather than ) where it is available. Page 11 of 13

12 CLIENT PORTAL ACTIVATION REPORT This report provides a summary of the clients who are active on the Client Portal along with those where an activation request has been sent, but the client has not yet completed the activation process. The report can be configured to display the address to-which the request was sent. The report will request an update of the current status for all pending activations which may take a while if there are a large number to process. Please note: As this report uses data that was not captured in earlier versions of the software you will not see the Request Date for client s whose activation request was made prior to R9.7. SHARED PORTAL DOCUMENTS The adviser can upload documents to the Client Portal that are accessible to ALL client portal users. The purpose is to allow newsletters and/or regulatory notices or other standard documents to be made available without the requirement to select the specific clients to receive the document. Care must be taken with this feature if you upload any file to the Shared Files area they are immediately accessible by all users of the Portal. Shared Portal Files are viewed and uploaded from the Organiser. The current shared files (if any) are listed here and old documents can be deleted when they are nolonger required. Portal users will see the documents in their Files area, prefixed with an asterisk (*). Portal users do not receive a notification message when new documents are added. Page 12 of 13

13 UPDATED FACT FINDS FOR TRUSTS AND CORPORATE CLIENTS The Corporate fact find has been upgraded to the new fact find technology to allow customisation of the content and order as well as allowing alternative layouts and enquiry templates if required. A new Trust fact find has been created for dealing with trust clients, to access this new fact find, the corporate client needs to be flagged by ticking the This Client is a Trust field against the business client record. A business client can be toggled between trust and non-trust status by changing this flag. When a new enquiry and fact find are created for a business client, if the trust flag has been enabled the trust fact find will be used instead of the default corporate fact find. MINOR ENHANCEMENTS AND BUG FIXES The R9.7 release contains a number of minor enhancements and bug fixes: The TWAIN driver for document scanning has been updated. This new version should support a wider range of scanning devices; It is now possible to record group protection policies; When performing Assureweb quotes, quotes to age 90 are now supported for the relevant products; A new search filter has been added to Client Search to allow for telephone number searches. Note that the search matches against any telephone number recorded against the client (so you do not need to specify mobile or home/work numbers to search for simply enter the number); When you tick the Enquiry Not Proceeding box against an enquiry it is immediately removed from the Workflow and its Outcome status is set to Killed Enquiry. If this has been done in error, un-ticking the box will reverse the action. Page 13 of 13