WHAT’S NEW GUIDE

WHAT’S NEW GUIDE

from The SimplyBiz Group powered by Defaqto Engage designed by You

October 2020

WHAT’S NEW GUIDE October 2020

2 | FOR INTERMEDIARY USE ONLY | © Copyright 2020

Contents

Introduction ....................................................................................................................................... 3

Centra homepage ............................................................................................................................. 4

1. Actions .......................................................................................................................................... 4

2. In progress activities ...................................................................................................................... 5

3. Tasks ............................................................................................................................................. 6

Managing Tasks ................................................................................................................................ 7

Questionnaire email notifications ....................................................................................................... 8

New Accumulation ATR Questionnaire .............................................................................................10

Retake any available questionnaires .................................................................................................12

Accumulation Risk Profile - Projection ..............................................................................................13

Estimated total Cost .........................................................................................................................13

Projection graph ...............................................................................................................................15

Risk Profile Report changes .............................................................................................................16

Top-up from multiple sources ...........................................................................................................18

Single product transfers ...................................................................................................................21

Other changes included in this release ............................................................................................ 23

New suitability content for pension switching and MiFiD costs ........................................................ 23

Show the current risk level for products outside a goal in the client summary report ....................... 23

Further help & support .................................................................................................................... 23



IntroductionThe October ‘20 release of Centra is a collection of new features that have been implemented as a result of user feedback. The Centra homepage has now been significantly enhanced to make it easier to navigate, manage tasks and enables the introduction of some exciting new features.

Advisers will benefit from being sent a system notification and email when a client has successfully completed an attitude to risk questionnaire via email. In addition, after capturing a client’s natural risk level, users can add a charge figure into the projected returns of the client’s investment.

The projection graph has also been simplified to make the displayed values clearer to understand and users now have the option of adding a client and adviser signature box to the Risk profile report.

Defaqto has also launched its very own attitude to risk questionnaire, which provides advisers with greater choice over which attitude to risk questionnaire they wish to incorporate into their Centra licence.

This document explains the purpose of each change, gives an overview of any workflow changes and provides an indication of the value to the user.If you have any further questions regarding the contents of this guide, please contact the Adviser Services team on 0808 124 00 00 or email [email protected].



Centra homepageThe Centra homepage has been updated to better signpost the user to the most common actions, to make the recommencement of in progress activity easier and to provide an area to quickly view the status of questionnaires emailed to clients.

This change has been introduced in this release to allow the introduction of the ‘Tasks’ area as described further below.

The homepage can be broken down as follows:



1. Actions Launch buttons for the major actions. The actions listed depend on the user’s permissions and type of licence. Those users with an Intelligent Office integration for instance won’t have the ‘Add a client’ action.

2. In progress activitiesThis is a reorganisation of the in progress list grouped by client. It is intended to help the user find recent activities, particularly where they may be working on multiple activities for the client.

Functional highlights:

• The client who had an activity most recently worked on and not completed appears first

• All activity types that are still in progress are listed

• If an activity is worked on but still not completed when the user returns to the dashboard then it will move to the top of the list

• The client name can be selected and the user will be navigated to the client’s dashboard

• Activities can be resumed from this area and there will be one action of ‘Resume’ for most activities

• A maximum of 20 clients can be listed



3. TasksThe ‘Tasks’ area is first introduced in this release as a list of notifications for sent questionnaires and completed questionnaires. The area is labelled ‘Tasks’ as opposed to ‘emails’ as we will look to introduce notifications relating to other tasks that need action in future releases.


• When an email is sent for any of the questionnaires a green row is added to the top of the list

• If an email includes multiple questionnaires (i.e. Risk, Capacity for loss, Investor experience) there is a row for each questionnaire

• If links are copied without sending the email from within Centra, we assume the links have been sent and a row is added with the title ending in ‘…link generated’

• The number of days until the link to the questionnaire expires is shown against each row

• When a questionnaire is completed, the green row is replaced by a blue row with a link to the results and the outcome if it is a risk questionnaire (see the top row in the screenshot above)

• Selecting review results opens the corresponding risk profile process or workflow

• The questionnaire completed (blue) row will disappear if the risk profile or associated workflow is completed or if the task is

• If the user has a role that gives them the permission to open other user’s clients then the list will include all clients for all users on the licence. This allows paraplanners for instance to manage sent questionnaires for numerous advisers



Managing TasksFrom the dashboard tasks area, selecting View all tasks opens a screen where the full list of notifications can be viewed and managed.


• The user can search on any part of the client name, reverse the sort order, filter on the adviser who owns the client and also filter based on the status of the task (from All, Open, Completed or Expired)

• Where a questionnaire has been completed, the request is nested below the result row

• A result row can be marked as completed to manually remove the notification



Questionnaire email notificationsUnder ‘User preferences’, advisers can opt into receiving an email notification when their client has completed an online questionnaire that was emailed to them.


• Core users will have the user preference defaulted off

• The user will receive an email for each questionnaire completed

• A sample email is included below





New Accumulation ATR QuestionnaireDefaqto have now launched their own new ATR questionnaire which is designed to be easier for clients to understand when filling out the questionnaire independently.

• The results have been tested so as to ensure that any users who wish to move away from the existing questionnaires will not see wildly different results for their clients come risk review time.

• The questionnaire moves away from the use of a Likert scale (5 possible responses ranging from strongly agree to strongly disagree) so that each question has a bespoke set of responses. A full screen shot can be seen on the following screens.

• The questionnaire can be accessed in the same manner as existing questionnaires including a downloadable version.

• Consistency checks perform a check on the responses to a selection of questions that would indicate a more extreme aversion to investment risk of the overall risk level if the client’s outcome is a mid- risk or higher. If the result is a risk level 5 or above, questions 1, 4 6, 7 and 11 are checked in case they are answered in the most risk averse way. The resultant warning is displayed using the familiar pop up warning but we use a new banner and new method to highlight the inconsistent question response/responses on the questionnaire itself.

• If you’re interested in a demonstration, please email [email protected]





Retake any available questionnairesWe have introduced the ability for the user to navigate back from the questionnaire summary step to amend their questionnaire selection. This is useful when first going through the accumulation risk profile as it allows the user to change their selection if they made a mistake.

The primary purpose for its introduction is to enable the user to go back and change the selected questionnaires during a goal review. If when the client first completed the attitude to risk questionnaire the capacity for loss questionnaire was not completed for instance, at the next goal review, the capacity for loss questionnaire can be added in.


• Specific to accumulation risk profile only

• Users can go back to the questionnaire selection step when creating the risk profile

• Users can change the questionnaire selection when performing a goal review

• Complete flexibility - Any questionnaire selection can be amended, risk questionnaire changed or switch to manually enter the risk level



Accumulation Risk Profile - ProjectionEstimated total CostThe accumulation risk profile introduces the effect of an ongoing charge on the projection. To reflect the effect of the total ongoing cost on the projection, an ‘Estimated total cost’ field is introduced. The amount can be configured in the ‘Research Manager’ section of the application and is designed to better reflect the effect of ongoing charges on the stochastic projection and the resultant projected maturity values.

Accumulation Risk Profile Projection

Research Manager Setting



Risk Profile and Research Report


• Default charge set to zero for all existing accumulation goals

• New risk profiles will use the setting in the ‘Research Manager’ area

• Charge will be passed to the stochastic engine and reduce the projected values accordingly

• Risk level justification in the risk profile report and research report will detail the additional charge



Projection graph

The accumulation projection graph has had the ‘5% chance/Mean/95% chance’ removed from the callout labels. There is a revised key under the chart and an indication of the projection basis so it is clear what the basis of the projection is on. These changes have been made to reduce queries and ensure all the important details are presented on the chart.

These changes will be mirrored in the report..


• Changes made will be reflected in the risk profile report and research report



Risk Profile Report changes

Two changes to the growth risk profile report have been made. The first is the inclusion of the date the attitude to risk questionnaire was taken in the main body of the report. The date was already in the appendix along with the responses but this change now makes the date more prominent for both the adviser and client.

The second change is the optional (configured against a licence) inclusion of a signature box to allow a client to provide a physical signature on the printed report so as to confirm they understood and agreed to the risk level for their investments.

1. ATR Questionnaire completion date in the Risk Profile section



2. Signature box placement in report


• The attitude to risk questionnaire date will appear in the stand alone risk profile report and research report

• Configurable signature box can be configured on any licence

• Configurable signature box can be added to the accumulation or income risk profile report independent of one another

• Signature box will only appear on the stand alone risk report and not in the risk profile section in the full research report



Top-up from multiple sources The current ‘Top-up’ workflow allows the adviser to select the source of a top-up from a single product OR from new money. The change here is to enable a combination of sources for the top-up. This will be useful during ISA season where a client may wish to top-up their existing investment ISA from a source of new money and a cash ISA for instance.

The main part of the new functionality is a more flexible initial step to allow the selection of multiple sources for the top-up. This is supported by updates to the top-up research report to reflect any earlier source selections and suitability report updates to support multiple sources. At the end of the process valuations are also updated for those products withdrawn from and the product topped-up.

Source selection


• Select the source of the top-up from any eligible existing product as well as new money

• Combine all cash into the existing portfolio to allow allocation to the existing portfolio or new investment research

• Detail any sources in the top-up research report

• Updated existing suitability report tags so they include the total top-up value and list all sources (Key points table and custom fields)

• For non iO licences, on execution update the valuations for the topped-up product and any products where funds have been withdrawn

• For iO users, each product withdrawn from will have a fund proposal posted as will the topped-up product and associated reports

• Timeline updates for all existing products used as a top-up source



Research report



Suitability creation



Single product transfers

This enhancement enables an adviser to transfer (non-pension) products. It follows the consolidation workflow but removes the restriction to select at least 2 existing products.

It enables an adviser to move the client from one investment ISA to a new one for instance.


• Transfers become a specific workflow - in progress entry, dashboard in progress etc

• Restricted to the same product types as consolidations

• Research report details the transferred product and new product

Select existing product to transfer

In progress transfers



Research Report



Other changes included in this release New suitability content for pension switching and MiFiD costs

New content items will be available to add to a suitability report in order to show the following

• MiFiD costs as shown on the research report for both existing holdings and new business.

• Charges for existing pensions entered for a pension switch.

• The adviser charging, initial and ongoing, entered for a pension switch.

• Any notes entered by the adviser during a pension switch.

Show the current risk level for products outside a goal in the client summary report

If a product has been assigned a risk level but has not been added to a goal then its current risk level will be shown in the client summary application and also on the report.

Further help & support

If you have any further questions regarding the new features showcases in this guide, please contact the Adviser Services team on 0808 124 000 or email [email protected].

Date post:	23-Nov-2021
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

WHAT’S NEW GUIDE

Documents