What does the right XPLAN installation look like for your firm?
By James Blanton, National Account Manager, Enzumo
With many advice practices in the midst of changing their licensing circumstances or contemplating a move, advice software needs are at the top of the priority list.
You might be leaving a licensee and need to exit the in-house option, and now you have more technology choices at your new dealer group. Or, you may be getting your own AFSL and need a replacement solution. You may also be evaluating your overall tech stack to ensure maximum potential for increasing business growth.
There are often a few considerations on the table that usually fall into these categories:
Price
Ease of use
Templates
Support
If XPLAN is your preferred advice software solution, you will likely be deliberating between a hosted or custom site and who can provide you with the support you need (including Site Administration and user support, Advice Wizards and templates).
Let's begin with breaking down what 'hosted' and 'custom' concerning XPLAN mean.
Hosted site: Also referred to as a 'managed site', is when the installation is owned and run by an independent third party (usually an XPLAN configuration firm). This third party may also manage the actual licensing of XPLAN. You have access to this already configured site and the installed Wizards and templates - limited customisation is available.
Custom site: Also referred to as your 'own site', it is owned by the individual adviser or practice. Licensing and contracts are directly between your firm and IRESS. It's fully customisable by your business; you create your templates and Wizards and are responsible for maintaining the site.
When beginning discussions with a potential new client and they're still in the decision-making phase, we will usually guide them to answer the following questions to drive the right decision:
Does the advice practice have its own AFSL?
How many XPLAN users are in the business (ARs and support staff)?
What flexibility do you require now (or in the future)?
Do you have someone in the team that can manage the site by adding new users or updating content?
Do you have an external CRM?
What advice templates do you have or need?
Do you have the ability to create Wizards and workflows?
Are you planning on expanding the business organically or via acquisition?
There is no right or wrong answer, but the outcome of each question will drive practice owners to a more natural fit for their businesses. However, each solution has some pros and cons, and it's worth highlighting them.
Hosted XPLAN Site
Pro's
Turn-key solution
Fully developed and functional site from day one
Built-in wizards, templates and tools
Lower investment of time and money
Support provided by the third-party provider
Cons
No direct relationship with IRESS as a software vendor
Reliance on the third-party provider for ongoing support and maintenance
If you terminate the relationship, you may lose all Wizards and templates
Custom XPLAN Site
Pro's
Complete control over all aspects of the site
Management of the commercial arrangements with IRESS
Flexibility to build the templates and Wizard your firm needs
Can build integrations to external technology
Ability to scale quickly as your business grows
Cons
Additional initial costs to develop custom templates and Wizards
You need to maintain all site maintenance
Fees overall are higher per user
What does Enzumo offer?
We can offer solutions suited to a hosted or custom XPLAN site and help you make the right decision based on your current business and growth plans.
The best approach is to have a consultation with our team. We can review your existing advice delivery process and documentation, which might involve a current XPLAN system, or you might be starting from scratch.
We can identify your gaps and weaknesses and then develop a practice technology roadmap and implementation guide.
Every business we work with has a plan that fits its needs, not a cookie-cutter approach.
Would you like to learn more? Then reach out for a discussion with our team today.