CWT | Review Journey
Overview
This guide is to help run through the Review Journey from start to finish.
Recording Your Review Details
To record your Review dates you will need to update this under Compliance > Reviews on your clients’ entity.
Manage Reviews
The manage review section provides a detailed way of recording your Reviews.
You will need to ensure you add a Type, Description, Date, and Frequency.
If you are wishing to trigger the Review Thread automatically ensure you use the Review Type options of Review – R/T, Face to Face – R/T or Telephone – R/T.
Review Thread
The Review thread has been created to help guide you through the journey. It includes 7-8 tasks which will include instructions on the particular review step.
The Review thread will automatically add via the Review types as listed above or it can be manually added via the Activities>Threads section. If the Review Thread is manually added this will also need to be activated.
The Review thread is called *CWT – Review Thread (NEW).
The Review Thread will commence the review tasks 30 days before the Review date.
Tasks below:
- Pre-Review Reporting
- Send Offer of Review
- Record client response
- Prepare Review meeting documents
- Hold Review Meeting
- Complete appropriate advice document
- Implementation
- Post-Review admin
The task numbers are matched up with the sections of this guide to assist with further detail.
Review Thread Flowchart
Running Searches
Incomplete Reviews Saved Searches
There are a number of saved advanced searched created to use to find the clients who are due for a Review in a current month.
To run these advance searches select click into the client search bar and then Advance and select the search from the list
Select the Month you wish to generate the list for by clicking on the search name. This will then load the Criteria. Then Select Search
Tip: Run previous months’ searches to ensure no clients have been missed.
Search Criteria
Please see CWT User Guide – Criteria Search on how to generate a specific list of clients.
1. Client Services Report
What is it?
Client Services Report will help manage existing client data in CWT. The report will include FDS, FSG, Commpay, Identity Check, Service Package details along with the Review dates and other compliance details.
This report will generate as an excel spreadsheet and is broken up by months of the year.
The Client Services report should be generated after running an advance search for the clients due for a review in the current month.
It can also be run for the upcoming month.
How to run it
To run the Client Services report you will need to generate a client list. If you wish to filter or select a group of clients, see previous section Search Criteria.
- Once your list has generated select Reports > Merge Report.
- Select the Report Category as *CWT – Reports.
- Select Practice Reporting – Client Services Report by clicking on the
- Select Variables on the left.
- Add in the dates of the report in the From and To fields. This will determine the timeframe for the CommPay data. We suggest running this over 12 months.
- Add in your practices service level by putting your practices name followed by _service_level, eg training_service_level
If you’re using the standard Service Levels, no need to input the service level field
- Select Execute.
- The report will then run in the backgroup and you will be able to download the excel file from the notifications section.
Please contact CWT Support if you need to confirm the name of your practices service level.
2. Sending the Offer of a Review
For assistance sending letters and emails from CWT please refer to CWT User Guide – Sending Template Letters & Emails from CWT located in the Document Library.
The outcomes from the Send the Offer of a Review task will be linked to the templates listed in this section.
Hyperlink email
The hyperlink email allows the client to click on a link to accept or decline the review offer.
This will then set off an alert and notify you once they have selected an option. You can then contact the client to arrange a time. Please see CWT User Guide – RoA & Review Email Templates with Hyperlinks for further instructions on hyperlink emails.
The email template is called *CWT – Offer of a Review – Hyperlink Email
If you don’t wish to use the hyperlink template we have set up another template to use. Alternatively you can also set up your own template if you have someone in the office with an Office Manager CWT access.
This email template is called *CWT – Review Offer Letter
A letter can be merged to then send to the client.
Under Merge Reportà*CWT – Letters. The letter is called Review Letter – Offer to Review
Phone Call
If you are calling your client to offer a review you need to ensure a file note is added to Filing within CWT.
You can use the file note template Phone call re xx
SMS
SMS functionality is also available if you have SMS Global set up.
Template available for use *CWT - SMS - Review Offer
Bulk
You may want to send out the Offer of a Review in bulk if you have a lot of clients due in one particular month. This can be done by either hyperlink email, email or letter.
Please see CWT – Sending Template Letters & Emails from CWT on pages 2 & 6 for further assistance on generating letters and emails in bulk.
3. Follow up the Client/Sending a reminder
Follow up Client
We have an email and letter template which you can send to the client if they have not yet confirmed if they would like a review.
This email template is called Offer of Review Follow Up
Letter
Under Merge Report >*CWT – Letters
The template is called Review Letter – Follow Up
Sending a reminder
We have set up two templates to use when sending a reminder to the client in regards to the Review meeting. These will provide the client with details of meeting and should be sent 1 or 2 days before the meeting.
The email template is called *CWT – Confirmation of review meeting email (Merge from Diary)
Text Message
If you have set up for your practice to be able to send SMS emails to your clients, you will be able to use the SMS email template to send the client the reminder.
Please see CWT User Guide – SMS Functionality for further information on SMS.
The template is called SMS – CONFIRM CLIENT APPOINTMENT
4. Review Meeting Documents
Pre-Review Checklist (Wizard)
The Pre-Review checklist should be run to review the clients’ details and confirm if any details will require updating at the Review meeting.
These details will be similar to the Client Services report although can be run on just one client. The wizard will run through the sections which will require before or at the review.
Review Agenda (Merge Report)
The review agenda can be merge from the Merge Reportà*CWT – Letters
Portfolio Review Report (Wizard)
The portfolio Review Report can be built to include investments, super, pension, cashflow, assets and liabilities along with performance reporting.
The report can be personalised by the different options within the wizard which can be merged with different cover pages, the portfolio snapshot or Review agenda.
5. Hold Review Meeting
The Review meeting can be held either in person or over the phone or teleconference.
Once the Review meeting has been held a file note should be added to Filing from the adviser.
We have three file note templates set up depending on if the Review was a Risk, Wealth or Risk & Wealth Review.
6. Appropriate Advice Documents
At the end of a Review you are required to provide written confirmation to the client in either a SoA or RoA.
You may like to refer to the Client Review compliance policy which is located on the Adviser Portal for further compliance guidance.
SoA
If after a review, there is a significant change to the client’s original advice then a SoA is required.
RoA
Alternatively, a RoA may be used if there has been no significant change. (Please refer to the Record of Advice policy (also located on the Adviser Portal) for further guidance as to when a RoA may be used.
A minimum of a RoA Hold is required after conducting a Review.
7. Post-Review Admin
Updating the next Review date
Once the Review has been conducted the Review needs to be completed and the next review date updated.
If you are using the Review Thread this will happen automatically after completing the thread otherwise you will need to manually update this under Compliance > Reviews.
Post-Review Checklist
Once all Review details have been updated run the Post-Review checklist wizard to ensure all documents have been added to filing and details have been updated correctly. Then save the checklist to Filing.