CWT | Service Benchmarks

 

Video Published April 2020

  

Overview

As a licensee we must be able to monitor and report on the provision of ongoing services delivered. As a practice you must also be able to effectively monitor and report on the provision of ongoing services. Service benchmarks are compulsory for all clients with revenue for Matrix and CFA Advisers. All of these clients must either have a Licensee Standard Benchmark or Benchmark set for offer or conduct.

Service Benchmarking provides:

  • Reconciliation of listed services that are provided for each
  • Reporting that allows practices to run reports on clients who are close to the 12-month period that haven’t received all the required services.
  • Individual practice service package

Service Benchmarks

A Service Benchmark represents an individual service (e.g. an offer of review) and is used to check if a certain item or action has been completed a set number of times. It can also be attached to multiple Service Benchmark Sets reducing the need to create the same underlying service multiple times.

How to setup a Service Benchmark

On the left menu click on    > Site > Service Benchmarks > Benchmarks

 

 

This list can be filtered by benchmark Category using the filter list on the top left.

Click Add to enter a new Service Benchmark, or you can click on the pencil to the left of an existing Service Benchmark if it is set to be editable.

  1. In the Description box, type the name of the new Service This name will be produced on the FDS & Opt-in letters (Max 250 Characters).
  2. In the Category list select a category for the Service This is to make it easier to find in the Service Benchmark list.
  3. In the Owner list, select the user to be the owner of the Service We recommend that the Owner be the practice owner or the main adviser. If a support staff member is the owner and they leave the practice, when their login is terminated, the Benchmarks will no longer be visible, and you will need to contact the CWT Team for assistance.
  4. In the Owner Edit Only list, select if only the owner can edit the Service We recommend setting this option to No.
  5. In the Benchmark Type list select the type of client data to be Depending on the Benchmark Type selected further details are required:
    • DocNote: select the DocNote Type and DocNote Subtype to be examined - The Dealer Group recommends using the DocNote option because everything should be recorded in the client’s file notes
    • Campaign: select a Campaign Type
    • Diary: select the Diary Category, Diary Subcategory and Diary Outcome for events
    • Review: select the Review Type
    • Task: select the Task Type, Task Sub-Type, and current Task Status
    • Thread: select the Thread Category and Thread
  6. In the Benchmark Value box, type the number of times the selected item is to have been
  7. In the Benchmark Frequency list, select the frequency for the service
  8. Click Save

 

Service Benchmark Sets

Multiple Service Benchmarks are grouped together to create a Service Benchmark Set and the Service Benchmark Set represents an entire service package.

How to setup a Service Benchmark Set

On the left menu click on    > Site > Service Benchmarks > Benchmark Sets

Click Add to enter in a new Service Benchmark Set or you can click on the pencil to the left of an existing Service Benchmark Set if it is set to be editable.

  1. Enter the Name of the new Service Benchmark
  2. In the ID field, it will automatically copy the name entered above but you can change This is used to select a Service Benchmark Set when Xmerging.
  3. In the Owner list, select the user to be the owner of the Service Benchmark We recommend that the Owner be the practice owner or the main adviser. If a support staff member is the owner and they leave the practice, when their login is terminated, the Benchmarks will no longer be visible, and you will need to contact the CWT Team for assistance.
  4. In the Owner Edit Only list, select if only the owner can edit the Service Benchmark We recommend setting this option to No.
  5. Select a Service Benchmark to add to the set by selecting the Service Benchmark to add to the

Note: Either the Annual Check In Licensee Standard Service Benchmark or the Annual Progress Review Meeting Licensee Standard MUST be selected for your Offer or Conduct Review Benchmark.

  1. Click Add The selected benchmark is added to the Service Benchmark Set.
  2. Repeat steps 5 and 6 for each Service Benchmark to be added to the Service Benchmark
  3. Click

 

Adding a Service Benchmark Set against a client

Adding to an individual client

Navigate into the client profile and go into Compliance > Service Package Benchmarks

1. In the Service Benchmarks panel, click The Add New dialog box opens.

2. In the Service Benchmark list select the Service Benchmark Set to use and the Commencement Date. The commencement date must be at least 12 months prior to the next FDS date. E.g. If the client’s next FDS date is set to the 01/07/2019, the commencement date needs to be the 03/06/2018 or older.

3. Click The benchmark sets will be checked against the client.

 

Adding in bulk

Please Note: You will require Office Manager Access to be able to add the Service Benchmark Set against multiple clients.

Go to your Full List > Functions > Modify All or refer to the CWT - Criteria Search to further filter clients

  1. Set the Target Clients to All Listed
  2. Set the Function to Add Service Benchmark
  3. In the Service Benchmark list select the Service Benchmark Set to use, the Commencement Date and click Run. The commencement data must be at least 12 months prior to the next FDS date, since you will need to take into consideration the FDS dates for multiple clients, choose a date that is at least 12 months old. E.g. If today is the 01/07/2019, the commencement date needs to be the 03/06/2018 or older.

 

 

Running Reports

There are 2 ways to run a report, either via an individual client or in bulk.

Running Reports against a client

Go into a client and then to Compliance > Service package Benchmarks and select Generate Service Delivery Report.

Change the end date to Next Disclosure Statement Date and the Period to One Year.

This will produce the following PDF report:



Running Reports in Bulk

Go to your Full List > Reports > Merge Report or refer to the CWT - Criteria Search to further filter clients

 

Select *CWT – Reports > Practice Reporting - Service Benchmarks not met

 Click Execute and the report will become available in the envelope at the top of the screen.

 

Clients without Service Benchmarks

Identifying clients with no Service Benchmark applied

 As it is mandatory to have a Service Benchmark assigned to all fee paying clients, this report will identify clients who are required to receive an FDS, so therefore fee paying, who do not currently have a benchmark attached to their CWT profile.

Create a new Advanced Search using the criteria below:

Ensure you are searching on the client only, as the benchmarks do not show against the partner in searches.

 

Searching only for the fee-paying clients.


And clients who do not have a Service Benchmark applied.

 

To determine the correct list of clients, all the above criteria must be met.

 

Applying Service Benchmarks in Bulk

Once you have your list, you can apply one of the Licensee Standard Benchmark Sets, in bulk, to the clients with no Service Benchmark applied. Note: this will require Office Manager Access in CWT.

 Navigate to Admin → Functions → Modify All

Target Clients: All Listed

Function: Add Service Benchmark

Service Benchmark: Add your practice’s Service Benchmark Set with the Licensee Standard Offer of Review or Conduct Review Benchmark, or the Licensee’s Benchmark Sets with the Licensee Offer or Conduct Review Benchmarks.