Ongoing Fee Agreement (OFA) Wizard — Initial vs Renewal (Xplan)

Purpose: The OFA wizard now separates Initial and Renewal agreements to meet licensee standard requirements.

At a Glance

• Open Advice Wizards → Service Agreement, create a scenario.
• In Service Agreement Details, set Ongoing Service Type = Ongoing Fee Agreement, then choose Initial or Renewal.
• Reference Date: Initial → set to next year (looks back 12 months). Renewal → keep current date (looks forward 12 months) and update to next year after the signed OFA returns.
• Add Services Entitled and Remuneration (Type: Ongoing Advice), then Merge Service Agreement.

Steps

1. Open and create scenario: Advice Wizards → Service Agreement → Create Scenario.
   
2. Service Agreement Details: complete fields; set Ongoing Fee Agreement; choose Initial or Renewal.

• • Initial: set Reference Date to next year; looks back 12 months.
  • Renewal: keep current Reference Date; looks forward 12 months; only change to next year after OFA is signed.
  • Note: Reference Date drives renewal due date, next reference date, and consent expiry (end date + 150 days).
  
  
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3. Select Fee Method Advice Method

Choose either Manual Add your Remuneration (Option A) or Fee Consent Accounts (Option B). We recommend selecting one method to avoid duplication. The standard option is Manual Add your Remuneration which will be selected by default

4. Services Entitled: choose Custom Service Text (with Manage Field Content) or Service Benchmark; Other options are also available including Case Benchmark and bringing through the SoA Ongoing Services Text.

5. If you selected Option A - Remuneration: Add → Enter Who is Paying: → Select: Ongoing Advice → Sub Type: Choose a relevant Fee Type e.g. Ongoing Service Fee (% FUM) → add description, calculation (e.g., “1% of $100,000”), payment source, frequency → Save. You can add multiple lines.

If you selected Option B (Fee Consent Accounts) follow the instructions on the page:

Complete the Opt in Tab if applicable

1. Go to Fee Consent Tab

2. Edit the base settings – input fee start date (today's date) and fee end date (365 days from today’s date) advice fee amount dollar or percentage.

3. Click on each platform consent is required and change consent required to Yes.

4. Edit the fees for the individual platforms - the fee start and end dates etc will have flowed through from the base settings.

5. Check that all platforms with fees are set up with consent set to Yes.

6. Update the "Is Fee estimated" question to Yes and enter the method of payment (eg. Deducted from Investment balance, or Paid by Bpay, etc) into the Estimate Description field

If fees are deducted from a bank account, you must either:

• List the bank account in the Accounts section (do not include the account number for privacy), or
• Use the Custom Remuneration option in the Wizard, or
• After merging, manually update the consent to include bank-deducted fees (Direct Debit/BPay).

6.  Merge: click Merge Service Agreement to generate the OFA