What to Expect with Our Xplan Paraplanning Service

This article is part of our Xplan Paraplanning service. For a broader look at how Xplan fits within the platforms we support, see our software capabilities overview.

The general outsourced paraplanning service model is covered in Our Standard Paraplanning Process. This article covers what is specifically different when your engagement runs through Xplan.

How does Felcorp work inside Xplan?

Your Felcorp paraplanner logs into your Xplan instance and works directly within your client files. No file export, no external document assembly, no re-import.

The paraplanner works across 5 core Xplan modules:

• Fact Finder - client data entry and verification, ensuring the file is complete and accurate before paraplanning begins
• WealthSolver - product switches and investment reporting, used to model current and recommended portfolio positions
• IPS (Investment Policy Statement) - investment and asset allocation risk profiling, used to align recommendations with the client's risk profile
• Risk Researcher - insurance modelling and quoting, used for needs analysis and product comparison across insurers
• Xtools+ - financial scenario projection modelling, used to generate cash flow projections, retirement modelling and what-if analysis

Why does this matter? Xplan provides comprehensive audit logging of all functions through file noting. If files were exported externally to Word, manual editing would lose the audit trail and add substantial time. Working directly inside Xplan maintains integrity and traceability.

The adviser reviews the same file the paraplanner produced, in the same system, with no data transfers in between.

Some practices use ProductRex externally for platform and investment selection, with the outputs exported and incorporated into advice documents. If your practice uses ProductRex alongside Xplan, your paraplanner can work across both.

Do you need to use Xplan threads?

Most practices do not use Xplan's thread system. It is primarily used by larger, more established firms with structured workflow requirements.

Where threads are used, they work best with a simple implementation:

• Not Started - case received, not yet begun
• In Progress - paraplanner actively working
• Review - completed, awaiting QA or adviser review
• Finalisation - approved and ready for client presentation

This provides flexibility without overcomplication. If your practice does not use threads, file notes serve the same traceability purpose.

How does document assembly work on Xplan?

SOAs can be prepared using Xplan's managed paragraph system and Strategy Wizard, or assembled using external Word document templates. We work both ways depending on your setup.

The split on Xplan is roughly 50/50. About half the practices we work with use third-party connector tools with managed content for in-platform document assembly. The other half use Word-based strategy templates. This is a notably higher in-platform adoption rate than most other platforms, reflecting Xplan's more mature and established template builder.

What happens with managed paragraphs in practice? The Strategy Wizard guides the document structure and managed paragraphs auto-populate based on client data, strategy selections and product recommendations.

But there is an important operational reality here: Xplan frequently produces formatting and coding errors during merge-outs, so paraplanners do not solely rely on auto-populated content. Manual refinement is often faster than repeatedly re-merging.

Your paraplanner works within this structure by:

• Completing manual sections - strategy rationale, situational commentary and adviser-directed content that cannot auto-populate from managed paragraphs
• Verifying auto-populated content - checking every pre-filled paragraph for accuracy against 2 dimensions: licensee-level compliance requirements (disclosure obligations, warning statements) and statutory requirements (regulatory thresholds, amounts, legal language). This goes beyond simply matching the brief - it ensures paragraphs correctly reflect the practice's obligations and applicable law
• Ensuring document coherence - reading the full document as a whole to confirm it flows logically. Some sections are licensing-specific and cannot be changed, so the paraplanner adjusts only non-protected sections to maintain a coherent narrative

What about Word template practices? The paraplanner extracts the data and strategy outputs from Xplan (projections, research, client data) and assembles the advice document in your Word-based template. Either way, verification against the brief is what catches data errors before they reach the adviser.

How does QA work on Xplan engagements?

Felcorp's standard QA process applies to all files before handback. There are no Xplan-specific QA checks that differ from standard paraplanning QA. The process is the same across all platforms.

So what is the Xplan advantage? Execution speed and accuracy. Around 50% of practices use Xplan, so Felcorp can verify data accuracy more easily on Xplan than on other platforms due to the depth of experience.

The QA review covers:

• Managed paragraph accuracy - every auto-populated paragraph verified against source data and checked for licensee compliance and statutory accuracy. Outdated paragraph versions are flagged
• Projection model integrity - assumptions cross-checked against the scope of advice, confirmed against the client's goals and verified to align with the brief parameters
• Template version control - for managed paragraph users, confirmation that the correct paragraph library version was used. For Word-based practices, confirmation that the current Word template version was used
• Licensee compliance overlay - all compliance sections reflect your specific licensee's requirements, including checking that managed paragraphs align with current disclosure and warning requirements
• File integrity - the completed file is saved correctly within Xplan's document management system, file notes are logged and the file is accessible for adviser review

Pay attention to paragraph versions. Xplan's paragraph libraries can accumulate outdated versions over time, particularly when licensees update disclosure requirements or product references change. The QA team checks for version currency regardless of whether the document was assembled in-platform or in Word.

The completed file remains in Xplan for adviser review. Once approved, the document is ready for client presentation without any additional transfers or formatting.

Turnaround and SLAs

Turnaround expectations for Xplan engagements follow the same framework as all Felcorp paraplanning work.

How are SLAs set? During the trial, Felcorp prepares SOAs and measures turnaround time and hours invested per job type. The practice then decides whether to formalise an SLA. If yes, turnaround targets are built into the contract and reported monthly.

For the full turnaround breakdown by complexity, see Our Standard Paraplanning Process. For more on how SLA structures work, see Felcorp SLA Options.

Getting started on Xplan

Xplan is hosted by IRESS and accessed through a web browser. No VPN or remote desktop required. It does require a user account with appropriate permissions and two-factor authentication configured before the paraplanner can access the platform.

There are 2 ways to handle access. Either your practice provisions a dedicated support staff login, or the paraplanner uses an existing adviser support staff login. A dedicated login is the cleaner option because Felcorp creates dedicated file notes attached to the paraplanner's specific login, ensuring clear audit logging.

The biggest delay is usually the provisioning of a new IRESS licence if one is not already available. Budget up to 7 business days. If your practice already has a spare support staff licence, setup takes minutes.

Once access is sorted, the rest of the onboarding covers:

• Template mapping - documenting which managed paragraph libraries, Strategy Wizard templates, or Word templates to use for each advice type
• Workflow preferences - how you want briefs submitted, files named and handback notifications managed
• Licensee requirements - your specific compliance overlay, disclosure wording and regulatory sections

Xplan does not take any longer to set up than any other platform. For the full setup guide, see Getting Started with Outsourced Xplan Paraplanning.

Frequently asked questions

Does the paraplanner need their own Xplan licence?

Not necessarily. A dedicated login is the preferred option because it allows Felcorp to create file notes attached to the paraplanner's specific login, maintaining a clear audit trail. If the paraplanner shares an adviser login, it becomes unclear who created file notes, creating audit logging complications.

If you want a dedicated login with restricted permissions, your practice would need either a spare support staff licence or a new one provisioned through IRESS. Budget up to 7 business days for new licence provisioning.

What happens if my Xplan templates or managed paragraphs change?

Template updates are part of normal operations. When your practice updates a managed paragraph library, changes a Strategy Wizard template, or your licensee issues a new compliance overlay, notify your Felcorp team and the SOP is updated accordingly. The paraplanner will use the updated templates from the next job.

Can Felcorp help us migrate from Word templates to Xplan's managed paragraphs?

We can assist with template-related tasks and workflow optimisation during the transition, but we do not cross lines with anything to do with compliance or legal content. Template wording, disclosure requirements and compliance overlay decisions remain with your practice and licensee.

Can Felcorp paraplanners use external modelling tools alongside Xplan?

By default, all modelling is completed within Xplan's native modules: WealthSolver for product switches and investment reporting, Xtools+ for scenario projections, Risk Researcher for insurance modelling and IPS for risk profiling. If your practice specifically requires an external tool, this can be documented in the SOP and accommodated.

How do I know the managed paragraphs were checked?

Managed paragraph verification is a specific line item in Felcorp's QA checklist. The QA manager confirms every auto-populated paragraph is accurate against both licensee-level compliance requirements and statutory requirements and confirms the current paragraph version was used. This is not a discretionary step.

How do I know if I need a paraplanner or something else?

If you are unsure whether paraplanning is the right fit, see Help me choose which paraplanner I need for a breakdown of the different service models and how they map to your workload.

What if I also need adviser admin support alongside paraplanning?

Felcorp offers dedicated adviser admin support as a separate service area. Many practices run both paraplanning and admin teams. For help deciding what you need, see Help me choose which admin support I need.

Written by Tobias Fellas, Founder & CEO at Felcorp Support.