Genovo Suitability Report New Features & Updates November 2024

Team Genovo

You may have heard us mention this before – we’re on a mission!

“To realise a comprehensive and fully-integrated solution that allows our users to create highly personalised, reader-friendly and compliant reports in a fraction of the time it takes when using more traditional methods (like manual templates) and without the limitations of more contemporary methods (such as pure play AI-generated reports).”

For us, this is a journey…..which is all about making you, our users, more productive. We believe there are many ways this can be achieved and one of them is undoubtedly leveraging the benefits of AI.

However, AI is only part of the solution. In all the excitement currently surrounding AI, we shouldn’t lose sight of the fact that there are many other (possibly better) ways of achieving productivity gains including, amongst others, the use of:

• Deeper and more extensive integrations thereby reducing the need to rekey data.
• Managed content libraries that not only save everyone reinventing the wheel, but also help to ensure consistency of output and advice outcomes.
• A modular report builder that allows multiple recommendations, covering an almost infinite amount of advice scenarios to be presented in a consistent and reader-friendly format within a highly customisable report that, on generation, requires little to no further input from the user.
• Intelligent workflows to quickly and effectively gather and collate the client-specific ‘how and why’ required of a compliant suitability report.
• Content that is automatically updated to reflect any changes in taxation and legislation in a timely manner.
• Auto-calculations and other automated processes that ensure accuracy and help to speed up the report building process.
• MI so bottlenecks can be identified and a greater understanding of the report writing process can be achieved.

As Nigel alluded to in a recent blog in which he demonstrated how it’s possible in Genovo to write a MiFID II compliant Continued Suitability Report in less than 5 minutes, we see AI as an extremely powerful assistant to aid productivity, rather than a replacement to human involvement in the report writing process. In our humble opinion, report writing, for all but relatively simple advice scenarios, will for some time, still require a degree of human input – let’s be honest, financial planning just isn’t that simple!

We’re currently working on our own AI features which we’re really excited about – more on this later. In the meantime, we’re even more excited to announce that we’ve just released a whole load of new features to help make the process of creating reports even quicker for you, and the report output even more reader-friendly and visually appealing for your clients.

November 2024 new features and updates

Plan charges profiles library

We’ve lost count of the times we’ve been asked if plan charges could be pre-populated. If only it was that easy…..We’re yet to find a back-office system that even facilitates the recording of plan charges in percentage terms, let alone makes this kind of data available via their API. So we’ve put our thinking caps on and come up with a new content library that we believe goes quite a long way to achieving this goal. Say hello to the Plan charges profiles library.

The Plan charges profiles library is where account admins can save and manage charges information for plans and providers that are frequently recommended by the financial advisers / planners within their company. Once a profile is activated, you (and all of your account users) can pull the charges associated with that particular profile into the Plan Charges step of a recommendation section with one click every time a match of section, provider and product type is found for a plan.

Learn more about the Plan charges profiles library >>

Customisable page footers

Again, this is something that we’ve been asked for a few times over the years, so we were pleased to deliver!

This feature is included as standard at no additional cost for accounts that are signed up to the Company Plan Midi or Company Plan Maxi plan. If you’re subscribed to any other plan type, you can purchase this feature as a one-off bolt on.

Learn more about report footers >>

Report preview

We think you’re going to love this one – when building a report in the Report Builder, you can now see what the report will look like without having to download it to Word. You can preview the entire report, or just an individual section.

Learn more about how to preview a report / section >>

Plan charges tables

We know you’re going to love this one! When we launched v2, we enhanced the functionality around the plan charges tables and introduced four charges categories – Product, Platform, Adviser and Investment Management – as standard. However, some users expressed a preference NOT to include blank columns in the plan charges tables that get rendered in their reports, so once again we’ve listened and delivered. It is now possible to configure your account so blank / empty columns don’t get included in the plan charges tables rendered in your reports.

Learn more about how to stop blank / empty charges columns being rendered in the Plan Charges tables in your reports >>

What’s more, within the Revised Plan Charges table, we’ve also introduced an auto-calculated ‘difference’ column (the difference between the plan’s current and revised total charges) so that clients can see at a glance the impact the recommendation will have on their existing plan’s charges moving forward.

Learn more about the Revised Plan Charges step >>

Manage users

Within Account Admin > Manage Users, you can now convert Writer users to Reader users and vice-versa.

And to add a bit more granularity to user roles and permissions, we’ve also added another configurable setting so you can toggle whether Account Admins can also manage your account’s users. This will remain activated for all existing Account Admins by default.

Other bits and pieces

And if that wasn’t enough for you, we’ve also:

• Introduced the ability to click “select all” within the ‘add plans from CRM’ modal.
• Added a new visual indicator to highlight whether advice reasons have been added to the recommended action(s) selected in the Recommended Action step of the review sections.
• Made all of the modal windows movable / resizeable.
• Spruced up the look and feel of all the user notification emails.
• Added ‘Cash Management Account’ as a Product Type to the Review of Your Existing Investments and New Investment Recommendation sections.
• Added the following popular Cash Management Account platforms to the Provider Library:

• Akoni
• Cascade
• Flagstone
• Insignis
• AJ Bell Cash Savings Hub
• Aviva Save

Sneak preview updates webinar

It was great to see so many of our users at our two recent ‘Genovo v2.3 sneak preview’ webinars. A big thank you to everyone who attended, and for all the questions you asked.

If you weren’t able to attend either of the webinars, we’ve kept a recording of one of them which you can view it here. You will need to register for the webinar (even though the date has passed), but once registered, you’ll get access to the webinar recording.

You can also download a summary of all the questions raised over both webinars, together with the answers here.

Coming soon….

Thinking ahead to the new year, we’ve got a couple of exciting new features lined up for you in early 2025!

In-app report rendering

Being true to our “does what it says on the tin” naming convention, the first of these is what we’re currently calling “in-app report rendering”. This will provide a significant leap forwards in terms of realising our mission to become a truly comprehensive report writing solution. Once implemented, both Writer and Reader users will be able to log in to edit and collaborate on reports created within Genovo’s Report Builder within our brand new Report Editor. Given the finalised report will now exist within Genovo (rather than in Word), we hope this will also open up the opportunity to push the finalised “published” report back into the various back-office systems that we currently integrate with.

We also believe that this will provide a unique opportunity for us to serve up to our users some really useful MI about their account users’ report writing habits as we’ll potentially be able to track the report writing process from inception to completion.

AI

We are also super excited to announce that we will be introducing our first AI powered feature in 2025. We are hoping that this will provide significant productivity gains and allow our users to create their reports even faster than they can now.

Further information on both of these new features will follow shortly, but as you can see 2025 is already shaping up to be yet another exciting year for Genovo and its users!

Please share your thoughts….

Finally, we just wanted to say, we’re excited to have you with us on this journey, and we’re keen for you to help shape the future direction of the Genovo product.

If you’ve got any suggestions – no matter how big or small – as to how we can help to make you even more productive, please do get in touch. Send us a message with your thoughts and we’ll see what we can do. If nothing else, we promise we’ll get back to you with our own thoughts.

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