Genovo Suitability Report New Features & Updates July 2016

Genovo Suitability Report New Features & Updates July 2016

Team Genovo

Here’s a summary of the new updates and features (including new defined benefit pension transfer and insistent client options) you’ll discover the next time you log in to the Genovo suitability report app.

App

ModuleFeatureUpdate / Enhancement
Pension ReportsIt is now possible to make recommendations in respect to DB pensions.
Read more...
Ability to review DB pensions.
Option to transfer DB pensions.
New Insistent client text in line with FCA guidance.
The ReportNew Defined Benefit TVAS sectionThis section will be automatically inserted into the appendix of the report when a DB pension transfer is recommended.
Report Builder & report templateFollowing feedback from our users we've made the app and the report less "product" centric.We've removed the word "product" from:
- The auto-generated tables in the app and the report.
- The standard report text.
Report BuilderAppendix - Glossary of TermsWe've shifted the order of the appendicies so the glossary of terms now comes out before the technical information.
Report BuilderRelevant advice sections are automatically added to the Report BuilderWe've updated the rules so the relevant section(s) are automatically added when a particular recommended actions is selected / other related sections are inserted.
Write / View ReportExample ReportsWe've added an example DB transfer report.
Learn how to refresh the example reports in your account

Section Wizards

Section(s)Step(s)Update / Enhancement
All Review and Recommendation SectionsPlan SummaryThe Ownership field is now an editable drop-down so you can over-type and add your own custom text instead of just selecting the client's first name.
Pension ReviewPlan SummaryWe've added a new pension type:
Defined Benefit Pension
Pension ReviewPlan SummaryWe've added a new optional field:
Leaving Date
Pension ReviewPlan Summary - Add / Edit Plan We've added the following yes / no fields:
Include summary of defined benefit pension benefits?
Include details of defined benefit scheme’s funding level?
Pension ReviewRecommended ActionWe've added some new recommended actions for sole use with DB pensions. Including ones for use with insistent clients.
Investment ReviewPlan SummaryWe've added a new investment:
National Savings Pensioner Bond
Investment ReviewRecommended ActionWe've added some new recommended actions for use with deposit-based investments.
Pension RecommendationDisadvantages
Other Solutions
We've added some new advice options & advice reasons for possible use with DB pension transfers.
Investment RecommendationPlan Summary - Add / Edit Plan We've added the following options to the Income Frequency field:
Natural Yield
Fixed Regular Amount
Important InformationSupporting InformationWe've added some new advice options & advice reasons for possible use with DB pension transfers.

Report Content Manager

SectionSnippet NameUpdate / Enhancement
IntroductionClient Background
Financial Knowledge
We've made some small changes to the wording.
Pension ReviewTitle & Opening
Benefits & Features
Disadvantages
Further Info Heading
Further Info (pension switch & transfer)
Further Info (draw benefits)
We've made some small changes to the wording.
Pension ReviewCETV Date
DB Pension Benefits
DB Pension Scheme Elements
DB Funding Level
Insistent Client Warning
Further Info (draw benefits comparison)
These are all new snippets that have been added for DB transfers.
Investment Review
Protection Review
Review of Existing Retirement Income Plans
Title & Opening
Disadvantages
We've made some small changes to the wording.
Pension RecommendationWhy Product
Expression of Wish
Cancellation (switch)
Alternative Solutions
We've made some small changes to the wording.
Pension Benefits RecommendationWhy Product
Expression of Wish
Alternative Solutions
We've made some small changes to the wording.
Investment RecommendationWhy Product
Alternative Solutions
We've made some small changes to the wording.
Risk WarningsDefined Benefit Pension Transfer
This is a new snippet that's automatically inserted when a DB transfer is recommended.
Risk WarningsISA
Investment Switch
We've updated the rules associated with these snippets to ensure they fire when any relevant recommended action is selected in the review sections.
Appendix - DB TVASTitle & Opening
Comparison of Estimated Pension Benefits
Critical Yield
Drawdown Income
Tax Free Lump Sum
Comparison of Death Benefits
Important Notes
This is a new section, the snippets of which will be automatically inserted when a DB transfer is recommended.
Appendix - Product InformationTitle & OpeningWe've made some small changes to the wording.
Appendix - GlossaryDefined Benefit PensionsThis is a new snippet that's automatically inserted when a DB transfer is recommended.
Appendix - GlossaryPensionsWe've made some small changes to the wording.
Appendix - Tech NotesDefined Benefit PensionThis is a new section that's automatically inserted when a DB pension is added to the Pension Review section.
Appendix - Technical NotesPensions
Pension Switching
We've made some small changes to the wording.

Please remember the changes we make to the report template will only take effect in your reports automatically if the Genovo version of the snippet is selected as active in your Report Content Manager (it is by default).  For more information about the Report Content Manager and updating of snippets check out the Genovo Knowledge Base.

Let us know what you think

If you’ve got any suggestions – no matter how big or small – as to how we can improve Genovo or there’s a new feature you’d like to see added, we’d love to hear from you. Send us a message with your thoughts and we promise we’ll get back to you.

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