Genovo Updates and Enhancements

Genovo Updates and Enhancements

Team Genovo

Here’s a summary of the updates and enhancements we’ve applied to the Genovo suitability report app.

Wizard

SectionStep(s)Update / Enhancement
IntroductionExisting ProvisionWe've made this step optional. If you do not feel this is relevant, skip this step and this section wont be included within your report.
IntroductionKnowledge & ExperienceWe've added some more Advice Options - you can now select:
No
Limited
Reasonable
Better than average
Extensive
Pension Review
Investment Review
Plan Summary
(Add / Edit Plan)
*NEW* You can now include details of the existing plan's current investment strategy. Click here to see how.
Pension ReviewRecommended Action*NEW* we've added the following advice options to the drop down menu:
Internal fund switch
Rebalance
Take only tax free cash
Take tax free cash, transfer residual fund and take benefits
Click here to see how to recommend a fund switch or the rebalancing of a portfolio.
Investment ReviewRecommended Action*NEW* we've added the following advice options to the drop down menu:
Internal fund switch
Rebalance
Pension Review
Investment Review
Recommended ActionWe've updated the wording of some of the existing Advice Reasons.
Investment Review
Pension Review
*NEW* DisadvantagesYou can now differentiate between the disadvantages associated with the recommendations you make in the review and recommendation sections.
Investment Review
Pension Review
Plan Comparison - Reduction in Yield*NEW* We've added 2 new columns:
Assumed Investment Term
Critical Yield %
Investment Review
Pension Review
Plan Comparison - Reduction in Yield*NEW* You can now include the RIY of the recommended alternative plan with and / or without an Adviser Charge Included.
Investment Review
Pension Review
Plan Comparison - Performance*NEW* We've added a "3 year" column to the performance table. If you don't have performance data for a particular time period, leave the column blank and it wont be included in your report.
Retirement Planning RecommendationPlan SummaryWe've added the following to the product drop down menu:
RATS
QROPS
Investment RecommendationPlan SummaryWe've added the following to the product drop down menu:
Deposit Account
Investment RecommendationWhy PlanWe've added some more Advice Reasons to help justify the recommendation of an onshore and offshore investment bond.
Investment StrategyWhy Investment StrategyWe've added some more Advice Reasons to help justify the recommendation of a model portfolio or DFM.

Report Template Text

SectionSnippetUpdate / Enhancement
IntroductionTitle & OpeningWe've added some wording highlighting the importance of retaining the report for future reference.
Investment Review
Pension Review
*New* - DisadvantagesThe Advice Reasons you select in the new disadvantages step will be displayed here.
Investment ReviewFurther Info (transfer & encash)
*NEW* Further Info (fund switch)
*NEW* Further Info (rebalance)
We've updated the existing snippets and added new snippets to reflect the changes made to the Recommended Action step.
Pension ReviewFurther Info (pension switch)
Further Info (draw benefits)
*NEW* Further Info (fund switch)
*NEW* Further Info (rebalance)
*NEW* Further Info (take only TFC)
*NEW* Further Info (cash-in)
We've updated the existing snippets and added new snippets to reflect the changes made to the Recommended Action step.
Investment StrategyATR & Capacity for LossWe've added some extra warning text.
Investment StrategyInvestment StrategyWe've changed the sub heading and revamped the text.
Important InformationSupporting InfoWe've added some extra wording highlighting the importance of the accompanying documentation.
Risk WarningsGeneralWe've added a risk warning re: financial strength.
Risk WarningsInvestment-related recommendationsWe've added a risk warning re: expected time frame of investment.
Risk WarningsInvestment BondWe've added a risk warning re: 5% withdrawals.
Risk Warnings*NEW* - Investment switchAutomatically included within your reports when internal fund switch is selected in the review sections.
Comparison of Existing and Recommended Alternative PlanTitle & OpeningFor the purposes of clarity we've renamed this section Replacement Business - Plan Comparison. We've also moved it out of the appendix and into the main body of the report as a result of compliance feedback.
Replacement Business - Plan ComparisonReduction in YieldWe've added some explanatory wording re: critical yield.
Replacement Business - Plan ComparisonPerformanceWe've made some minor changes to the wording.
Appendix - Product Information*NEW* - Deposit AccountWe've created a new snippet which will be automatically included when a deposit account is selected in the Investment Recommendation section.
Appendix - Product Information*NEW* - QROPSWe've created a new snippet which will be automatically included when QROPS is selected in the Retirement Planning Recommendation section.
Appendix - Product Information*NEW* - RATSWe've created a new snippet which will be automatically included when RATS is selected in the Retirement Planning Recommendation section.
Appendix - Product InformationOffshore Investment Bond
Onshore Investment Bond
We've added text to cover the effect taking an adviser fee has on the 5% allowance, and the tax position for trustees.
Appendix - Product InformationCapped DD Pension
Enhanced Annuity
Fixed Term Annuity
Flexible DD Pension
Guaranteed Lifetime Annuity
Phased DD Pension
3rd Way Pension
Updated to reflect the recent announcements re: changes to pension death tax.
Appendix - Glossary of TermsInvestment-relatedWe've added a new term - Weighted Average Charge.
Appendix - Technical InformationPensionsUpdated to reflect the recent announcements re: changes to pension death tax.
Appendix - Technical InfomationPension BenefitsUpdated to reflect the recent announcements re: changes to pension death tax.

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 our knowledge base.

App

FeatureModuleUpdate / Enhancement
ATR ProfilesATR Profile LibraryWe've added the DT (Verbatim) and Finametrica ATR profiles as standard options.
Provider DescriptionProvider LibraryWe've added some advantages and disadvantages of investing via a platform to all platform provider descriptions.
Updated Provider infoProvider LibraryWe've added Old Mutual Wealth and removed Skandia to reflect their recent rebrand.
Important Information SectionReport BuilderWe appreciate you may not wish to include this section in a review report to an existing client so we've made it optional.
Appendix Title Page
Appendix - Technical Notes
Report BuilderThis page and section is now optional. Click here to see how to remove an optional section from your report.

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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