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

Section	Step(s)	Update / Enhancement
Introduction	Existing Provision	We'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.
Introduction	Knowledge & Experience	We'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 Review	Recommended 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 Review	Recommended Action	*NEW* we've added the following advice options to the drop down menu: Internal fund switch Rebalance
Pension Review Investment Review	Recommended Action	We've updated the wording of some of the existing Advice Reasons.
Investment Review Pension Review	*NEW* Disadvantages	You 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 Recommendation	Plan Summary	We've added the following to the product drop down menu: RATS QROPS
Investment Recommendation	Plan Summary	We've added the following to the product drop down menu: Deposit Account
Investment Recommendation	Why Plan	We've added some more Advice Reasons to help justify the recommendation of an onshore and offshore investment bond.
Investment Strategy	Why Investment Strategy	We've added some more Advice Reasons to help justify the recommendation of a model portfolio or DFM.

Report Template Text

Section	Snippet	Update / Enhancement
Introduction	Title & Opening	We've added some wording highlighting the importance of retaining the report for future reference.
Investment Review Pension Review	*New* - Disadvantages	The Advice Reasons you select in the new disadvantages step will be displayed here.
Investment Review	Further 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 Review	Further 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 Strategy	ATR & Capacity for Loss	We've added some extra warning text.
Investment Strategy	Investment Strategy	We've changed the sub heading and revamped the text.
Important Information	Supporting Info	We've added some extra wording highlighting the importance of the accompanying documentation.
Risk Warnings	General	We've added a risk warning re: financial strength.
Risk Warnings	Investment-related recommendations	We've added a risk warning re: expected time frame of investment.
Risk Warnings	Investment Bond	We've added a risk warning re: 5% withdrawals.
Risk Warnings	*NEW* - Investment switch	Automatically included within your reports when internal fund switch is selected in the review sections.
Comparison of Existing and Recommended Alternative Plan	Title & Opening	For 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 Comparison	Reduction in Yield	We've added some explanatory wording re: critical yield.
Replacement Business - Plan Comparison	Performance	We've made some minor changes to the wording.
Appendix - Product Information	*NEW* - Deposit Account	We'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* - QROPS	We've created a new snippet which will be automatically included when QROPS is selected in the Retirement Planning Recommendation section.
Appendix - Product Information	*NEW* - RATS	We've created a new snippet which will be automatically included when RATS is selected in the Retirement Planning Recommendation section.
Appendix - Product Information	Offshore 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 Information	Capped 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 Terms	Investment-related	We've added a new term - Weighted Average Charge.
Appendix - Technical Information	Pensions	Updated to reflect the recent announcements re: changes to pension death tax.
Appendix - Technical Infomation	Pension Benefits	Updated 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

Feature	Module	Update / Enhancement
ATR Profiles	ATR Profile Library	We've added the DT (Verbatim) and Finametrica ATR profiles as standard options.
Provider Description	Provider Library	We've added some advantages and disadvantages of investing via a platform to all platform provider descriptions.
Updated Provider info	Provider Library	We've added Old Mutual Wealth and removed Skandia to reflect their recent rebrand.
Important Information Section	Report Builder	We 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 Builder	This 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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