How to use the Plan Charges Profiles Library to auto-populate the Plan Charges step and speed up the report building process

Nigel Ogram

Another one of my snappy blog titles….

Continuing from previous charges-related User Tip Blogs in October ’24 and just last month, this month’s blog explores a new piece of functionality introduced with our Version 2.3 release last November that has the potential to save lots of time when writing a report.

We’ve lost count of the number of times we’ve been asked if we can pre-populate plan charges information. However, we’ve yet to find a back-office / CRM that even records this information in percentage terms, let alone provides access to it via an integration.

We’ve previously looked at creating a Genovo library of charges, but the variations are endless – tiered charges for the same platform based on the value of holdings, ‘family accounts’, different charges for the same products based on distribution channel and different charges for different funds based on how they are accessed. For all these reasons, a Genovo-populated and maintained charges library simply isn’t realistic.

We didn’t give up though, and we’ve come up with the next-best thing – a library where you can quickly and easily enter the charges for the plans and providers you frequently recommend.

Sounds great – how does it work?

I’m glad you asked – it’s really quite simple and it comes in two parts:

Part 1 – The Plan Charges Library

It’s here where you can add the charges for any product type, from any provider, for any of three of Genovo’s recommendation sections (New Investment Recommendation, New Pension Recommendation and Drawing Benefits from Your Pension Fund).

The Plan Charges Library is accessed via an icon on the Libraries dashboard and this Knowledge Base article explains everything you need to know:

Once there, Account Owners and Account Admins can add plan charges profiles – this Knowledge Base article explains how to do this – it is really easy and takes only a few seconds for each charges profile (even faster if you’re entering several similar profiles, as you can clone an existing profile).

Once you’ve added a charges profile, it’s really easy to view and manage profile, including editing, activating/de-activating, cloning and deleting.

Part 2 – Adding charges to a plan from the charges profile library.

This really couldn’t be simpler. If the combination of section, provider and product type that you’re recommending is an exact match for a profile in the Plan Charges Profile Library, you’ll be shown a new button when you click the pencil icon to add the plan charges:

Simply click Add charges from library and all the charges from the corresponding charges profile in the library will be automatically inserted for you. Of course, as soon as the percentage charges are entered, Genovo automatically performs the calculations to show a monetary equivalent too.

Nigel’s knowledge

Charges disclosure is clearly a hugely important element of any suitability report or review report. Charges disclosure can also be quite complex and time consuming to compile and enter. We’re committed to making the process as simple as possible, while still generating accurate and compliant reports that your clients will understand.

There are loads of Genovo Knowledge Base articles that deal with charges in one way or another. Just do a search in the Knowledge Base, or simply click this link and have a browse!

Further reading

You’ll find loads more really useful information in:

• Genovo’s series of User Tip blogs
• the extensive Genovo Knowledge Base
• the collection of really useful Genovo matrices
• the ever popular Genovo video tutorials

Of course, if you’re still stuck, or just need a helping hand, you can always submit a support ticket and we’ll get straight back to you.

Finally – make sure you don’t miss any of our hints & tips – subscribe and get email alerts when we update our blog.

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