How to write a drawdown review report in less than 9 minutes in Genovo

Nigel Ogram

Following an array of bold claims (perhaps with some poetic license) from a variety of pure-play AI start-ups regarding the time it takes to write a suitability report using their app, we recently set ourselves a challenge to see how Genovo stacks up.

It would have been easy to simply task the Genovo marketing team with coming up with some headline grabbing sound bites which we could sprinkle liberally over our website and social media pages. However, for better or worse, we wanted something more tangible to evidence how long it takes to create a truly personalised, compliant and reader-friendly suitability report using Genovo.

So, what better way could there be to achieve this than to get one of the Genovo team to write a report from scratch – covering a genuine financial planning scenario – and record themselves in real-time as they did it.

For our first challenge we selected a Continued Suitability Report. We are very aware that generating a report to confirm the ongoing suitability of a client’s investments to satisfy the requirements of MiFID II has become a time-consuming and resource intensive activity for a lot of financial planning companies. So, we were really chuffed when it only took 4 minutes and 28 seconds to create just such a report in Genovo. You can read more about how we did this and watch the video here.

For our next challenge we thought we’d up the ante!

Reviewing a client’s existing drawdown plan is another regulatory requirement and a regular occurrence for any adviser with retired clients. However, unlike a Continued Suitability Report, which has a limited number of ‘moving parts’, there is a wider range of advice outcomes that may come about following a drawdown review including:

• A change of type and amount of withdrawal to reflect a change in the client’s needs and objectives.
• A change of investment strategy to reflect a change in the client’s risk profile and investment objectives.
• A change of retirement income to reflect under or over performance of their investment strategy.
• A change of retirement income product to reflect a fundamental change in the client’s risk posture.

Our next video demonstrates the process a user would go through in Genovo to create a drawdown review report covering the top two and most common outcomes. Once again, there’s absolutely no editing going on – no caveats of ‘some sequences may have been shortened’ – this is exactly how it was done.

If you can spare 8 minutes and 14 seconds of your time, you can view the video by clicking on the thumbnail below.

 

So, how does Genovo allow us to do this so quickly (and how can you do it too)?

Integrations – Genovo integrates with leading industry software – allowing client, plan and underlying investment data (hard facts) to be pulled into Genovo with a couple of clicks.

Streamlined process – Genovo’s intelligent workflows then prompt the user to fill in the gaps, by providing the highly personalised ‘how and why’ (soft facts) required of compliant suitability reports covering a variety of advice scenarios.

Compliant and accurate content – Genovo provides peace of mind that the report’s content is always consistent, contextual and compliant – a commonly cited concern with pure AI-generated reports. There’s no risk of having out-of-date content, forgetting an important paragraph, or even worse, leaving something in that shouldn’t be there!

Minimal editing – Genovo reports are designed to require almost zero editing after they’ve been generated. They may require minor presentational tweaks, but that’s it.

Check out the report that’s generated at the end of the video – it looks very professional and is ready to hand over to the client. If you’d like to take a closer look at the report, sign up for a 30 day free trial. Your account comes preloaded with a variety of example reports – including one very similar to the report created in this video.

Content libraries – Genovo provides a number of centrally managed libraries containing regularly used core content that can be added to a report with a couple of clicks. This not only saves significant time but also helps to promote consistent advice outcomes.

Customisation – Genovo works perfectly well ‘out of the box’ but also offers a high degree of customisation, enabling users to easily tailor their account to reflect their company’s brand and advice service. Genovo is unique in that pretty much all of the ‘look and feel’ (the app itself, plus the fonts, colours and format of the report) and the boilerplate content (the actual wording of the report) can be customised.

In summary, Genovo provides the perfect balance of user input and time-saving automation – allowing highly personalised, reader-friendly and compliant reports to be created 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).

If you’re ready to transform your suitability report writing process and would like to learn more about how Genovo could enhance productivity at your company, then book an online demo, and let us walk you through the Genovo app. It may just be the best “human intelligence” decision you make all year!  

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