Genovo Suitability Report Advice Options and Reasons Enhancements December 2022

Team Genovo

We’ve had a busy year here at Genovo and we’re not finished yet! In May, as part of our ‘spring clean’ of the Genovo report content, we delivered various updates to the boilerplate content of Genovo reports after having already reviewed and enhanced the product and technical notes and the risk warnings in April.

Summer brought yet another new buzz-phrase into the financial services lexicon – Consumer Duty. As we mentioned in last month’s User Tip Blog, we’ve had Consumer Duty in mind with all of our spring clean process and we’re now delivering the final instalment – a complete review of all the advice options and reasons in Genovo.

To repeat the message from April and May, the standard Genovo content was never particularly broken. However, we felt that there were some areas that we could make even better, for example:

• Ensuring consistency of advice options and reasons between different steps and different sections.
• Applying consistent use of terminology, abbreviations and acronyms.
• Saying the same thing in less words where possible.
• Grouping similar advice options and reasons together (e.g. all that relate to charges, and all that relate to investment strategy etc).
• Removing redundant content.

Just as with the earlier stages of the spring-clean, the over-arching aim has been to review the entire report content to ensure it:

• Is as clear and easy as possible for the reader to understand with the bare minimum of jargon used – a cornerstone of Consumer Duty.
• Is as succinct and brief as possible to help reduce the length of the report, without compromising understanding or compliance expectations – a balancing act in itself!
• Avoids repetition or surplus content that serves no obvious purpose but to bulk out the report unnecessarily.
• Uses a consistent style, language and format.
• Seamlessly flows in all instances irrespective of the advice scenario and the sections included.

We’re also planning ahead. 2023 will see a significant new release of Genovo, and one of the many new features we’ll be delivering is the ‘grouping’ of the advice options in certain steps under categories to help you find what you’re looking for even more quickly. The re-ordering of the existing advice options and reasons in this release is the first stage of this process.

Summary of all updates and enhancements

Here’s a summary of all the updates and enhancements that have been applied to Genovo.

App

Module	Feature	Update / Enhancement
Client Library	Power of Attorney Granted? field	The options have been extended to: - 'Registered and active' - 'Registered but not active' - 'Being registered' - 'No'

Section Wizards

Section(s)	Step(s)	Update / Enhancement
Introduction	Client Objectives	All Advice Options reviewed, 3 deleted, 14 added.
	Review of Client Objectives	All Advice Options reviewed, 3 deleted, 12 added.
Review of Your Existing Investments	Plan Summary	All plan types reviewed. Changed Collective investment to Unit Trust / OEIC Collective Investment.
	Recommended Action	Added 6 new Recommended Actions: - ‘maintain the current income from’ - ‘start drawing an income from’ - ‘adjust the regular contribution of’ - ‘reinvest the maturity proceeds of’ - ‘consolidate the plans being encashed within’ - ‘adjust the adviser charge of’ 395 Advice Options reviewed, 128 amended, 20 deleted, 92 added.
	Key Disadvantages & Tax Implications	All Advice Options reviewed, 4 deleted, 2 added.
Review of Your Existing Pension Plans	Plan Summary	All plan types reviewed.
	Recommended Action	Added 3 new Recommended Actions: - ‘partially switch’ - ‘partially transfer’ - ‘adjust the adviser charge of’ 579 Advice Options reviewed, 278 amended, 36 deleted, 99 added.
	Key Disadvantages & Tax Implications	All Advice Options reviewed, 4 deleted, 2 added.
Review of Your Existing Retirement Income Plans	Plan Summary	All plan types reviewed.
	Recommended Action	Added 6 new Recommended Actions: - 'adjust the regular contribution of' - 'transfer in-specie the investments of' - 'consolidate the plans being transferred within' - 'reinvest the maturity proceeds of' - ‘adjust the adviser charge of’ - 'change the nominated beneficiary of' 308 Advice Options reviewed, 152 amended, 12 deleted, 122 added.
	Key Disadvantages & Tax Implications	All Advice Options reviewed, 2 deleted, 3 added.
Review of Your Existing Protection Plans	Plan Summary	All plan types reviewed.
	Recommended Action	Added 1 new Recommended Action: - ‘place into trust’ 34 Advice Options reviewed, 8 amended, 5 deleted, 7 added.
New Investment Recommendation	Plan Summary	All plan types reviewed. Changed Collective investment to Unit Trust / OEIC Collective Investment. Removed Help to Buy ISA.
	Why Product	292 Advice Options reviewed, 152 amended, 26 added.
	Why Provider / Plan	13 Advice Options reviewed, 3 amended, 3 deleted.
	Key Disadvantages & Tax Implications	31 Advice Options reviewed, 14 amended, 2 added.
	Other Solutions	51 Advice Options reviewed, 13 amended, 2 added.
New Pension Recommendation	Plan Summary	All plan types reviewed.
	Why Product	Removed NEST. 169 Advice Options reviewed, 116 amended, 10 deleted, 26 added.
	Why Contribution	18 Advice Options reviewed, 10 amended.
	Why Provider / Plan	21 Advice Options reviewed, 6 amended, 1 added.
	Key Disadvantages & Tax Implications	31 Advice Options reviewed, 11 amended, 1 added.
	Other Solutions	Removed NEST. 68 Advice Options reviewed, 13 amended, 9 deleted, 6 added.
Drawing Benefits from Your Pensions Fund	Plan Summary	All plan types reviewed.
	Why Product	269 Advice Options reviewed, 123 amended, 10 deleted, 14 added.
	Why Withdrawal	13 Advice Options reviewed, 6 amended.
	Why Provider / Plan	12 Advice Options reviewed, 3 amended, 4 deleted.
	Key Disadvantages & Tax Implications	22 Advice Options reviewed, 13 amended, 1 deleted.
	Other Solutions	42 Advice Options reviewed, 12 amended, 1 added.
New Protection Recommendation	Plan Summary	All plan types reviewed.
	Why Product	126 Advice Options reviewed, 82 amended, 4 deleted, 7 added.
	Why Provider / Plan	14 Advice Options reviewed, 6 amended, 2 added.
	Why Cover	15 Advice Options reviewed, 10 amended.
	Why Term	13 Advice Options reviewed, 2 amended.
	Key Disadvantages & Tax Implications	21 Advice Options reviewed, 8 amended.
Mortgage Recommendation	Fees	10 Advice Options reviewed, 2 amended.
	Why Remortgage	19 Advice Options reviewed, 16 amended.
	Why Product Transfer	16 Advice Options reviewed, 11 amended, 1 added.
	Why Further Advance	10 Advice Options reviewed, 8 amended, 2 added.
	Why Second Charge	14 Advice Options reviewed, 7 amended, 1 deleted, 1 added.
	Why Repayment Method	14 Advice Options reviewed, 8 amended.
	Why Term	6 Advice Options reviewed, 3 amended, 1 added.
	Why Interest Rate	7 Advice Options reviewed, 3 amended.
	Why Mortgage Product	14 Advice Options reviewed, 7 amended, 8 added.
	Why Lender	13 Advice Options reviewed, 8 amended, 1 added.
	Key Disadvantages	20 Advice Options reviewed, 7 amended, 7 added.
Recommended Investment Strategy	Capacity for Loss	13 Advice Options reviewed, 2 amended.
	Why Investment Strategy	35 Advice Options reviewed, 5 amended, 2 deleted, 2 added.
Important Information	Service Proposition & Reviews	3 Advice Options reviewed.
	Review of Service	11 Advice Options reviewed.
	Cash Contingency & Affordability	9 Advice Options reviewed, 5 amended, 1 deleted, 1 added.
	Supporting Information	20 Advice Options reviewed, 3 amended, 1 deleted, 1 added.
	Other Needs and Planning Considerations	Added 1 new Advice Option: - 'Trust planning' 65 Advice Options reviewed, 6 amended, 12 added.
	Next Steps	18 Advice Options reviewed, 1 deleted.
	Next Steps and Action Required	14 Advice Options reviewed, 1 amended, 7 deleted, 9 added.

Report Content Manager

Report Type(s)	Section(s)	Snippet Name	Update / Enhancement
All	Risk Warnings	Additional Permitted Subscription for ISA	The name has been updated.
Suitability Report Review Report 2.0	Appendix – Product Information	Unit Trust / OEIC Collective Investment Unit Trust / OEIC Collective Investment Taxation (Private Client) Unit Trust / OEIC Collective Investment Taxation (Bare Trust) Unit Trust / OEIC Collective Investment Taxation (Interest in Possession Trust) Unit Trust / OEIC Collective Investment Taxation (Discretionary and Accumulation & Maintenance Trust) Unit Trust / OEIC Collective Investment Taxation (Corporate Client) Additional Permitted Subscription for ISA	The name has been updated.
Suitability Report Review Report 2.0	Appendix – Technical Notes	Trusts	The rule has been extended so this snippet will be triggered when a trust is selected in the In Trust? field in the investment review section or when the new place in trust Recommended Action is selected in the protection review section.

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 this video tutorial.

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