Genovo Suitability Report New Features & Updates (2.5) April 2025

Ed Evans

When one of the team pointed out to me that this release marks the one year anniversary (almost to the day) since Genovo v2 went live, I couldn’t quite believe it. To me, it feels like only yesterday…..I guess time flies when you’re having fun!

However, it also prompted a moment of contemplation to take stock of everything Team Genovo have achieved over the past 12 months; and to be fair, it’s pretty immense! For example, we have:

• Firmly established Genovo within the industry as the “gold standard” in report writing. It is now a core element of the tech stack of over 550 advice companies.
• Grown Genovo’s user base from a little over 3,800 to just shy of 4,700.
• Extended the reach of Genovo’s existing integrations and added a new one – Plannr.
• Added a range of new features to Genovo to help make the process of creating reports even quicker for you, and the report output even more reader-friendly and visually appealing for your clients.
• Made sure Genovo continues to be updated in a timely fashion to reflect changes in taxation and legislation, as well as industry best practice.
• Continued to invest significant time and resource to ensure the security, privacy and protection of our users’ data. A commitment that is best evidenced by our ISO27001 re-certification.
• Answered just shy of 1,000 support tickets with a 89%+ “extremely satisfied” user satisfaction rating.
• And last, but certainly not least, developed our own AI capability – more on this shortly.

Looking to the future, you’ve probably heard us mention this before – we’re on a mission!

“To realise a comprehensive and fully-integrated solution that allows our users to create highly personalised, reader-friendly and compliant reports 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).”

This latest update marks a significant milestone in this mission and takes us a number of steps closer to realising our goal of a comprehensive and fully-integrated solution that fully caters for the needs and interactions that individuals involved in the report writing process have within the typical financial planning company – including advisers, paraplanners, admin staff and case checkers.

So what exciting news features can you expect to find the next time you log in to Genovo?

April 2025 new features and updates

The Report Editor

The big news is that having created the initial ‘draft’ report in the Report Builder, it is now possible for both Writer and Reader users to edit the report from within Genovo using our brand new Report Editor, and then upload the ‘published’ report back into their back-office system with the click of a button.

In addition to the productivity gains your company will achieve from having all the key stakeholders involved in the report writing process being able to easily interact with a report within one place. The Report Editor also allows both Writer and Reader users to:

• Edit the ‘draft’ report within Genovo, much like they would in Word.
• Add comments and track changes made to a report. This can prove particularly useful when paraplanners, advisers and case checkers need to collaborate on a report.
• Send other Writer and Reader users within their account an email to let them know that the report is ready for them to review / edit in the Report Editor.
• Apply a Report Status to monitor the progress of a report and highlight which stage it is at in the report writing process.
• Upload the ‘published’ report to their back-office system and automatically save it against the client record(s) with the click of a button.
• Apply a report rating to grade their experience of the report creation process.

What’s more, this new functionality also provides the opportunity to implement a comprehensive system of version control / history, providing a full audit trail of the interactions and changes that have been made to the report from it’s initial creation right up to the point it is ‘published’.

For a quick overview of the Report Editor, watch our brand new video tutorial below.

An automatic email has been sent to all existing Reader users making them aware that they can now log in to Genovo and inviting them to set up their account. This article from the Genovo Knowledge Base provides more information about how a Reader user can now interact with a report within Genovo.

We have big plans for the new Report Editor functionality. Not only do we think it opens up the opportunity for us to provide our customers with lots of useful insight into their users’ report writing habits, but also additional compliance alerts and reporting in the form of:

• Proactive warnings based on configurable settings.
• Compliance assessments and helpful tips for remedial action.
• Automatic alerts that a report requires pre-approval.
• Version control and audit trail summaries.

Other bits and pieces

If that wasn’t enough, we’ve also taken the opportunity to add a few other new features and squash a couple of buglets that have come to light since our last release as a result of customer feedback – for which we are always very grateful.

On a related note, if you do have any suggestions – no matter how big or small – as to how we can improve Genovo, or there’s a new feature you’d like us to add, we’d love to hear from you. Send us a message with your thoughts and we promise we’ll get back to you.

Flexible reversionary trust

‘Flexible Reversionary Trust’ has been added as an option into the Trusts step in the New Investment Recommendation section to facilitate the recommendation of the Canada Life Wealth Preservation Account and similar such IHT mitigation investment / trust vehicles.

Protection plans in intelligent office

On selecting ‘In Trust’ for a protection plan in intelligent office, you are then prompted to complete the ‘To Whom’ field. The information contained in this field will now be automatically included in text box at bottom of the Plan Summary step in the Review of Your Existing Protection Plans section.

Protection plans with a status of ‘In force’ will also now show in the New Protection Recommendation section.

Squashed buglets

When adding a plan from Curo, rather than pulling through ‘Single / joint life’ into the ownership field, the client’s first name or ‘Joint’ will now show.

We’ve also addressed a gremlin in the code that was stopping relevant plan data being pulled from intelligent office into the Plan Benefits and Features step in the Review of Your Existing Pension Plans and Review of Your Existing Retirement Income Plans sections.

Coming soon…..

Genovo AI Assistant

A prominent commentator on AI – Karim Lakhani, a professor at Harvard Business School for 18 years and a board member at Mozilla, has said:

“AI is not going to replace humans, but humans with AI will replace humans without AI.”

We agree with Karim – with all the complexities and regulation associated with financial advice, AI isn’t going to replace advisers and paraplanners any time soon, but it can make a huge difference to their working patterns and enhance their productivity.

Following over twelve months of R&D, we are very excited to officially introduce the Genovo AI-powered productivity Assistant. Over the coming months, this will be introduced into Genovo in a range of ways to help further speed up the report building process.

A new report creation method

Firstly, the Genovo AI Assistant will be deployed to automate the creation of the initial framework of a report from a user’s free text prompt. For example, on entering the following prompt:

“Switch his existing PPP with L&G and Aviva into a new SIPP with Transact.”

The Genovo AI Assistant will:

• Determine the best Report Type for the advice scenario;
• Automatically insert the required sections into the Report Builder; and
• Import the required plans into the appropriate report sections from the user’s back-office system.

Predictive plan charges

We will also be introducing the concept of ‘predictive plan charges’. This will involve harnessing the power of the Genovo AI Assistant to offer up predicted / suggested Product, Platform, Adviser and Investment related charges for a plan on adding it into a review section.

There’s more…..

This is only the start of our AI journey. Looking even further into the future, we have plans to extend the Genovo AI Assistant’s capabilities to auto-populate more elements of the Report Builder. We have also started investigating the possibility of “ingesting” the output from third party apps and feeding this output into our AI models to automatically create and pre-populate even more elements of the report.

It’s exciting times ahead; and if you’d like to get involved in helping to beta test the Genovo AI Assistant and shape our future AI initiatives please get in touch, we’d love to hear from you.

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