Genovo Suitability Report New Features & Updates August 2018

Genovo Suitability Report New Features & Updates August 2018

Team Genovo

Here’s a summary of the new updates and features you’ll discover the next time you log in to the Genovo suitability report app.


ModuleFeatureUpdate / Enhancement
iO integrationThe iO integration has been extended to cover Mortgage plans.It is now possible to pull across a client's mortgage plans into the New Mortgage Details step as well as the Current Mortgage Details step of the Mortgage Recommendation section.
You'll find further info about which fields are available via the integration here.
iO integrationPlan search dialog boxFollowing user feedback, an extra filter has been applied so only plans with the following stati appear in the search results:
- In force
- Submitted to Provider
- Paid Up
- Draft

i.e. Out of Force plans will no longer be included.
iO integrationExtended product type filteringFollowing user feedback, the following iO product types will now appear in the Retirement Income Review AND the Pension Review sections:
- Personal Pension Plan
- Deferred SIPP
The report New cleaner look report header and footer, with the option to upload a favicon.Changes have been made to the standard report header and footer following feedback from our users.
Read more>>
Customisation DashboardA new icon has been added 'upload favicon' It is now possible to display a favicon in the top right hand corner of your reports.
Read more>>
The reportPlan Summary tables in review and recommendation sections.To solve the problem of text wrapping / leaching over 2 lines the Plan Summary tables will automatically render vertically rather than horizontally when more than 7 fields are included.
Read more>>
The reportClient's attitude to risk description textThe format of how the client's ATR is rendered out in the {IS_ATRTable} tag has been modified. It will now be displayed as standard paragraph text rather than in a tabular format.
The reportRisk Warnings sectionThe format of the risk warnings table has been modified for greater impact and to make better use of space.
Plan Charges DisclosureInitial Aggregated Total Charge in monetary terms in recommendation sectionsThe Plan Charges input screens and the ATC formulas have been extended to take account of instances where a different initial ATC % is being levied on the lump sum and the regular contributions being paid into a plan.
Read more>>
Plan Charges DisclosureThe recurring Aggregated Total Charge in monetary terms shown in the review sections and the Appendix - Plan Comparison section.There was an inconsistency in the formulas being used to calculate the Recurring ATC in monetary terms for existing plans in these 2 sections in that the later did not take account of any monthly contributions being invested in the plan whilst the former did. This inconsistency has now been corrected.
Plan Charges DisclosureImpact of Recommended Alternative PlanThe formulas used to calculate the impact in monetary terms have been slightly changed and are now consistent with the formulas that are being used to calculate the ATCs in monetary terms in the corresponding review sections i.e. The new formulas use the fund (as opposed to the transfer) value and also take account of any regular contributions being invested in the existing plan.
Report Content ManagerDynamic tagsTags e.g. {PRV_ChargesTable} are no longer 'section dependent' and can now be moved out of their original section and inserted into any other section of the report. Albeit the associated content will only be rendered if the corresponding step has been completed.
Read more>>
Executive SummaryPlan Summary tables for review sectionsThe first letter of the recommended action included in the Recommended Action column appended to the tables will be automatically capitalised.
Report BuilderClient DeclarationThe name of this section has been renamed Adviser / Client Declaration to more accurately reflect its content.
Current and Recommended Investment StrategiesTransaction ChargeThis field will now accept negative as well as positive integer values.
Report BuilderGenovo Suitability Report Sections MatrixThe matrix has been updated. See more>>
Provider LibraryProviders UpdatedCofunds has been changed to Aegon Platform following upgrade in May.

Section Wizards

Section(s)Step(s)Update / Enhancement
IntroductionKnowledge and ExperienceIf you're signed up to a Company Plan Midi or above, we can now add custom 'knowledge & experience' options for you.
Pension ReviewRecommended ActionThe following new options have been added:
- adjust the regular contribution
- switch the underlying investments and adjust the regular contribution
Investment Review
Pension Review
Retirement Income Review
Investment Recommendation
Pension Recommendation
Drawing Benefits from Pension
Protection Recommendation
Key Disadvantages and Tax ImplicationsA new advice reason has been added at the top of the list:
'Do not include in this report'
When selected the Key Disadvantages & Tax Implications snippet will be excluded from that report.
Mortgage RecommendationNew Mortgage Details
Current Mortgage Details
The following options have been added to the Interest Rate Type Field:
- Flexible Rate
- Offset Rate
- Standard Rate
Mortgage RecommendationNew Mortgage DetailsThe following options have been added to the Mortgage Type Field:
- Further Advance
- Second Charge Mortgage
Mortgage RecommendationFurther Advance
Second Charge Mortgage
These are new steps where you can confirm why you have recommended a further advance / second charge mortgage.
Mortgage RecommendationNew Mortgage DetailsProperty Name has been renamed Property Address
Loan Amount £ has been renamed Total Loan Amount (incl. all applicable fees) £.
Expected Monthly Repayment £ (after initial interest rate expires) has been added as a new optional field.
New Investment RecommendationPlan SummaryThe following new investment has been added:
NS&I Guaranteed Income Bonds
New Protection RecommendationWhy Term
Why Cover Level
When recommending multiple protection plans it is now possible to provide distinct and separate reasons as to why the term and amount of cover has been recommended for each plan.
Important InformationOther Needs and ShortfallsThe text and options in this step have been reviewed and updated. General insurance advice has been added and what was Protection advice has been renamed Life insurance and protection in the event of ill health.

Report Content Manager

Section(s)Snippet NameUpdate / Enhancement
All review and recommendation sectionsKey Disadvantages or Key Disadvantages and Tax ImplicationsFollowing a tip we picked up at the recent Report Writing Howow, the format of how this information is displayed in the report has been changed to give it extra impact.
Pension Review
Retirement Income Review
Investment Review
Aggregated Total ChargeThe wording of this snippet has been slightly updated.
Mortgage RecommendationWhy Further Advance
Why Second Charge Mortgage
These are new snippets associated with the 2x new mortgage steps.
Investment Recommendation
Pension Recommendation
Aggregated Total Charge - just lump sumThis is a new snippet that will be triggered when the plan's initial charges are only being levied on the lump sum investment (not the regular contributions).
Investment Recommendation
Pension Recommendation
Aggregated Total Charge - lump sum and regular contributionsThe name of this snippet has been updated to distinguish it from the above.
Investment StrategyATR & Capacity for LossMinor changes have been made to the text as a result of the change in format to the ATR wording.
Client DeclarationTitle & Adviser Signoff
Client Signoff (Single Private)
Client Signoff (Multiple Private)
Client Signoff (Corporate and Trust)
The wording and formatting of these snippets have been changed slightly.
Appendix - Plan ComparisonImpact of Recommended AlternativeThe wording of this snippet has been updated to reflect the changes to the formula used to calculate the difference in charges in monetary terms.
Appendix - Product InformationNSI Guaranteed Growth Bonds
NSI Guaranteed Income Bonds
These snippets have been updated and added respectively.
Appendix - Glossary of TermsMortgagesA definition of the following terms has been added:
- Further Advance
- Portability
- Second Charge Mortgage
Appendix - Technical NotesLasting Power of AttorneySome additional info re: certificate provider has been added.

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.

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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