Genovo Suitability Report New Features & Updates July 2017

Genovo Suitability Report New Features & Updates July 2017

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.

App

ModuleFeatureUpdate / Enhancement
Report LibraryReport TypeIt is now possible to change the Report Type of an existing report i.e. change a suitability report to an (annual) review report or vice versa.
Read more....
Provider LibraryProviders and descriptionsWe've reviewed and updated all of the standard providers and their descriptions.
Attitude to Risk ProfilesStandard pre-loaded ATR profilesWe've reviewed and updated the following ATR profiles:
- Distribution Technology (Verbatim)
- Elevate (1-7 scale)
- Elevate (1-10 scale)
- Finametrica (5 risk groups)
- Finametrica (7 risk groups)
Investment StrategyAdd a new investment and save it to your Investment LibraryWe've added a new button Save & add to Library so you can add a new investment to an investment strategy AND also save it to your Investment Library for future use with just one click.
Read more...
Covering LetterDateWe've changed the date format from 01/07/2017 to 1 July 2017.
The downloaded reportAll section sub headingsWe've uncapitalised all of the sub-headings within the report.
The downloaded reportFormat and layout of the Executive Summary section.The display order of the review and recommendation plan summary tables in the Executive Summary is now dynamic and will mirror the order the sections appear in the Report Builder.
The downloaded reportRecommended Action field in the Executive SummaryThe preposition (e.g of, from...) at the end of the selected Recommended Action (e.g switch the underlying investments of) will be automatically removed from the Recommended Action field in the review plan summary tables in the Executive Summary.

Section Wizards

Section(s)Step(s)Update / Enhancement
Review of Your Existing Protection PlansRecommended ActionWe've added a new recommended action:
Retain and change the level of benefit provided by
Review of Existing InvestmentsRecommended ActionWe've added new recommended actions:
- Switch the underlying investments and start drawing an income from
- Bed and ISA and switch the model portfolio of
- Switch the model portfolio and start drawing an income from
- Bed and pension
Review of Existing Pension PlansRecommended ActionWe've added a new recommended action:
Switch the underlying investments and draw benefits directly from
Review of Existing Retirement Income PlansRecommended ActionWe've added new recommended actions:
- Start drawing an income from
- Switch the underlying investments and start drawing an income from
Review of Existing Investments
New Investment Recommendation
Plan SummaryWe've added the following new plan:
Help to Buy ISA
Review of Existing Investments
New Investment Recommendation
Plan SummaryWe've updated the names of the following investments:
- Business Relief IHT Scheme
- Business Relief IHT Scheme ISA
Drawing Benefits From Your Pension FundIncome SustainabilityFollowing feedback we've changed the label of the field in the income sustainability table to Recommended Investment Strategy 5 Year Annualised Return %.

Report Content Manager

SectionSnippet NameUpdate / Enhancement
Review of Your Existing PensionsTV Guarantee Date (DB Only)We've slightly amended the wording of this snippet.
Review of Your Existing InvestmentsFurther Info (bed & pension)This is a new snippet that will be triggered when the bed & pension recommended action is selected.
Drawing Benefits from Your Pension FundWhy Provider
Cancellation Notice
Cancellation (investment element)
We've extended the rules associated with these snippets so they're not included in a report when a "draw benefits directly from" recommended action is selected in the Review of Your Existing Pension Plans section.
Risk WarningsAIM Investment
Business Relief IHT Scheme
We've slightly amended the wording of these snippets to reflect the change of name from Business Property Relief to Business Relief.
Appendix - Defined Benefit Pension Transfer AnalysisTitle & OpeningWe've added some extra wording to this snippet.
Appendix - Defined Benefit Pension Transfer AnalysisCritical YieldWe've slightly amended the wording of this snippet.
Appendix - Defined Benefit Pension Transfer Analysis1) Fund Required to Purchase Annuity
2) Hurdle Rate
These are 2 new snippets that we've added following the publication of the FCA's CP 17/16 on Advising on Pension Transfers and recent changes made to the Selectapension TVAS report.
Appendix - Product NotesBusiness Relief IHT SchemeWe've slightly amended the wording of this snippet to reflect the change of name from Business Property Relief to Business Relief.
Appendix - Product InformationHelp to Buy ISAThis is a new snippet that will be triggered when the corresponding product is selected in the investment review and /or recommendation sections.
Appendix - Technical NotesPensionsThis snippet has been updated to reflect the announcement that the Finance Bill will be introduced as soon as possible after the summer recess and the proposed changes to the MPAA will be applied retrospectively; as well as the recent changes to the State Pension Age.

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 the Genovo Knowledge Base.

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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