Genovo Suitability Report New Features & Updates March 2019

Genovo Suitability Report New Features & Updates March 2019

Ed Evans

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. We’ve been working on this set of updates for a little while now, so we hope you think they’ve been worth the wait!

In the tables below you’ll find further information about the 4 new report types and other new functionality we’ve added to Genovo to help you:

  • Streamline your review process;
  • Demonstrate the value of your service to your clients; and
  • Fulfil the requirements for regular reporting under MiFID II. 

App

ModuleFeatureUpdate / Enhancement
Report BuilderBrand new report types4 new report types have been added:
1. Review Report 2.0
2. Fund Switch Report
3. Top-up Report
4. Continued Suitability Report
Read more>>
Report BuilderNewly configured report sectionsOnly sections relevant to the selected report type will now be included in the Report Builder.
Read more>>
Report BuilderNewly configured steps in wizard sections Only steps relevant to the selected report type will be included in the section wizard.
Read more>>
Report BuilderNewly configured Recommended Action stepOnly options relevant to the selected report type and plan will now show in the recommended action drop down menus, making them more manageable.
Read more>>
Report BuilderUpdated UIA summary of key report details e.g. report name, type etc has been added at the top of the page.
Report BuilderNew Review of Cashflow sectionThis is a new static template section where you can summarise some of the key outputs of your cash flow modelling. You will find this section in the section drop down of the new Review Report 2.0 and the existing Review Report 1.0.
Report BuilderNew Authority to Proceed sectionThis is a new auto-generated dynamic content section where the client can confirm their agreement for you to implement the recommendations being made. This section is automatically included within the Report Builder of the new Review Report 2.0 and Fund Switch Report.
Report BuilderInvestment Strategy sectionThe section name has been changed to 'Recommended Investment Strategy' to more accurately reflect its purpose.
Report DetailsUpdated UI and new field added.An optional new field 'Report Reference' has been added.
Report LibraryUpdated UIA new Report Type field has been added.
Report Content ManagerUpdated UI and extended content management functionalityYou can now find and edit the snippets that make up a report section for a particular report type. This will make it even easier for Account Admins to manage the content of their account's reports.
Attitude to Risk LibraryAttitude to risk profilesThe following profiles have been updated:
- Defaqto
- Elevate
- eValue
- Old Mutual Wealth
- Royal London
- Standard Life
- Synaptic
Current Investment Strategy in review sections
Recommended Investment Strategy in Investment strategy section
Auto-calculated Allocation % based on Amount field.If you only provide a monetary amount for a fund / investment, the percentage allocation will now be automatically calculated for you.

Section Wizards

Section(s)Step(s)Update / Enhancement
IntroductionClient Circumstances UpdateThis is a new step where you can provide an update of the client's circumstances. You will find it in the new Review 2.0, Fund Switch, Top-up / Bed & ISA and Continued Suitability Reports.
IntroductionAssets & Liabilities UpdateThis is a new step where you can provide an update on the client's assets and liabilities, and IHT position. You will find it in the new Review Report 2.0.
IntroductionReview of Client's Attitude to RiskThis is a new step where you can provide a review of the client's risk profile. You will find it in the new Review 2.0, Fund Switch, Top-up / Bed & ISA and Continued Suitability Reports.
IntroductionReview of Client's ObjectivesThis is a new step where you can provide a detailed review of the client's objectives. You will find it in the new Review Report 2.0.
Pension Review
Investment Review
Retirement Income Plan Review
Plan Comparison - Investment Strategy ChargesThis new step will be triggered when a change of investment strategy is being recommended. You will find it in all new and existing report types apart from the new Continued Suitability Report.
Pension Review
Investment Review
Retirement Income Plan Review
Protection Review
Recommended ActionsOnly options relevant to the report type and the plan will now show in the drop down menu of the Recommended Actions step.
Read more>>
Investment Review
New Investment Recommendation
Plan SummaryThe following new investments have been added:
- Innovative Finance ISA
- Seed Enterprise Investment Scheme
Recommended Investment StrategyRecommended Investment StrategyWhen recommending multiple investment strategies it is now possible to provide distinct and separate reasons as to why each investment strategy has been recommended.
Read more>>
Recommended Investment StrategyCapacity for Loss3 new standard advice options have been added.
Important InformationCosts & Charges DisclosureThis is a new step where you can for both ex-ante and ex-post charges:
- Signpost the reader to a separate charges statement.
- Include a summary of the platform's charges statement.
- Include a breakdown of charges for each plan.
You will find it in the new Review Report 2.0 and Continued Suitability Report.
Important InformationReview of ServiceThis is a new step where you can highlight the service and demonstrate the value you have provided to your client over the past year. You will find it in the new Review Report 2.0 and Continued Suitability Report.
Important InformationNext Steps and Action RequiredThis is a new step where you can summarise any next steps or action required by you and / or the client. You will find it in the new Review Report 2.0 and Fund Switch Report.

Report Content Manager

Report Type(s)Section(s)Snippet NameUpdate / Enhancement
Review 2.0
Continued Suitability
Fund Switch
Top-up / Bed & ISA
Covering LetterCovering Letter NR
Covering Letter PAS
Cover Letter (Top-up Report)
Cover Letter (Fund Switch Report)
These are new snippets for the 4 new report types.
Suitability
Review 1.0
Report Title PageTitle Page (Suitability Report)
Title Page (Review Report)
The new report reference tag {ReportReference} has been added.
Review 2.0
Continued Suitability
Fund Switch
Top-up / Bed & ISA
Report Title PageTitle Page (NR)
Title Page (PAS)
Title Page (Top up)
Title page (Fund Switch)
These are new snippets for the 4 new report types.
Review 2.0
Continued Suitability
Fund Switch
Top-up / Bed & ISA
IntroductionTitle & opening (NR)
Title & opening (PAS)
Title & Opening (Fund switch)
Title & Opening (Top up)
These are new snippets for the 4 new report types.
Review 2.0
Continued Suitability
Fund Switch
Top-up / Bed & ISA
IntroductionUpdate on Current Circumstances
Client Circumstances Table
Client Circumstances Further Info
These are new snippets snippets associated with the new Client Circumstances Update step.
SuitabilityIntroductionNeeds & Objectives (Limited Advice - Suitability Report)The text has been updated.
Top-up / Bed & ISAIntroductionObjectives & Scope of AdviceThis is a new snippet.
Review 2.0IntroductionAssets & Liabilities Update
Assets & Liabilities Update - IHTLiability
Assets & Liabilities Update - Further Info
These are new snippets associated with the new Assets & Liabilities Update step.
Continued SuitabilityIntroductionReview of investment objectivesThis is a new snippet.
Review 2.0
Continued Suitability
Fund Switch
Top-up / Bed & ISA
IntroductionReview of ATR
Review Risk Profile - Tool Used
Review Risk Profile - No Tool Used
Review Risk Profile - Description
These are new snippets associated with the new Review of Client's Attitude to Risk step.
Review 2.0IntroductionReview of ObjectivesThis is a new snippet associated with the new Review of Client's Objectives step.
Review 2.0
Review 1.0
Review of CashflowTitle & Opening
Main Body
Conclusion
These are new snippets associated with this new section.
Review 2.0
Continued Suitability
Fund Switch
Top-up / Bed & ISA
Pension Review
Retirement Income Review
Investment Review
Title & OpeningThese are new snippets associated with the new report types.
Suitability
Review 1.0
Recommended Investment StrategyRecommended Investment Strategy & Reasons WhyThe {IS_WhyIS} tag has been removed.
Read more>>
Review 2.0
Fund Switch
Top-up / Bed & ISA
Recommended Investment StrategyTitle (NR)
Recommended Investment Strategy & Reasons Why (NR)
Performance Comparison
Charges Comparison
These are new snippets associated with the new report types.
Review 2.0
Continued Suitability
Fund Switch
Top-up / Bed & ISA
Important InformationOn-going Service (NR
On-going Service (PAS)
Summary of Charges Title
Ex-ante Signpost to Charges Statement
Ex-ante Plan Charges (investments)
Ex-ante Plans Charges (pensions)
Ex-post Signpost to Charges Statement
Ex-post Plan Charges (all plans)
Ex-post Plan Charges (investments only)
Ex-post Platform Charges
Risk Warnings
Next Steps & action required
These are new snippets associated with the new report types.
Suitability
Review 1.0
Risk WarningsVCT / EIS / SEISThe text has been updated.
Review 2.0
Continued Suitability
Fund Switch
Top-up / Bed & ISA
Risk WarningsReview generalThis is a new snippet associated with the new report types.
Review 2.0
Fund Switch
Authority to proceedTitle & Opening
Client Signoff (Single Private)
Client Signoff (Multiple Private)
Client Signoff (Corporate and Trust)
These are new snippets associated with this new section.
Suitability
Review 1.0
Appendix - Plan ComparisonImpact of Recommended Alternative Plan
Performance
Pension Death Benefits
The text of these snippets has been updated.
Suitability
Review 2.0
Top-up / Bed & ISA
Review 1.0
Appendix - Product InformationBed and ISAThis is a new snippet that will be auto triggered when a 'Bed & ISA'-related recommended action is selected.
Suitability
Review 2.0
Top-up / Bed & ISA
Review 1.0
Appendix - Product InformationISAThe text has been updated.
Suitability
Review 2.0
Top-up / Bed & ISA
Review 1.0
Appendix - Product InformationInnovative Finance ISA
Seed Enterprise Investment Scheme
These are new snippets that will be auto triggered when the corresponding plan is selected in the review or recommendation sections.

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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