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

Module	Feature	Update / Enhancement
Report Builder	Brand new report types	4 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 Builder	Newly configured report sections	Only sections relevant to the selected report type will now be included in the Report Builder. Read more>>
Report Builder	Newly configured steps in wizard sections	Only steps relevant to the selected report type will be included in the section wizard. Read more>>
Report Builder	Newly configured Recommended Action step	Only 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 Builder	Updated UI	A summary of key report details e.g. report name, type etc has been added at the top of the page.
Report Builder	New Review of Cashflow section	This 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 Builder	New Authority to Proceed section	This 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 Builder	Investment Strategy section	The section name has been changed to 'Recommended Investment Strategy' to more accurately reflect its purpose.
Report Details	Updated UI and new field added.	An optional new field 'Report Reference' has been added.
Report Library	Updated UI	A new Report Type field has been added.
Report Content Manager	Updated UI and extended content management functionality	You 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 Library	Attitude to risk profiles	The 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
Introduction	Client Circumstances Update	This 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.
Introduction	Assets & Liabilities Update	This 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.
Introduction	Review of Client's Attitude to Risk	This 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.
Introduction	Review of Client's Objectives	This 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 Charges	This 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 Actions	Only 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 Summary	The following new investments have been added: - Innovative Finance ISA - Seed Enterprise Investment Scheme
Recommended Investment Strategy	Recommended Investment Strategy	When 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 Strategy	Capacity for Loss	3 new standard advice options have been added.
Important Information	Costs & Charges Disclosure	This 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 Information	Review of Service	This 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 Information	Next Steps and Action Required	This 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 Name	Update / Enhancement
Review 2.0 Continued Suitability Fund Switch Top-up / Bed & ISA	Covering Letter	Covering 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 Page	Title 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 Page	Title 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	Introduction	Title & 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	Introduction	Update on Current Circumstances Client Circumstances Table Client Circumstances Further Info	These are new snippets snippets associated with the new Client Circumstances Update step.
Suitability	Introduction	Needs & Objectives (Limited Advice - Suitability Report)	The text has been updated.
Top-up / Bed & ISA	Introduction	Objectives & Scope of Advice	This is a new snippet.
Review 2.0	Introduction	Assets & Liabilities Update Assets & Liabilities Update - IHTLiability Assets & Liabilities Update - Further Info	These are new snippets associated with the new Assets & Liabilities Update step.
Continued Suitability	Introduction	Review of investment objectives	This is a new snippet.
Review 2.0 Continued Suitability Fund Switch Top-up / Bed & ISA	Introduction	Review 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 2.0	Introduction	Review of Objectives	This is a new snippet associated with the new Review of Client's Objectives step.
Review 2.0 Review 1.0	Review of Cashflow	Title & 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 & Opening	These are new snippets associated with the new report types.
Suitability Review 1.0	Recommended Investment Strategy	Recommended Investment Strategy & Reasons Why	The {IS_WhyIS} tag has been removed. Read more>>
Review 2.0 Fund Switch Top-up / Bed & ISA	Recommended Investment Strategy	Title (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 Information	On-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 Warnings	VCT / EIS / SEIS	The text has been updated.
Review 2.0 Continued Suitability Fund Switch Top-up / Bed & ISA	Risk Warnings	Review general	This is a new snippet associated with the new report types.
Review 2.0 Fund Switch	Authority to proceed	Title & 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 Comparison	Impact 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 Information	Bed and ISA	This 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 Information	ISA	The text has been updated.
Suitability Review 2.0 Top-up / Bed & ISA Review 1.0	Appendix - Product Information	Innovative 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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