Genovo Suitability Report New Features & Updates May 2017

Genovo Suitability Report New Features & Updates May 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
Client LibraryNew vulnerable client optionsIf the vulnerable client option is selected for a client, you will now be prompted to provide further info regarding any relative / friend who was present during your meeting(s).
Review sectionsEnhanced Current Investment Strategy textWe've changed the format of the text in the report so it specifically reflects the ownership of the plan(s) e.g.
"Ed's Transact ISA is currently invested..."
"Your joint Standard Life Investment Bond is..."
Attitude to Risk LibraryNew set of ATR profiles.We've added the following new profiles:
Synaptic ATR Profiler

Section Wizards

Section(s)Step(s)Update / Enhancement
IntroductionAssets & Liabilities and IHT PositionThis is a new optional step where you can summarise a client's assets & liabilities, and current IHT liability.
Read more...
Review of Your Existing Investments
Review of Your Existing Pensions
Plan SummaryWe've added a new optional field which will allow you to explicitly state the amount being invested as a top-up to an existing plan :
Top up Amount £
Read more...
Review of Your Existing Investments
Review of Your Existing Pensions
Recommended ActionWe've added the following recommended action:
top up and switch the model portfolio
Review of Your Existing Investments
Review of Your Existing Pensions
Review of Your Existing Retirement income Plans
Plan Comparison: Charges ComparisonThis is a new optional step that will get triggered if you're recommending replacement business, and will allow you to quantity the difference in the total annual charges of the existing plan and the new plan you are recommending to replace it.
Read more...
New Investment RecommendationTrustsWe've added extra functionality to this step. You will now be prompted to provide further details regarding the recommended trust as well as the key individuals involved in it.
Read more...
New Investment RecommendationsDisadvantages & Tax ImplicationsWe've added some new advice reasons specifically related to trusts.

Report Content Manager

SectionSnippet NameUpdate / Enhancement
IntroductionVulnerable Client - No relative / friend present
Vulnerable Client - Relative / friend present
These are new snippets relating to the enhanced vulnerable client options. The original Vulnerable Client snippet is no longer active.
IntroductionAssets & LiabilitiesThis is a new snippet where the content included within the new Assets & Liabilities and IHT Position step will be rendered.
Review of Your Existing Pension PlansScheme Funding Level (DB Only)We've updated this snippet.
Investment RecommendationTrusts
Absolute DGT
Discretionary DGT
Absolute Gift Trust
Discretionary Gift Trust
Absolute Loan Trust
Discretionary Loan Trust
Retained Interest Trust
Probate Trust
These snippets have been updated to reflect the enhancements made to the Trusts step.
Appendix - Plan ComparisonPension Review Charges
Retirement Income Review Charges
Investment Review Charges
The tags within these snippets have been updated to reflect the new charges comparison fields.
Appendix - Plan ComparisonImpact of Recommended AlternativeThis is a new snippet where the the impact of the annual charges of the recommended alternative plan when compared to the existing plan will be displayed.
Appendix - Technical NotesPensionsWe've previously updated this snippet to reflect the postponement of the proposed changes to the Money Purchase Annual Allowance.

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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