Genovo Suitability Report New Features & Updates May 2020

Genovo Suitability Report New Features & Updates May 2020

Ed Evans

Since our last update, we’ve continued to adjust how we work to reflect the new WFH world we find ourselves in; and it’s fair to say, probably like many of you, we’ve encountered a few challenges en route! So it’s a huge testament to the dedication and ‘can do’ attitude of our product development and customer success team that we’ve managed to maintain such a high level of service and productivity throughout. What’s more we’ve even managed to squeeze a few more enhancements into this release than we originally intended, so let’s pull back the curtain and take a look at a few of the highlights…..

Why Contribution Step

We’ve add a new step to the New Pension Recommendation section where you can now confirm the reason(s) why the amount and type of contribution has been recommended.

Review of Your Existing Retirement Income Plans Section

As you’ll know, it’s within the Review of Your Existing Retirement Income Plans section where you deal with any recommendations you are making in respect to a client’s existing pension plan that’s been fully or partially crystallised – whether this be an investment-linked annuity or a plan in drawdown.

To ensure a consistent approach across all review sections and cover the scenario where a recommendation is being made to top up a crystallised / part-crystallised pension fund, we’ve added the following to this section:

  • A new Top up Amount £ field.
  • 4 new top-up related recommendation actions.

We’ve also updated the aggregated total charge calculation for this section, and added the section into the Top-up / Bed & ISA report.

Benefits & Features Step

We’ve added a few new optional fields into the Benefit & Features step in the Review of Your Existing Protection Plans and Review of Your Existing Retirement Income Plans sections.

Integration with Intelligent Office

We’ve made a number of enhancements to our integration with Intelligent Office (iO) including extending the integration to cover:

  • A number of additional client related fields;
  • A number of additional fields in the Plan Summary step of the 4x review sections; and
  • A number of fields in the Benefits and Features step of all applicable review sections.

Following user feedback, we’ve also added a Plan Status field to the integration search box for plans so you can see the status of the plan as it appears in iO. (It has also be added to our integration with Xplan.)

These latest enhancements really do take our integration with iO to yet another level. However, our ambition to develop the integration into one that does away with the need to re-key any data doesn’t stop there!

We’ve already started work on extending the integration to cover the recommendation sections within Genovo and we’re keen to extend it even further. So if there are any other bits of data that you store in iO that you’d like to be able to pull across into Genovo then let us know what and where this data is stored in iO (a screenshot always helps!) And in the first instance, we’ll check and let you know whether it’s made available via iO’s API, and if it is, we’ll look to get it added asap.

Summary of all updates and enhancements

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

App

ModuleFeatureUpdate / Enhancement
Client LibraryiO IntegrationThe integration has been extended to cover the following additional client-related fields:
- Number of Financial Dependants
- Occupation
- Employment Status
- Desired Retirement Age
- Monthly Net Expenditure
- Monthly Net Disposable Income
Read More>>
Investment Review
Pension Review
Retirement Income Review
Protection Review
Mortgage Recommendation sections
iO IntegrationThe integration now covers a number of new fields in the Plan Summary steps, and it has also been extended to the Benefits & Features step too.
Read more>>
Top-up / Bed & ISA ReportRetirement Income Review sectionThis section has been added to this report type to cover the scenario where a recommendation is being made to top up a crystallised / part-crystallised pension plan.
Genovo HTML EditorTable builderWhen creating a table, the table width will now automatically default to 100% and stretch across the full width of the page.
Read more>>
Word ReportCurrency SymbolsWhen the € symbol was typed into a field using [ctrl][alt][4] it was coming out as a '?' in the report. This buglet has now been fixed.
Client LibraryiO IntegrationThe iO client search did not recognise apostrophes in surnames e.g. O'Leary. This buglet has now been fixed.

Section Wizards

Section(s)Step(s)Update / Enhancement
New Pension RecommendationWhy ContributionThis is a new step where you can confirm the reason(s) why the amount and type of contribution has been recommended.
Protection ReviewBenefits & Features2 new optional fields have been added:
- Terminal Illness Cover
- Childrens Benefit
Retirement Income ReviewPlan SummaryTo ensure consistency across all review sections the following new field has been added:
- Top up Amount £
Retirement Income ReviewBenefits & Features2 new optional fields have been added:
- Death Benefits
- Death Benefit Nomination
Retirement Income ReviewRecommended ActionThe following new recommended actions have been added:
- Retain
- Top up
- Top up and switch the underlying investments of
- Top up and switch the model portfolio of
- Top up and rebalance the existing portfolio of
Retirement Income ReviewPlan ChargesThe aggregated total charge calculation has been updated to take into account any contributions being made and income being withdrawn from the plan.
Read more>>
Investment Review
New Investment Recommendation
Plan SummaryNSI Investment Account has been added.
Investment Review
Pension Review
Retirement Income Review
Recommended ActionFollowing user feedback, the option to retain has been added into the Fund Switch and Top up / Bed & ISA report types.
Investment Review
Pension Review
Retirement Income Review
Plan ChargesFollowing user feedback, this step has been added into the Fund Switch report.
Pension Review
Retirement Income Review
Plan Comparison: Plan ChargesWe've noticed that if a % difference in charge is added but no fund value is provided then the report wouldn't download. This bug has now been fixed.
All review sections
Mortgage Recommendation Section
Plan SummaryA Plan Status field has been added to the integration search box for plans for all integrations.
Mortgage RecommendationNew Mortgage Details
Current Mortgage Details
Much like other sections, an integration icon will now show against a mortgage plan when it is added via an integration.

Report Content Manager

Report Type(s)Section(s)Snippet NameUpdate / Enhancement
Top-up / Bed & ISA ReportRetirement Income ReviewTitle & Opening (Top up)This is a new snippet that includes the section title.
AllRetirement IncomeAggregated Total ChargeThe wording has been updated to reflect the new calculation method.
Suitability Report
Review Report 2.0
Top-up / Bed & ISA
Review Report 1.0
Retirement Income ReviewCumulative Effect of Charges

Cancellation Notice (Top-up)
These are 2 new snippets that will get triggered when a top-up is recommended.
Suitability Report
Review Report 1.0
New Pension RecommendationWhy ContributionThis is a new snippet where the content from the new Why Contribution step is rendered.
Suitability Report
Review Report 1.0
New pension RecommendationCarry Forward TextThis text has been updated to reflect that this can now be covered off in the new Why Contribution step.
Review Report 2.0Risk WarningsDrawdown reviewThis is a new snippet that will be triggered when a drawdown plan is being reviewed, or a drawdown-related recommended action is selected.
Suitability Report
Review Report 2.0
Review Report 1.0
Appendix - Product InformationLifetime ISA
ASU
Decreasing Term Assurance
Executive Income Protection
Family Income Benefit
Gift Inter Vivos
Income Protection
Level Term Assurance
Partnership Protection
The wording of these snippets has been reviewed and updated.
Suitability Report
Review Report 2.0
Top-up / Bed & ISA
Review Report 1.0
Appendix - Product InformationNSI Investment AccountThis is a new snippet that will be auto-inserted when NSI Investment Account is selected in the investment review or recommendation section.

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.

Written by Ed Evans

Ed heads up operations at Genovo, and makes sure everything runs like clockwork! He's been involved, in one capacity or another, in writing suitability reports for over twenty years. Having started out as a paraplanner, he achieved the AFPC (as it was known way back then) whilst working as a financial planner with Sedgwick Financial Consultants in London. On returning to his beloved home town of Shrewsbury in 2002, Ed set up one of the very first outsourced paraplanning companies in the country. It was then that he saw the opportunity to combine his experiences of suitability report writing with his love of technology, and in 2008 he co-founded Paraplanning Online. The rest, as they say, is history.

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