Genovo Suitability Report New Features & Updates May 2021

Team Genovo

Following hot on the heels of the release of our integration with Curo. we’ve got another bumper-packed release for you this month – containing a bit of something for everyone. So what can you expect to find the next time you log in to Genovo?

Xplan integration

Following the release of Version 2 of the Iress Open Standard Integration framework we’ve extended our integration with Xplan to include the new client-related fields that have now become available via the API. You’ll find further information about all of the client-related data you can pull across from Xplan into Genovo by clicking on the link below.

What client-related data is currently available via the Xplan integration?

‘Assets & Liabilities and IHT Position’ step

A new yes / no question ‘Do you wish to include a summary of the client’s assets & liabilities and IHT position in this report?’ has been added to the Client Circumstances step in the Introduction section of the suitability report.

If ‘yes’ is selected, this will now trigger the Assets & Liabilities and IHT Position step in the same section.

The output from this step has also been updated so currency symbols and commas are now automatically inserted for all monetary amounts.

New ‘Why Withdrawal’ step

A new step has been added to the Drawing Benefits from Your Pension Fund Recommendation section where you can now confirm the reason(s) why the amount and type of withdrawal has been recommended.

We’ve also converted the text box at the bottom of the following 2 existing steps into the Genovo HTML Editor.

• Income Sustainability step in the Drawing Benefits from Your Pension Fund Recommendation section
• Recommended Withdrawals step in the Review of Your Existing Retirement Income section

This means you can still continue to use the text box at the bottom of the step to provide further comment on the sustainability of the recommended withdrawal, but you can also now really easily paste in an image of a cashflow planning chart using CTRL+V (much like you would in Word) to help demonstrate sustainability of income and the impact of the withdrawal on the client’s cashflow in more visual terms.

New ‘Nominated Beneficiary’ field

A new optional multi-line field Nominated Death Benefit Beneficiary has been added towards the bottom of the add / edit plan pages of the Plan Summary step in the New Pension Recommendation and Drawing Benefits from Your Pension Fund recommendation sections.

You can use this field to include details of the nominated beneficiaries of the recommended plan. When completed, a table (much like the one shown below) will be included within the Death Benefit Nomination subsection of the corresponding recommendation section.

New ‘DB Pension Death Benefit Considerations’ step

A new step has been added to the Review of Your Existing Pension Plans section which will only be triggered when a recommendation is made to transfer a Defined Benefit pension or a pension with safeguarded benefits.

This step has been designed to allow you to provide details of the research you have carried out, and the discussions that have taken place between you and your client, regarding the provision of death benefits. It is particularly useful where one of the client’s main drivers for transferring their pension is succession planning.

We’ve also added the following new DB pension-related fields to the Plan Summary step of the Review of Your Existing Pension Plans section, and made them ‘intelligent’ so they will only appear when a DB pension is selected as the Pension Type.

• Scheme Member Number
• Cash Equivalent Transfer Value
• CETV Guarantee Expiry Date

Mortgages

We’ve added the following new options to the Mortgage Type field:

• New Mortgage (Help to Buy: Equity Loan)
• New Mortgage (Help to Buy: Shared Ownership)
• New Mortgage (Right to Buy)

It is now also possible to recommend a Retirement interest-only mortgage within Genovo.

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

Module	Feature	Update / Enhancement
Client Library	Xplan Integration	The 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>>
Provider Library	New providers added	The following RIO mortgage lenders have been added: - Aldermore - Leeds BS - Saffron BS
New Protection Recommendation section	Why Cover and Why Term steps	We've applied some extra logic to ensure the plan sub-heading isn't included in the report when only one plan is being recommended.
Adviser / Client Declaration and Authority to Proceed sections	Report Reference	If you don't provide a Report Reference for a report, no mention of a Report Reference will be included in these sections of that report.

Section Wizards

Section(s)	Step(s)	Update / Enhancement
Introduction	Client Circumstances	A new yes / no question has been added that can be used to trigger the Assets & Liabilities and IHT Position step.
Pension Review	Plan Summary	The following new DB pension fields have been added: -Scheme Member Number - Cash Equivalent Transfer Value - CETV Guarantee Expiry Date
Pension Review	DB Death Benefit Considerations	This is a new step that will be triggered when a recommendation is made to transfer a DB pension, or a pension with safeguarded benefits.
Drawing Benefits from Your Pension Fund Recommendation	Why Withdrawal	This is a new step where you can confirm the reason(s) why the amount and type of withdrawal has been recommended.
New Pension Recommendation Drawing Benefits from Your Pension Fund	Plan Summary	A new multi-line field has been added where you can include details of all nominated beneficiaries. - Nominated Death Benefit Beneficiary
Recommended Investment Strategy	Recommended Investment Strategy	When you create a new investment strategy the name will be automatically partially populated for you.
Mortgage Recommendation	New Mortgage Details	3 new options have been added to the Mortgage Type field: - New Mortgage (Help to Buy: Equity Loan) - New Mortgage (Help to Buy: Shared Ownership) - New Mortgage (Right to Buy)
Mortgage Recommendation	New Mortgage Details	A new option has been added to the Repayment Method field: - Retirement interest-only
Mortgage Recommendation	Mortgage Fees	A new option has been added: - There are no fees. Do not include Mortgages Fees subsection in this report.
Mortgage Recommendation	Fee Payment Method	A new option has been added: - Some Fees Added to Loan
Mortgage Recommendation	Why remortgage Why repayment method Why mortgage term Disadvantages	A number of new advice reasons have been added to these steps for use with RIO mortgages.

Report Content Manager

Report Type(s)	Section(s)	Snippet Name	Update / Enhancement
Suitability Report	Review of Your Existing Pension Plans	TV Guarantee Date (DB Only)	This snippet has been deactivated as this is now covered by the new CETV Guarantee Expiry Date field.
Suitability Report	Review of Your Existing Pension Plans	DB Death Benefit Considerations	This is a new snippet that will be triggered when the new DB Death Benefit Considerations step is completed.
Suitability Report	New Pension Recommendation Drawing Benefits from Your Pension Fund	Death Benefit Nomination	The wording of these snippets has been updated and a new tag added. This new tag will generate a summary table when info. is included in the new Nominated Death Benefit Beneficiary field.
Suitability Report	Drawing Benefits from Your Pension Fund	Why Withdrawal	This is a new snippet that will get triggered when the corresponding step is completed.
Suitability Report	Mortgage Recommendation	Help to Buy: Equity Loan Help to Buy: Shared Ownership Right to Buy	These are 3 new snippets that will get triggered when the corresponding Mortgage Type is selected.
Suitability Report	Mortgage Recommendation	Some Fees Added to Loan	This is a new snippet that will get triggered when the corresponding option is selected in the Fee Payment Method step.
Suitability Report	Mortgage Recommendation	RIO Warning	This is a new snippet that will get triggered when a RIO mortgage is selected.
Suitability Report	Risk Warnings	Retirement interest-only mortgage	This is a new snippet that will get triggered when a RIO mortgage is selected.
Suitability Report Top-up / Bed & ISA Report Continued Suitability Report	Adviser / Client Declaration	Title & Adviser Declaration	A new Report Reference tag has been added.
Review Report 2.0 Fund Switch Report	Authority to Proceed	Title & Opening	A new Report Reference tag has been added.
Suitability Report	Appendix - Glossary of Terms	Mortgages	Retirement interest-only mortgage has been added.

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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