Genovo Suitability Report New Features & Updates October 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

Module	Feature	Update / Enhancement
Provider Library	Providers and descriptions	The standard providers and their descriptions have been reviewed and updated.
1. Current Investment Strategy 2. Recommended Investment Strategy	Amount field	Comma(s) will now be automatically added to any number included in the Amount field e.g 10000 will now come out as 10,000 in the step display and the report output.
Report Library	Order of icons	The order of the icons has been changed to read left to right: - edit report - clone report - reassign report - delete report

Section Wizards

Section(s)	Step(s)	Update / Enhancement
Introduction	Client Objectives	The standard objectives have been revamped in line with FCA suggested best practice to make them more client-focused and SMART, and less solution-led.
1. Review of your Existing Pension Plans 2. Review of Your Existing Retirement Income Plans 3. Review of Your Existing Investments	Recommended Action Disadvantages & Tax Implications	We've reviewed, updated and added to the standard Advice Reasons included in these steps.
1. Review of your Existing Pension Plans 2. Review of Your Existing Retirement Income Plans	Recommended Action	The following new recommended actions have been added: - Take beneficiary drawdown directly from - Transfer and take beneficiary drawdown from
Review of Your Existing Retirement Income Plans	Plan Summary	A new plan has been added: - Beneficiary Drawdown
1. New Pension Recommendation 2. Drawing Benefits from Your Pension Fund 3. New Investment Recommendation	Charges	If all of the initial charges fields are left blank for all plans the following text will be included in the report rather than a blank charges table. "There are no initial one-off plan charges."
1. New Pension Recommendation 2. Drawing Benefits from Your Pension Fund 3. New Investment Recommendation	Why Provider / Plan Disadvantages & Tax Implications Other Solutions	We've reviewed, updated and added to the standard Advice Options and Advice Reasons included in these steps.
Drawing Benefits from Your Pension Fund	Plan Summary	A new plan has been added: - Beneficiary Drawdown
New Investment Recommendation	Plan Summary	The following new plans have been added: - Inheritance ISA - Purchase Life Annuity
Mortgage Recommendation	Mortgage Details	A new Mortgage Type has been added: - Mortgage Product Transfer
New Protection Recommendation	Why Provider / Plan	We've reviewed, updated and added to the standard Advice Reasons included within this step.

Report Content Manager

Section	Snippet Name	Update / Enhancement
Introduction	1. Client Circumstances 2. Needs & Objectives (Limited Advice - Suitability Report) 3. Needs & Objectives (Limited Advice - Review Report) 4. Existing Provision	The wording of these snippets has been reviewed and updated.
1. Review of Your Existing Pensions 2. Review of Existing Retirement Income Plans 3. Review of Your Existing Investments	Disadvantages & Tax	The wording of these snippets has been reviewed and updated.
Review of Your Existing Pensions	1. Further Info (pension switch & DB transfer) 2. Further Info (Investment Strategy - Fund switch & rebalance) 3. Further Info (draw benefits)	The wording of these snippets has been reviewed and updated.
Review of Your Existing Retirement Income Plans	1. Further Info (transfer) 2. Further Info (Investment Strategy - Fund switch & rebalance)	The wording of these snippets has been reviewed and updated.
Review of Your Existing Investments	Further Info (transfer & encash)	The wording of this snippet has been reviewed and updated.
1. New Pension Recommendation 2. Drawing Benefits from Your Pension Fund Recommendation 3. New Investment Recommendation	Disadvantages & Tax	The wording of these snippets has been reviewed and updated.
New Investment Recommendation	Purchase Life Annuity Options	This is a new snippet that will get triggered when a PLA is selected.
Mortgage Recommendation	Why Mortgage Product Transfer	This is a new snippet that will get triggered when a mortgage product transfer is selected. You will need to edit the advice reasons once the report has downloaded to Word.
Mortgage Recommendation	Debt Consolidation	This is a new snippet where you can add any further custom text regarding debt consolidation. This will be triggered by the selection of the debt consolidation-related advice reason in the Why Remortgage step.
Investment Strategy	ATR & Capacity for Loss	The wording / formatting of this snippet has been slightly changed.
Client Declaration	1. Title & Adviser Signoff 2. Client Signoff (Single Private) 3. Client Signoff (Multiple Private) 4. Client Signoff (Corporate and Trust)	The wording / formatting of these snippets has been slightly changed.
Important Information	1. Remuneration 2. Service & Reviews	The order of these snippets have been reversed as it seems more logical to deal with remuneration once the level of service you are going to provide has been confirmed to the client.
Important Information	1. Service & Reviews (Suitability Report) 2. Service & Reviews (Review Report)	The headings have been changed.
Risk Warnings	1. Title & Opening 2. General 3. Investment-related Recommendations 4. Pension Recommendations 5. Defined Benefit Pension Transfer 6. Drawdown	The wording of these snippets has been reviewed and updated.
Risk Warnings	Bed and ISA	This is a new snippet that will get triggered when a bed and ISA recommended action is selected.
Risk Warnings	Inheritance ISA	This is a new snippet that will get triggered when Inheritance ISA is selected.
Risk Warnings	Beneficiary Drawdown	This is a new snippet that will get triggered when beneficiary drawdown is being recommended.
Risk Warning	Purchase Life Annuity	This is a new snippet that will get triggered when Purchase Life Annuity is selected.
Risk Warning	Debt Consolidation	This is a new snippet that will get triggered when the debt consolidation-related advice reason is selected in the Why Remortgage step.
Appendix - Glossary of Terms	Pensions	A definition of beneficiary drawdown has been added.
Appendix - Glossary of Terms	Mortgages	A definition of mortgage product transfer has been added.
Appendix - Product Information	1. Beneficiary Drawdown 2. Purchase Life Annuity 3. Inheritance ISA	These are new snippets that will get triggered when the corresponding product is selected in the review or recommendation sections.
Appendix - Product Information	1. Individual Savings Account 2. Flexi-access Drawdown 3. Capped Drawdown 4. Guaranteed Drawdown	The wording of these snippets has been reviewed and updated.
Appendix - Product Information	1. Collective Investment Taxation (Private Client) 2. Direct Equity Investment Taxation (Private Client) 3. Discretionary Managed Portfolio Taxation (Private Client) 4. General Investment Account Taxation (Private Client) 5. Investment Trust Taxation (Private Client)	The wording of these snippets has been updated to reflect that the proposed reduction in the Dividend Allowance is now law, and will take effect from April 2018.
Appendix - Product Information	Discretionary Managed Portfolio	The rule associated with this snippet has been extended so it will now also get triggered if you select any one of the three DFM-related advice reasons in the Why Investment Strategy step.
Appendix - Technical Notes	Pensions	The wording of this snippet has been updated to reflect that the proposed reduction to the MPAA is now law, amongst other things.
Appendix - Technical Notes	Pension Switching	The options have been updated and deliberately made more generic as it is intended that a user should confirm any specific reasons why they've discounted a particular product / solution in the Other Solutions step of the New Pension 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 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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