As part of your client service proposition, you may wish to provide your client with a regular holistic review of their financial affairs, as well as their existing investments. This article provides a step-by-step guide as to how you can quickly and easily write just such a report within Genovo.
1) Select or add the client
Go to write / view report and select or add the client to whom you wish to write the report.
2) Create the report
In the Report Details, give the report a name and select the report type. We'd suggest using our second generation review report, the Review Report 2.0 report type.
3) Add the required advice sections
You’ll then be directed to the Report Builder where you should add the necessary sections from the 'sections' drop down, which in this case could be:
- Review of Cashflow section
- Any relevant review of existing plan section(s)
- Recommended Investment Strategy (Only required if you're recommending a change of investment strategy for existing plan(s) in the review section(s).)
4) Complete all section wizards
Next you'll need to step through the section wizards of all of the sections that require your input, starting with the Introduction Section.
5) Complete the Introduction section
You will progress through the steps of the Introduction section in the usual way. It's within this section that you'll be prompted to provide:
- An update on the client's circumstances.
- An update on the client's assets and liabilities, and IHT position (optional).
- A review of the client's attitude to risk.
- A detailed review of the client's objectives (optional).
6) Complete the Review of Cashflow section
This is an optional section that you can add into the Report Builder should you wish to include a summary of the key outputs / outcomes following a review of the client's cash flow plan in the report.
7) Complete any review section(s)
You’ll be prompted to provide some information regarding the existing investment / pension within the Plan Summary step of the review section. As a bare minimum, you should include some basic policy details e.g. provider name, policy number etc and the Current Fund Value £.
Remember you do not have to enter a value for all fields. Empty columns will not be included within your report.
You may also wish to include details of the existing plan's Current Investment Strategy. This is particularly relevant when you are recommending a change of investment strategy.
You will also be prompted to summarise the on-going charges of the existing plan in the Plan Charges step. In the Recommended Action step, you will need to confirm what action you are recommending in respect to the plan, and you can confirm any disadvantages associated with this recommendation in the Disadvantages & Tax Implications step of the review section.
8) Possibly complete the Investment Strategy section
If you're recommending a change of investment strategy for any of the plan(s) in the review section(s) then you should include details of the new investment strategy(s) being recommended in this section.
9) Complete the Important Information section
This is the last section you'll need to complete. It's within this section you'll be prompted to:
- Confirm what approach to ex-ante and / or ex-post charges disclosure you wish to take in this report.
- Summarise a review of your service so you can demonstrate the value you have provided to the client over the past twelve months / since your last review.
- Signpost to any supporting information / other documents associated with the report.
- Summarise any next steps and action required by you or the client.
10) Tailor the structure of the report
Having completed all of the section wizards you should then tailor the structure of your report by unchecking any sections you do not wish to include in your report; and then change the sort order of any sections to reflect your personal preferences.
11) Download the report / covering letter
Click the download report / download cover letter icon and the report / covering letter will download to word.
12) Cloning a review report
And when it comes around to the next review, you may wish to use last year's review report as the basis for this year, and just update any relevant details e.g. fund values that have changed. This is really easily achieved within Genovo by using the clone existing report feature. To learn how to clone an existing report click here.
By the way if you haven't already, please check out our Report Sections Matrix. It's a great little tool that highlights which sections you should add to the Report Builder for a whole host of advice scenarios.
Hope that helps!