As part of your agreed service proposition, you may wish to provide an existing client with a shortened report which solely focuses on a review of their risk profile and the continued suitability of their existing investments. This is also possible with Genovo, and is imaginatively entitled an (Annual) Review Report! Although clearly it could be equally used for half yearly or quarterly reviews too....
Creating an annual review report
To write a review report, select the client(s) in write / view report as usual and click write report. You'll be directed to the Write Report page where you'll be prompted to give the report a name and select the report type i.e. (Annual) Review Report, as well as the report currency.
Click save and you'll be taken through to the Report Builder as usual.
Next add the required review section(s) e.g. Review of Your Existing Investments as well as the Investment Strategy section, and complete each of the section wizards in turn, starting at the top with the Introduction section, as you would if you were completing a suitability report.
Changes to the workflow
Because a review report has been selected, you'll notice that certain steps wont show in the workflow of the Introduction and Important Information sections as they're not relevant to annual review reports. They are:
Knowledge & Experience
Cash Contingency Fund & Affordability
Changes to the template
On downloading the report you'll also notice there are slight differences to the wording and layout of the review report when compared to the suitability report. The following review report-specific snippets have been created to achieve this.
Covering Letter (Review Report)
Report Title Page
Title Page (Review Report)
Title & Opening (Review Report)
Objectives (Limited Advice - Review Report)
Service & Reviews (Review Report)
As with any other snippet, the wording of these new snippets can be completely customised via the Report Content Manager.
Tailoring the structure of the report
Bearing in mind this is a review report for an existing client, you may wish to remove some of the other sections from your report. e.g.
Table of Contents
Appendix Title Page
Appendix - Attitude to Risk Profiles
Appendix - Product Information
Appendix - Glossary of Terms
Appendix - Technical Notes
Click here to see how you can easily remove a section from your report via the Report Builder.
Cloning a review report
If there's been little change in the client's circumstances or investment holdings, 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.
To aid your understanding of how you might use this new review report, we've created an example report which you can download to your account. Click here to see how.
You'll find further information about how to recommend a switch or rebalance of funds within an existing investment here.