The Continued Suitability Report is shorter and more product focused than the Review Report 2.0. It has been specifically designed to fulfil the requirements of MiFID II reporting where there has been no change in the client's investment objectives and you solely wish to confirm to the client the on-going suitability of their existing investment(s). 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 which in this instance is the Continued Suitability 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 any relevant review of existing plan 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.
- A review of the client's attitude to risk.
6) 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.
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. Within a Continued Suitability Report the only option available is 'retain'.
7) 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.
8) 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.
9) Download the report / covering letter
Click the download report / download cover letter icon and the report / covering letter will download to word.
10) Cloning a review report
And when it comes around to the next review, you may wish to use last year's 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!