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 report and select or add the client to whom you wish to write the report.
2) Select the Report Creation Method
3) Create the report
In Report details, give the report a name and select the Report Type (if you're creating the report 'from scratch') which in this instance is the Continued Suitability Report.
4) Add the required advice sections
You’ll then be directed to the Report Builder where you should add the necessary sections from the 'Available sections' drop down, which in this case could be any relevant review section(s)
5) 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.
6) Complete the Introduction section
Within this section that you'll be prompted to provide an update on the client's circumstances.
7) Complete the Client Risk Profile section
It's in this section that you will confirm the client's attitude to risk.
8) Complete any review section(s)
You’ll be prompted to provide details of the existing investment(s) / pension(S) 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 £.
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 Current 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'.
9) Complete the Important Information section
Within this section you'll be prompted to:
- Confirm how you wish to cover off ex-post charges disclosure 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.
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.
You’ll find more information about how to remove sections from your report here.
You'll find more information about how to reorder the sections in your report here.
11) Download the report / covering letter
Click the Download report / Download cover letter icon and the report / covering letter will download to word.
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.