This article provides a step-by-step guide as to how you can quickly and easily write a report covering a fund switch. While it’s perfectly possible to document a recommendation to switch funds using a Suitability Report, Review Report 2.0 or Top-up / Bed & ISA Report, if all that you’re recommending is a fund switch or change of investment strategy, then the Fund Switch Report Type will streamline the report writing process and result in a more concise and reader-friendly report covering all the salient points.
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. Assuming you're creating the report 'from scratch', we'd suggest using the Fund Switch Report Type.
4) 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 section(s) and the Recommend Investment Strategy section.
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
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.
7) Complete the Client Risk Profile section
It's in this section that you will confirm the client's attitude to risk and investment preferences.
8) 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 £.
You will also need 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 and any disadvantages associated with the fund switch in the Key Disadvantages and Tax Implications step.
A switch of a plan's underlying investments will also trigger the Revised Plan Charges and the Plan Comparison: Performance steps. It is in the later that you can provide a comparison of the past performance of the current investment strategy of the existing plan(s) and the new investment strategy that is being recommended to replace it.
9) Complete the Investment Strategy section
It's here that you'll be prompted to include details of the revised investment strategy for each of the plans where you’re recommending a change to the underlying investment strategy. Remember there are three ways to create a new Recommended Investment Strategy:
- Clone a Current Investment Strategy you've previously created in a review section of this report.
- Create a new Recommended Investment Strategy from scratch.
- Clone another Recommended Investment Strategy.
Each of these creation methods is covered in more detail in this article.
10) Complete the Important Information section
Within this section you'll be prompted to:
- Confirm your adviser remuneration.
- Signpost to any supporting information / other documents associated with the report.
- Summarise any next steps and action required by you or the client.
11) 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.
14) Download the report / covering letter
Click the Download report / Download cover letter icon and the report / covering letter will download to word.