A bed & ISA can be covered in a variety of Report Types in Genovo including the Suitability Report or the Review Report 2.0. However, if literally all you’re recommending is a bed & ISA then the Top-up / Bed & ISA report type will streamline the report writing process and result in a more concise and reader-friendly report covering all of the pertinent points.
This article provides a step-by-step guide as to how you can quickly (in less than 10 minutes) and effectively write a suitability report to a client confirming your recommendations for a Bed & ISA within the Top-up / Bed & ISA report type.
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.
You can either select 'From scratch' and build the report from the ground up, or select 'From an existing template' and use the Genovo Bed & ISA GIA report template as the basis for creating your report.
For the purposes of these instructions, it is assumed that you you have selected 'From scratch'.
3) Create the report
In Report Details, give the report a name and select the report type - so assuming you're only recommending a bed & ISA then we'd suggest you use the Top-up / Bed & ISA report type. Insert a Report Reference and select the required Report Currency.
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 will be the:
- Review of Your Existing Investments; and
- Recommended Investment Strategy.
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.
We'd suggest you select 'no' to the question 'Do you wish to include a table summarising the key details of the client’s current circumstances in this report?' in the Client Circumstances Step because including this level of detail is probably overkill for a simple Bed & ISA report.
When you reach the Client Objectives step you should select the objective “Maximise any tax reliefs and allowances that are available to you”.
Having selected the objective you should click on the add kyc info link to the right. This will direct you to a new page where you can edit the wording of the selected objective, and then add some further Know Your Client (KYC) information (that 'colour and detail' that Rory Percival always refers to) to it e.g.
“You do not have any spare capital available. However, you are still keen to make use of your ISA allowance for the current tax year.”
7) Complete the review section
You’ll be prompted to provide some basic information regarding the existing investment (most likely a GIA or collective investment) that is being Bed & ISA'd within the Plan Summary step of the review section. You really don't need to include much detail here - it could be as simple as the Ownership, Investment Type, Provider, Policy Number and Fund Value.
Remember you do have to enter a value for all fields in Genovo, and fields left empty wont be included within your report.
We wouldn't waste time including details of the investment's Current Investment Strategy (leave on -please select-), as you can include details of the investment strategy you're recommending for the ISA element in the Recommended Investment Strategy section.
Include details of the existing investment's charges in the Plan Charges step (It's assumed that the charges of the element being placed within an ISA wrapper will be the same).
In the Recommended Action step, you will need to confirm what action you are recommending in respect to the plan, which in this case will be one of the Bed & ISA-related Recommended Actions.
There are unlikely to be any disadvantages associated with a simple Bed & ISA, so in all likelihood you will be able to select 'Do not include in this report' in the Key Disadvantages step. However, if there are any associated disadvantages or tax implications associated with the recommendations being made simply select, or add them here.
8) Recommended Investment Strategy section
It's within this section that you can spell where the £20,000 being moved into the ISA wrapper is being invested. If you've got the underlying investment(s) that you're recommending already saved within your Investment Library this will be an extremely quick process.
9) Complete the Important Information section
This is the last section you'll need to complete and is self-explanatory. If you are being remunerated for the advice you're providing in respect to the Bed & ISA then this should be covered off in the Adviser Remuneration step.
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. If you do wish to keep the report particularly streamlined you choose not to include the Adviser / Client Declaration, Appendix Title Page and the Appendix - Technical Notes.
11) Download the report / covering letter
Click the download report / download cover letter icon and the report / covering letter will download to word.
Hope that helps!