This article provides a step-by-step guide as to how you can quickly and easily recommend an additional permitted subscription (APS) into a client's existing or new ISA using the Genovo suitability report app.
1) Select or add the client
Go to Write report and select or create the private client you wish to write the report to.
2) Select the Report Creation Method
This article assumes you select the option 'from scratch'.
3) Create the report
In Report Details, give the report a name and select the report currency and Report Type, which in this instance would typically be the Suitability Report.
4) Add the required report section
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:
- Review of Your Existing Investments
- New Investment Recommendation (If the APS is being invested in a brand new ISA)
- Recommended Investment Strategy (if you're recommending a change of investment strategy for an existing ISA or including a recommendation for a brand new ISA)
5) Complete all section wizards
Next you'll need to step through the section wizards of all the sections that require your input, starting with the Introduction section.
6) Complete the Introduction section
Progress through the steps of the Introduction section in the usual way. When you reach the Client Objectives step you should select or add the advice option(s) that accurately reflect the client's objective(s) and add comprehensive Know Your Client (KYC) information to ensure you fulfil the regulator’s expectations of you in terms of documenting a client's objectives. Alternatively, you can add the client's objectives as free text.
7) Complete the Client Risk Profile section
It's in this section that you will confirm the client's attitude to risk and capacity for loss, as well as their knowledge and experience and any investment preferences.
8) Complete the Review of Your Existing Investments section
It's within this section that you’re going to include details of the deceased’s ISA, as well as any existing ISAs that the surviving spouse or civil partner already has.
In the first instance, you will add the deceased's ISA and the existing ISA that the APS is being invested into into the Plan Summary step. A neat piece of Genovo functionality is that plans belonging to individuals other than those to whom the report is being written to can still be added into a review section. This is easily achieved by manually overtyping the Ownership field when entering a plan.
You may also wish to include details of the plan’s Current Investment Strategy.
In the Recommended Action step, you will need to confirm your recommendation(s) for the plan. The recommended action you’ll need for the deceased’s ISA is ‘transfer’.
If you’re recommending that the APS be invested into the surviving spouse or civil partner’s existing ISA, you should also enter this plan into the review section, and select a recommended action of ‘consolidate the plans being transferred within’ for it.
If you're also recommending a change of investment strategy for the existing ISA, you will also need to select one of the change of investment strategy related recommended actions.
9) Possibly complete the New Investment Recommendation section
If your recommendation is to set up a brand-new plan for the APS, this should be dealt with in the New Investment Recommendation section.
One thing to bear in mind is although an APS is an increased ISA allowance and not a ‘product’, APS is referred to as an Additional Permitted Subscription for ISA in the Product Type field in the New Investment Recommendation section in Genovo.
10) Possibly include the Recommended Investment Strategy section
If you are recommending a change to the underlying investment strategy of the client's existing ISA or that the APS is invested in a new ISA, you’ll need to include and complete this section.
11) Complete the Important Information section
This is the last wizard section you’ll need to complete and is self-explanatory.
12) 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.
13) Download the report / covering letter
Click the download report / download cover letter icon and the report / covering letter will download to Word.