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 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 recommendation for a Bed & ISA. It assumes that the monies are moving from an existing GIA to an existing ISA with the same provider.

1) Select or add the client


Go to Write report and select or add the client(s) for whom you wish to write the report.

2) Select the Report Creation Method

This article walks you through the steps of building a report 'from scratch'. However, it is worth bearing in mind that there is already a pre-configured advice scenario as well as a Genovo report template covering this advice scenario: Genovo Example: Bed & ISA with same provider which you may wish to use to help further speed up the report creation process for you.

3) Create the report

In Report Details, give the report a name and select the report currency and Report Type, which in this instance will be Top-up / Bed & ISA. You may also wish to include a Report Reference. 


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:

  1. Review of Your Existing Investments
  2. Recommended Investment Strategy (but only if you’re recommending a change to the investment strategy of any of the plans)


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

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 Update step, because including this level of detail is probably overkill for a simple Bed & ISA report.

In 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.


8) Complete the Review of Your Existing Investments section

a) Plan Summary step

You’ll be prompted to provide information regarding the client’s existing investments within the Plan Summary step of the review section. You will need to enter both existing plans here – the plan from which the funds are being removed (usually a GIA) and the existing ISA into which the funds are being moved into. 

Remember you don’t have to enter a value for all fields in the Plan Summary step, and fields which are left empty won’t be included within your report. 

You may also wish to include details of the plan’s Current Investment Strategy. You should definitely complete the details of the ISA investment’s Current Investment Strategy as you will either be retaining it (in which case, it is wise to detail it for the avoidance of doubt), or you’ll be modifying it (in which case, it’s a good idea to detail it so that you have a “before and after” view of the underlying investment strategy, including any differences in charges, if appropriate).

b) Current Plan Charge step


It's here you'll include details of both plan's current plan charges. Remember that if the charges of the two plans are the same or very similar, you can copy down the charges from a plan to the plan immediately below it.

c) Recommended Action step

In the Recommended Action step, you will need to confirm your recommendation(s) for each plan. The recommended action for the GIA will be 'bed and ISA', and 'top up' for the ISA. 

If you're recommending a change of investment strategy for the GIA and / or ISA you will also need to select one of the change of investment strategy related recommended actions.

d) Recommended Withdrawal step

It's here that you'll confirm the 'Lump Sum Amount' that is being withdrawn from the GIA.

e) Recommended Contribution step

It's here that you'll confirm the corresponding 'Top-up Amount' being invested in the ISA. 

f) Revised Plan Charges step

This is an optional step that allows you to provide an overview of both plans' revised charges in both % and monetary terms, and demonstrate the impact those revised charges will have on each plan moving forward.

If you are recommending a change of investment strategy for either plan you should include the revised investment strategy charge in the 'Investment Management' charge field to provide an accurate picture of the plan charges after all the recommended actions have been implemented.

Clearly if there is no change to any of the charging elements of the plans, the net effect to the combined total charge of both plans will be neutral.

g) Key Disadvantages step

This step allows you to highlight any adverse implications of your recommendation. As always, you should note that in our humble opinion a disadvantage is different to a risk warning, and all relevant risk warnings specific to the advice you’re giving will be automatically inserted into your report.

If you haven’t recommended a change to the Current Investment Strategy, there are unlikely to be any disadvantages associated with a simple Bed & ISA, so in all likelihood you will be able to select the ‘Do not include in this report’ option. However, if there are any associated disadvantages or tax implications associated with the recommendations being made (for example a CGT liability on the sale of the GIA units or an increase in charges due to a new investment strategy) simply select, or add them here.

h) Plan Comparison: Performance step

If your recommendation does involve a change to either plan’s Current Investment Strategy, the Plan Comparison: Performance step will also be triggered. This step allows you to provide a comparison of the past performance of the current investment strategy and the new investment strategy that is being recommended to replace it.


9) Possibly include Recommended Investment Strategy section

If you only selected the “Bed & ISA” and “Top up” Recommended Actions in the step above, then clearly you won’t be recommending a new investment strategy, and you don’t need to include the Recommended Investment Strategy section. However, if you are recommending a change to the underlying investment strategy of one or both of the plans, you’ll need to include and complete this section.

Remember if the Recommended Investment Strategy is simply an evolution of the Current Investment Strategy, you can clone the Current Investment Strategy from the review section and edit it as required to save time.


10) Complete the Important Information section

This is the last wizard 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.


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.

12) Download the report / covering letter

Click the Download report / Download cover letter icon and the report / covering letter will download to Word.

Report template

Having created the report, you may then wish to convert it into a template and save it to your Report Template Library to use as a starting point for creating future bed & ISA reports.