You will find the Plan Charges step in the following recommendation sections:
- New Investment Recommendation
- New Pension Recommendation
- Drawing Benefits from Your Pension Fund
This step has been designed to allow you to provide a clear and concise summary of the charges of the plans being recommended in a 'MiFID II-friendly' format that the client can still easily understand. Within Genovo, plan charges are split into four categories:
- Product
- Platform
- Adviser
- Investment Management
It is anticipated that these four categories will accommodate all plan charges. You should include the combined total of all investment-related charges in the 'Investment Management' field. This could include, amongst others, the AMC / TER / OCF, as well as any additional transaction or DFM / DIM charges. If you wish to provide a granular break down of the investment-related charges that make up the 'Investment Management' charge, this can be achieved within the investment strategy you create for the plan in the Recommended Investment Strategy section.
The charges can be entered as a percentage or monetary value. If you enter a percentage charge, the equivalent monetary charge will be automatically calculated for you. However, this can be overwritten if required (e.g. it does not match the figure included in the provider's illustration due to differences in calculation methods). The combined total of the plan's charges is also automatically calculated for you.
This article provides further information about how the monetary charges are calculated in this step.
A summary of the plan's charges is then displayed within the charges table included within the step as well as the resultant report.
Initial one-off charges
If the plan does not have any initial one-off charges, leave all the initial charge fields blank and a sentence confirming there are no initial one-off charges will be inserted in your report rather than a table.
Other charges information
Any further information regarding the charges of the plan(s), or additional charges that cannot be accommodated within one of the four charges categories can be included in the text box at the bottom of the step.
Copy down charges
If you're recommending multiple plans with the same or a similar charging structure, you will find it much quicker to use the 'Copy down charges' function rather than re-key this information for each plan. To copy down the charges of a plan to the plan directly below it, simply click on the 'Copy down charges' icon to the right of the edit icon.
Having copied down the charges to a plan, you can then, if required, edit them by clicking on the edit icon for that plan.
If you have multiple plans in the list and you wish to copy down the charges from plan 1 to plan 5 say, you will need to keep copying down the charges from plan to plan i.e. plan 1 to plan 2, plan 2 to plan 3 and so on.
If the plan you wish to copy the charges to, is not directly below the plan you wish to copy them from, you can easily re-order the plans using the drag handle in the Plan Summary step.
Previously input charges data
Due to a change in the format of the fields used in the Plan Charges step in Genovo v2, it has not been possible to populate any of the plan charges fields for reports and report templates that were created in Genovo Legacy prior to the v2 migration weekend. However, where charges data does pre-exist for a plan, you will notice an additional info tab is included in the 'edit charges' window which will enable you to quickly and easily transpose the data across into the new fields in v2.
When you have no more need for the 'Previously input charges data', simply click the 'x' in the top right hand corner and the heading and shaded area will be permanently removed from this window.
Consolidated Plan Charges *STANDALONE ALTERNATIVE* section
If you'd prefer that the charges information for all of the plans you've included in the review and recommendation was consolidated within one section, you'll find further instruction on how to achieve this here.