Predictive Plan Charges involves harnessing the power of Genovo's AI Assistant - Gena - to offer up suggested Product, Platform, Adviser and Investment-related charges for a client's existing plan within the Current Plan Charges step, on adding the plan into a review section in Report Builder.
Activating Predictive Plan Charges
To make use of the Predictive Plan Charges feature, it needs to be enabled by an account admin for all Writer users within your account via Account Admin > Manage Users. It is set to disabled by default.
What are the benefits?
Manually populating the Current Plan Charges step of a review section is simple and straightforward, but obtaining the charges data is sometimes difficult. Predictive Plan Charges can save a considerable amount of time by re-using the charges data that was entered for a plan by you or another user within your account in a previous report.
Are there any disadvantages?
There is no guarantee that the plan charges information imported from a previous report is still 100% accurate. Since the previous report, the plan's or the provider's charging structure may have changed, the adviser charge could have changed, the investment management charges may be different. Therefore, you should always check that the imported charges are correct.
Which sections does Predictive Plan Charges apply to?
Predictive Plan Charges can be used to populate the Current Plan Charges step of the following sections:
- Review of Your Existing Investments
- Review of Your Existing Pensions
- Review of Your Existing Retirement Income Plans
How does Predictive Plan Charges work?
As soon as a plan is entered into a review section, either manually or via an integrated CRM, Gena will then search your account to see if the same plan has been added to a previous report.
It is worth bearing in mind that the search is restricted to the clients and reports that the logged-in user can view in Genovo. Therefore, if View all users' clients / reports hasn't been activated for the user, this search will be limited to the reports within their own user account, and may be, as a result, less effective.
Gena searches all previous reports and retrieves charges data from the most recent report. However, it is worth bearing in mind that for reports containing multiple plans, the charges data for each plan may be sourced from multiple reports.
Additionally, if an existing plan is edited in the Plan Summary step, the Predictive Plan Charges search will be re-run.
Where is the charges data imported from?
If the search does find a match for the plan, Gena retrieves the data from the Current Plan Charges step of the previous report, but if the previous report contained a recommendation that triggered the Revised Plan Charges step, it uses the data from Revised Plan Charges, as it should be more relevant and up-to-date.
If a match can be found in multiple previous reports, Gena uses the most recently-created report.
How will I know when plan charges have been imported from a previous report?
You will be alerted in two ways when plan charges have been imported:
- When a plan is added or edited in the Plan Summary step, the Predictive Plan Charges search will be run and if a previous report is found that contains plan charges, you'll see an 'Information' message in addition to the usual 'Success' message:
- On visiting the Current Plan Charges step, you'll also notice that any plans that have had charges imported from a previous report will have a 'Generated by Gena' information icon adjacent to the plan name.
Can I edit the imported plan charges?
Yes - imported plan charges can be edited as normal. Simply click the edit pencil icon to open the edit window. Once a plan's imported charges have been edited and saved, the 'Generated by Gena' icon will no longer show.
Note that you can remove the 'Generated by Gena' icon by simply opening the plan charges edit window and saving without making any changes. Although it is not necessary to do so, this is essentially a method of accepting the imported charges data. Clearly this icon wont show in the generated report.
Current Investment Strategy charges trumps Predictive Plan Charges
One of the four charge types that can be imported by Predictive Plan Charges is the 'Investment Management Charge'. However, if a Current Investment Strategy has been created for the plan and an 'Aggregated Weighted Average Charge' (AWAC) can be calculated for the Current Investment Strategy, then this AWAC % charge will take precedence over any 'Investment Management Charge' that can be imported via Predictive Plan Charges and will be automatically inserted as the 'Investment Management Charge' for that plan. This is explained in more detail in this article.