This article provides a step-by-step guide as to how a Writer user can quickly and easily write a suitability report recommending a purchased life annuity.

1) Select or add the client

From the Genovo main dashboard, go to Write report and select or create the private client(s) you wish to write the report to. If your Genovo account is integrated with your back office system, remember that you can import the client, rather than adding them manually, by clicking the add from CRM button.

2) Select the Report Creation Method

In the interests of completeness, this article walks you through the steps of building the report using Genovo’s 'from scratch' report creation method. There are other report creation methods available, designed to fast-track you through one or more of the steps below and make the report building process even easier.

3) Create the report

In Report Details, give the report a name and select the Report Type - we'd suggest using the Suitability Report.

4) Add the required sections

Assuming you’re using the ‘from scratch’ creation method, you’ll need to add the necessary sections from the 'Available sections' drop down, which in this instance will only be the New Investment Recommendation section. 

The Recommended Investment Strategy section is not required, as there is no investment element to a PLA.

5) Complete all section wizards

Next you'll need to step through the section wizards of all sections that require your input, starting with the Introduction section.

5.1) 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.

If the PLA is being recommended for generating a secure long-term income, the following Genovo advice option may be suitable:

‘Start drawing an additional income of £*INSERT* from your investments to meet the current shortfall in your disposable income.’

If there isn’t a standard advice option that meets your requirements, you can add your own advice option if you prefer, or you can manually enter the client’s objectives by typing, pasting in external content, or even just speaking the objectives, by clicking the Add objectives as freetext button.

5.2) 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.

5.3) The New Investment Recommendation section

Simply follow the Wizard section steps in sequence:

5.3.1) Plan Summary

The recommended PLA can be added manually by clicking the Add plan button, or if your Genovo account is integrated with your back office app (and you’re working with an integrated client), click the Add plans from CRM button and choose which plans you want to import.

5.3.2) Why Product Type

There are six PLA-specific advice options that you can select from (or of course, you can add your own):

5.3.3) Why Provider / Plan

Again, there’s a PLA-specific advice option for you to select (or you can add your own):

5.3.4) Key Disadvantages and Tax Implications

Are you spotting a trend here? There’s a PLA-specific advice option that deals with the taxation treatment that’s unique to PLAs (much of the income is treated as a return of capital and is therefore not taxable).

5.3.5) Other Solutions

This an optional step to record any other solutions that were considered, but discounted. If you don’t select any options, the 'Alternative Solutions' subsection won’t be included in your report.