How to write a Continued Suitability Report in less than 5 minutes in Genovo

Nigel Ogram

As we mentioned when we launched Genovo v2, we’re on a mission…

…we want to realise a comprehensive and fully-integrated solution that allows our users to create highly personalised, reader-friendly and compliant reports in a fraction of the time it takes when using more traditional methods (like manual templates) and without the limitations of more contemporary methods (such as pure play AI-generated reports).

This mission is also a journey – one of constant improvement, new challenges and new opportunities. Even though Genovo v2 is still less than 6 months old, we’ve already had one major release (the launch of our ground breaking two-way integration with Plannr) and we’re already working on even more exciting new features to deliver additional productivity gains and efficiencies.

Our latest challenge and opportunity is artificial intelligence. A prominent commentator on AI – Karim Lakhani, a professor at Harvard Business School for 18 years and a board member at Mozilla, commented that “AI is not going to replace humans, but humans with AI will replace humans without AI.”

Genovo agrees with Karim’s views. AI undoubtedly has a huge role to play in financial services, but right now – in terms of generating suitability report efficiently and compliantly – we see AI as an assistant, rather than a replacement.

We’ve all seen bold claims from a variety of start-up AI tools, perhaps with some poetic license, claiming that a suitability report can be generated in 25 minutes (or in one case, just 5 minutes!) We love a challenge, so we thought we’d see how Genovo stacks up!

The simplest of Genovo’s five report types (and therefore the one most likely to be achieved by AI) is our Continued Suitability Report. This has been specifically designed to fulfil the requirements of MiFID II reporting where there has been no change in the client’s investment objectives and you solely wish to confirm to the client the on-going suitability of their existing investment(s). It can include:

• An update on the client’s circumstances.
• A review of the client’s risk profile.
• A review of the client’s existing plans with confirmation of continued suitability.
• Ex-ante and / or ex-post charges disclosure in line with MiFID II reporting requirements.
• A review of the service you have provided to the client since their last review.
• An adviser / client declaration.

We’ve recorded a real-time video of the start-to-finish process of creating a Continued Suitability Report in Genovo. There’s absolutely no editing going on – no caveats of ‘some sequences may have been shortened’ – this is exactly how it was done. if you can spare 4 minutes and 28 seconds of your time, you can view the video below.

So – how does Genovo allow us to do this so quickly (and how can you do it too)?

Integrations – As you can see from the video, the Genovo account is integrated with a back-office system, meaning clients, plans and even underlying investments can be pulled into a report with just a couple of clicks. This saves significant time and ensures accuracy.

Streamlined process – Using each of Genovo’s five report types for their intended purpose makes creating a report really quick and easy. What’s more using an intuitive multi-section, multi-product modular report builder makes it quick and easy to adapt the report to the client’s individual circumstances and a wide variety of different advice scenarios. 

Minimal editing – Genovo reports are designed to require almost zero editing after they have been generated. They may require minor presentational tweaking (for example if a table straddles a page break), but that’s it. Check out the report that’s generated at the end of the video – looks very professional and ready to hand over to the client!

Assured and compliant content – Genovo’s use of intelligent wizard technology  provides peace of mind that the report’s content is  always consistent,  contextual and compliant. There’s no risk of having out-of-date content, forgetting an important paragraph, or even worse, leaving something in that shouldn’t be there!

Customisation– Genovo works perfectly well ‘out of the box’ but we recognise that most advice firms will want to personalise the report content to reflect their own preferences and advice proposition. Genovo is unique in that pretty much all of the ‘look and feel’ (the app itself, plus the fonts, colours and format of the report) and the content (the actual wording of the report) can be customised by the advice firm – no customisation fees involved!

Libraries – Genovo has a client and report library, an investment library, a provider library, a template library and even a library for the customisable options that are used on many Genovo report builder steps. These are all designed to streamline the report-writing process.

And finally…. we’ve got even more new stuff coming soon:

A release of some great new features later this year – watch out for invitations to a new release webinar.

Two significant releases in Q1 2025, including some of our own AI features which will make creating your reports even easier and faster – I suspect with all these great new features we may even be able to get the time it takes to create this report to sub 4 minutes!

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