This article specifically provides a step-by-step guide as to how a Writer user can 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 you wish to write the report to. 

2) Select the Report Creation Method

This article walks you through the steps of building the report using Genovo’s 'from scratch' report creation method. However, other report creation methods are available which can make the report building process even quicker. 

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 Suitability Report. You may also wish to include a Report Reference.

4) Add the required 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 instance will only be:

• New Investment Recommendation.

5) Complete all wizard sections

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

6) Complete the Introduction section

Progress through the steps of the Introduction section in the usual way.

a) Client Objectives step

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. Alternatively, you can add the client's objectives as free text.

b) Overview of Existing Provision step

The other step of particular note in the Introduction section is Overview of Existing Provision. You can use this step to provide a brief overview of any existing arrangements the client already has in place that could, in whole or part, help meet their stated objective(s).

Therefore, given the advice scenario, this would be an ideal place to include a brief overview of any other pension arrangements, investments or other sources of income that are being, or could be used to meet the client’s income needs in retirement.

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, as well as their knowledge and experience and any investment preferences.

8)  Complete the New Investment Recommendation

It’s within this section that you’re going to include details of the purchased life annuity, as these are typically funded by the use of a capital lump sum and not via a pension pot.

9) Complete the Important Information section

This is the last section you’ll need to complete and is self-explanatory.

10) 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.

11) Edit the report

Having created the framework of the report of the report with 98%+ of the content already included as an initial draft in the Report Builder, both Writer and Reader users can then make any final tweaks to the content of the draft report in the Report Editor. To open the report in the Report Editor click Create / Edit report.

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 annuity reports.