A team of former advisers have launched a new suitability report app to help advisers speed up the client report-writing process.
The app, launched by Genovo.co.uk, is a scalable solution designed for individual advisers and paraplanners to multi-adviser companies and multi-company networks.
The company said it is also fully customisable, with users able to change the look and feel of the user interface as well as personalise their report template to reflect their company’s branding and advice service.
Genovo is the brainchild of Ed Evans, who has been involved in writing suitability reports as an adviser, paraplanner and software provider for nearly 20 years.
He previously co-founded Paraplanning Online and is joined by former colleagues Patrick Boughton and Edward Bedellin in this new venture.
As previously reported, the burden of report writing has become a concern for many advisers and wealth managers post Retail Distribution Review, with research showing many take up to six hours creating annual investment reports.
Mr Evans said that writing suitability reports has always been a big “pain point” for advisers.
He said: “The regulator now places a much greater emphasis on the need for clear, concise, jargon-free language and personalised content. The FCA has even gone as far as saying “overly long reports may reduce a customer’s ability to consider the recommendations being made.
“Of course there are certain regulatory requirements that must be observed within all suitability reports. However, Genovo puts the client and their objectives at the centre of the report writing process and avoids the bulky generic paragraphs and impersonal, repetitive wording typically associated with software-generated reports.”
Andrew Reeves, director and founder of chartered financial planning firm The Investment Coach, added: “Genovo is the best suitability report system we have used, and the easiest for our clients to follow.
“The suitability report is a key ‘physical output’ of the work we do with clients so it is important it works for the client before anything else.”
