We completed the latest upgrade to ATEB Suitability on 29th November 2020. Following the recent release of our new Xplan integration we have been working on further product enhancements.
This update comes at no additional cost and provides various template related tweaks and enhancements, including customer suggested changes to the following core templates:
- Suitability Report
- Costs and Charges Statement
- Continued Suitability Letter
Full details of the enhancements can be found in the tables below(and on our Blog), but some of the highlights are:
Upgraded Costs and Charges Statement
The Ex-Post Costs & Charges statement now prompts firms to enter a fund value at both the start and end of the reporting period. The values entered are used to automatically calculate the investment return on both a gross (before the deduction of costs and charges) and net (after the deduction of costs and charges) basis.
Please note – we will be undertaking a wholesale upgrade of our Costs and Charges statement template soon.
New Early Repayment Charge Functionality for Mortgage Advice
A dedicated ‘Early Repayment Charges’ section has been added to the Mortgage Plans page. Firms can now outline any Early Repayment Charge applicable over the initial rate deal in table format or direct the client to the illustration for further details.
New Building/Contents Insurance and Life Cover/Income Protection section for Mortgage Advice
A new ‘Mortgage Protection and Associated Insurances’ section has been added to the Mortgage Advice page to assist firms in outlining the discussions had with the client around their mortgage protection needs and any recommendations that have been made.
Enhanced ‘Other Potential Needs We Discussed’ Functionality
Firms can now choose to use the existing ATEB standardised format for disclosing those advice areas that have been declined or deferred or select to use a personalised free text format. We have also included two new advice areas to our existing list – ‘Life Assurance for Mortgage Protection’ and ‘Critical Illness Assurance for Mortgage Protection’.
Attitude to Investment Risk drop down added to the ‘Continued Suitability Review Letter’
The Continued Suitability Review Letter now includes the ability to reconfirm the client’s ATR. Firms can choose to select from their own ATR definitions added centrally to Content Management or use one of the Content Integrations from ATEB Consulting, Dynamic Planner or E-Value.
Asset Allocation expanded through the ‘Investment Strategy Recommendation’ section
Following client feedback, firms can now choose to include an asset allocation table within the Investment Strategy Recommendation page regardless of the approach selected.
Suitability Report Enhancements
| Change at a glance | Location | Detail |
| ‘Early Repayment Charges’ section added for Mortgage Advice Recommendations | Getting Started → Mortgage Advice → Mortgage Plans page → Is there an Early Repayment Charge? Yes/No | Firms will now have the ability to outline any ERC applicable in table format. |
| New customised plan name functionality | Getting Started → Protection Advice → Protection Plans page | Firms now have the ability to alter the product name definition prior to generating in word. |
| ‘Mortgage Protection and Assoc. Insurances’ section added for Mortgage Advice Recommendations | Getting Started → Mortgage Advice → Mortgage Advice page → Mortgage Protection and Assoc. Insurances | Firms now have the ability to outline a discussion had with the client around their mortgage protection needs and any recommendations made. |
| ‘Permanent Health Insurance’ renamed ‘Income Protection Insurance’ | Getting Started → Protection Advice → Protection Plans page | We have changed our Permanent Health Insurance definition to more closely align with product provider literature. |
| Asset Allocation table made available in all scenarios | Getting Started → Investment/Retirement Advice → Investment Strategy Recommendation → Include Asset Allocation? Yes/No | Firms now have the option to include an Asset Allocation table for all Investment Strategy Recommendations pertaining to both new and existing plans. |
| Newly added wording to cater for 3rd party professional referrals | Introduction to Advice → Background to our Meeting → Who contacted who? | Additional wording to cater for 3rd party professional referrals has been added to the ‘who contacted who’ drop down under ‘Background to our Meeting’ tab. |
| Additional wording added to Regular Reviews section | Important Information → Regular Reviews | Firms can now confirm that regular reviews moving forward will be undertaken online, via telephone or face-to-face. |
| New functionality added to ‘Other Potential Needs We Discussed’ section | Introduction to Advice → Other Potential Needs We Discussed | Firms can now use a customised free text format to add their own personalised content, with a section title heading of their choice. |
Costs and Charges Statement
| Change at a glance | Location | Detail |
| Enhanced Cost and Charges Statement | Create a New Report → Costs and Charges Statement → Costs and Charges Statement (Ex-Post) | The table now automatically calculates the investment return before the deduction of costs and charges (gross) and the investment return after the deduction of costs and charges (net). |
Continued Suitability Review Letter
| Change at a glance | Location | Detail |
| ATR drop down added to the Continued Suitability Review Letter. | Create a New Report → Continued Suitability Review Letter → Review Details → Confirmation of Attitude to Investment Risk | Firms can now reconfirm the client’s ATR within the Continued Suitability Review Letter by selecting from one of their own definitions or one from ATEB Consulting, Dynamic Planner or E-Value |
Please also see our collection of ‘how to’ guides, articles and hints/tips via our FAQs which are available now on our Help & Support Portal.
Our support team are available 9am – 5pm / Mon – Fri to answer any further questions you may have support@atebsuitability.co.uk / 0191 338 8177.
Many thanks
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Template Enhancements: Inheritance Tax (IHT) & Pensions
Doug McFarlane Suitability 2024, Budget, content management, IHT, Inheritance Tax, Pension, Pensions, PI, protection, Suitability Review, Template Enhancement, Update
To prepare for the introduction of Inheritance Tax (IHT) on pensions starting in April 2027, we have implemented the following template update: A new wizard question has been added to the ‘Current IHT Position’ table. This allows users to include pension assets in the estate value when calculating a client’s potential IHT liability. Please […]