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150 advisers left without practice management system as Synaptic retires product

Around 150 advice firms could be left without a practice management system, Money Marketing understands, as provider Synaptic prepares to fold its Client Care Desktop offering.

In an email sent to users earlier this week seen by Money Marketing, Synaptic says that it was “no longer economically viable” to keep the product.

Support for all current CCD licenses will cease on 20 September, before CCD and its ancillary services are discontinued completely on 31 December.

Because users will have no support or technical updates between those periods, a 25 per cent cut to the licence fee will apply.

Online self-service support will be available up until CCD and FileMaker licences terminate on 31 December 2019.

Money Marketing understands the move will affect around 150 to 175 advisers still using the system.

Synaptic says it will continue to invest in its Synaptic Suite and Webline range of solutions.

The email to users reads: “As part of the latest review, Synaptic has made the difficult decision to retire its CCD product. 

“The criteria we applied to reach the decision covered a number of factors including product life-cycle status, investment required, current market share and future growth options with this specific product. Based on these factors, it is no longer economically viable to support and maintain this product on the current technology stack given the speed of change within the financial services and technology sectors.”

Capita acquired Synaptic in 2006, when, combined, its products supported around 10,000 IFAs and many product providers across pensions, life, health, investment, mortgage and offshore products.

Financial Research Technology Centre director Ian McKenna says: “While  obviously it is inconvenient for firms to need to find a new system supplier, it’s a brave decision by Synaptic to call it a day. In the long run if they can’t justify the significant investment it would need to bring the system up-to-date advisers are better off finding an alternative now.

“With support ending in September CCD users need to start considering their options ASAP. Given the need to migrate data from their existing system to a new supplier they should probably look to decide which system to move to by early June.
“With approximately 20 similar systems in the market the hard facts of life are that there are not enough advisers to keep them all operating profitably.”

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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Like most things that has Crapita’s fingerprints on….

  2. come to IFAC! You get BAT software for just £25 pm

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