Support service provider SimplyBiz has ended its contract with Synaptic which was providing a free fund research service to advisers.
SimplyBiz says it has invested in its own end-to-end investment and financial planning system Centra, which covers off the functionality Synaptic was providing.
Centra, which launched last year, was developed with ratings and technology business Defaqto and is free for SimplyBiz members to use.
In March this year SimplyBiz, using some of the funds raised from its stock market float, paid £74.3m to acquire the entire issued share capital of Regulus Topco Limited, Defaqto’s parent.
The support service provider has said from 22 June advisers using the Synaptic software will deal directly with the provider and it will no longer be included in SimplyBiz membership.
SimplyBiz joint chief executive Matt Timmins (pictured) says:
“The SimplyBiz Group is committed to providing the firms we serve with access to the very best technology in order to run a compliant and profitable business. For a number of years, we have offered Synaptic Product and Fund Research on a complimentary basis to our members.
“After a careful and detailed assessment of the technology available, SimplyBiz chose to switch providers and we worked with Defaqto for 18 months to develop Centra, a complete end-to-end financial planning system, which has now been adopted by nearly 2,900 advisers from over 1,100 firms, and is our long-term replacement for the two individual systems that we previously offered.
“We believe that this approach has led to a better and more comprehensive offering for the firms that we serve. Finally, our recent acquisition of Defaqto ensures longevity of offering and we will no longer be at the mercy of third party suppliers and their contractual stipulations.
“While member firms of The SimplyBiz Group have complete independence over the software and systems they choose to use, we believe that Centra will totally fulfil the needs of advisers.”