With the new integration, Financial Planners will no longer need to re-key details.

Defaqto claims this will make the advice process faster and reduce compliance risk due to minimising errors.

The integration for existing users needs to be set up in Engage by Defaqto’s support team.

It is a two-way integration allowing customer data, product data and research to automatically move across both software solutions. On executing a workflow in Engage, the information is automatically sent from Engage through to Xplan.

Paul Tinkler, head of insight and consulting (investment and protection) at Defaqto, said: “We have developed Engage as an end-to-end Financial Planning tool and integration with advisers’ back office systems is a big part of this. Traditionally, advisers have had to use disparate systems working in silo to execute tasks. Navigating this can not only be expensive but can also cost precious time that could be better spent with clients.

“With the introduction of Xplan back office integration to its existing back office integration offer which includes Intelligent Office and bespoke developments, Engage now supports two of the most widely used pieces of back office software.”

Defaqto is part of fintech and support services firm Fintel.

Fintel saw a 6% increase in adjusted EBITDA to £18.3m (FY20: £17.3m) for the year ended 31 December. 

SimplyBiz rebranded as Fintel in March 2021, following its acquisition of Defaqto and a greater focus on financial technology.

Defaqto Engage is an end-to-end Financial Planning software tool for advisers which combines risk profiling, three-way fund, platform and product research, suitability letters templates and other tools.