Both SimplyBiz and Defaqto are owned by fintech company Fintel.

The Financial Planning package will be offered in a single licence for every SimplyBiz member firm.

Defaqto claims the Engage ‘end-to-end’ system is used by a third of UK financial advisers.

It includes cashflow planning, client risk and ESG, portfolio design, product research, retirement income and pension switching, along with suitability reports.

Neil Stevens, joint CEO of SimplyBiz and Defaqto parent company, Fintel, said: “The upgrade to Engage delivers the UK’s most comprehensive and connected suite of advice solutions available to our members. 

“We will help firms give more advice, to more clients, with greater efficiency and more client engagement. This ensures they can continue to deliver the best possible outcome for each individual client.”

Almost two in three (61.5%) of SimplyBiz advisers are positive about the outlook for the sector in 2024, according to the network’s annual survey. 

Almost half (46.5%) of SimplyBiz advisers said they had seen an increase in client numbers over the previous 12 months.

Client bank growth was also chosen as the top priority of 2024 by the majority of the advisers surveyed.

Parent company Fintel reported a 0.3% rise in revenue to £56.6m for the year ending in December, compared to £56.4m in 2022.

The firm also reported strong liquidity with a cash position of £12.7m, and £69m of headroom in a £80m revolving credit facility.

It said its core adjusted EBITDA (a measure of profit) climbed 5.6% to £20.5m from £19.4m while its core SaaS (software as a service) and subscription revenue rose 2.2% to £37.6m, compared to £36.8m in the previous year.

SaaS and subscription revenues represent 66.4% of core revenues, climbing from 65.1% in 2022, the company said.