Financial Planning software and data provider Defaqto will bolt on a comprehensive cashflow modelling tool to its Engage Financial Planning system from next year.

The new offering is in response to new research that showed advisers are being forced to use different software systems when using Engage.

Engage is Defaqto's Financial Planning software system and offers a range of tools.

The company’s study revealed that almost half - 46% - of advisers currently use up to six different software solutions to carry out routine Financial Planning advice.

Engage, which is at present used by just under a third of the adviser market, according to Defaqto, will be given more investment and development over the next 12 months by Defaqto to make it more of a 'one stop' service.

The new cashflow modelling capabilities will be added during 2023. It said the new addition will be "seamlessly" embedded into the advice process.

John Milliken, chief executive of Defaqto, said: “We work closely with advisers to understand how they are working today. We also discuss how we can improve this and ensure their processes are future-proofed against further technological and regulatory advancements.”

“We’re investing and innovating to make (Engage) even more mission-critical to advisers."

Defaqto is to run a series of events where its technology experts will demonstrate the new Cashflow Modelling module as well as an overview of how Engage supports advisers.