Members of adviser support network SimplyBiz have adopted more than 1,000 Defaqto Engage licenses since it offered free access to an enhanced version of the Financial Planning system five months ago, the firm said.

SimplyBiz offered free access to Defaqto’s Financial Planning system to all its members in May.

Defaqto claimed the Engage ‘end-to-end’ system is now used by a third (30%) of UK financial advisers.

Both SimplyBiz and Defaqto are owned by fintech and adviser support services firm Fintel.

Engage is powered by Defaqto’s data which it said covers more than 21,000 funds, platforms, DFM MPS, and products, with recommendations of £43bn going through the system each year.

Marc Thompson, adviser services director at SimplyBiz, said: “The collaboration between Defaqto and SimplyBiz is powered by feedback from our members about what they need from a planning tool. 

“We’ve received a hugely positive response since we added Engage to our core membership service and we’re pleased to see it helping advisers to add efficiencies, streamline processes, and meet their regulatory requirements.”

John Milliken, chief executive of Defaqto, said: “We’re focused on making technology accessible to advisers and improving client outcomes."

The two firms’ owner Fintel last week reported that profits climbed 7% to £9.6m in the six months to the end of June.

It said core revenue climbed 13% to £31.2m.

The figures were boosted by a number of acquisitions, the firm said, with four completed in 2023 and a further three in the first half of 2024. The acquisitions added combined core revenues of £4.8m.

In July Defaqto, owned by Fintel, conditionally acquired fund ratings and research agency RSMR for an undisclosed amount, subject to regulatory approval.

Fintel acquired support services firm Threesixty from Abrdn for £14.6m earlier in July .