The Exchange is owned by Marlborough Stirling and is a supplier of portal services to IFAs. Its Exweb portal is open to the whole industry and has around 18,500 registered users processing 99 million quotes per annum.
‘Synaptic Manager’ software enables IFAs to benefit from integrated product research software (used by over 10,000 Advisers), an intuitive Customer Relationship Management system and a comprehensive Fund Analysis module. All elements of the software suite are available as ‘stand-alone’ if required. Many Advisers choose to benefit from an end-to-end system that offers a single point of data entry to improve the overall efficiency of their business.
The alliance will deliver significant business benefits to intermediary customers of both companies by ensuring they have a single access point to the leading research, quotation and transaction services in the market. In addition, the arrangements will benefit the wider product provider market by reducing further the number of comparative quotation and new business services they need to support and integrate with, delivering significant cost-savings to the industry.
Under the terms of the agreement:
- The Exchange’s quotation and new business services will replace Synaptic’s existing services within Synaptic Manager, Synaptic’s front office solution.
- Synaptic will become the main data provider for the product research services currently available via Exweb.
- Synaptic will develop an exclusive on-line research tool specifically for Exweb that will enable intermediaries to make fast & accurate product comparisons leading to instant, client summary reports.
In addition, it is anticipated that there will be a number of other joint initiatives designed to deliver further industry benefits whilst streamlining the IFA business process.
David Child, chief operating officer at The Exchange, comments:
“This is a mutually beneficial partnership. Joining forces ensures both sets of customers have access to integrated e-commerce services that match their business process. Intermediaries will now be able to research, quote and buy financial products electronically using the market leading services from one access point. These arrangements underline our strategic aim to be the independent portal of choice for IFAs.”
Selwyn Herring, chief executive at Synaptic, comments:
“Synaptic software has been designed to enhance the total business process for the IFA. One of the key strengths of our product suite, is the ease with which Synaptic Manager integrates with other key technology providers within the industry. The versatility of Synaptic products ensures our customers benefit from a true end-to-end solution, making sure technology does what it should for the IFA i.e. simplifying the business process, meeting the demands of compliance and allowing the adviser to spend more time with clients.”
