Issue 7, January 2010 www.synaptic.co.uk
 


Welcome

Welcome to The Researcher's first birthday edition! Over the past year, the Synaptic research team have used The Researcher to communicate with the provider community and we hope to continue this into the future. Some readers have enquired as to where previous editions can be found and we are delighted to say that they can all be viewed at www.synaptic.co.uk under the 'product providers' section.

All previous editions are available on our website.

Since the last edition of The Researcher, a number of providers have listed their data in the Synaptic Research suite and we would like to welcome the following providers:

AXA PPP Healthcare
General & Medical
GHC Capital Markets Limited
HealthCare International
Merchant Capital
Opus Life Assets Plc
PatientChoice

The research team are continuously looking for topics of interest to you to discuss in The Researcher so please feel free to email any suggestions to financialsoftwareresearch@capita.co.uk or call 02476 632884 for a chat.

We look forward to supporting you throughout 2010.

The Synaptic research team.

Did you know...

  • The average case size of recommendations for unit linked investment bonds between 3rd December 2009 and 3rd January 2010 was £74,479.63, whilst the average client age was 63?
  • 'All switches free' was the second most popular feature selected; picked 53.2% of the time.

(Source: Synaptic Insight)

If you would like to find out what the most popular feature selected throughout this period was or if you are interested in finding out what other Synaptic Insight data is available to you, contact Anita White, Provider Business Development Manager, on 07826 875982 or anita.white@capita.co.uk.

In this edition...

  • Hints and tips: new Capita Financial Software website

    At the end of last year, we launched a new website for Capita Financial Software (www.capitafinancialsoftware.co.uk). In time, this website will come to replace www.synaptic.co.uk. You will still be able to access Update Manager via the new site under the provider solutions section.

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  • Discounted gift bond features

    Following feedback from Synaptic Product Research users, we have added features to Update Manager to improve advisers' ability to research discounted gift bonds (on and offshore). The two new features we have added are:

    • Discounted gift bond - The policy has been specifically designed as a discounted gift bond whereby income must be taken and cannot be varied after outset.
    • Discounted gift friendly - The bond has discounted gift trust options available.

    Should you have any feedback regarding this, please email sean.casey@capita.co.uk or telephone 02476 632884.

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  • Synaptic data development plans for 2010

    A number of data developments were successfully launched last year including locum cover insurance and menu based protection. Over the year, we have collated feedback from providers and advisers alike and with this in mind we have now published our schedule for 2010.

    The research topics might take the form of an enhancement to one of the many pre-existing product areas (such as a new set of product features/conditions/ranking) or perhaps a totally brand new category. Alternatively it might require the streamlining of product research categories, for example: by merging existing product bases together for unified comparison purposes.

    With any of the above approaches, we value your input. We have always strived to ensure all major data changes are delivered in conjunction with input from the relevant product providers affected.

    Of course, some changes to product representation will always be mandated and timed to keep Synaptic Research tools relevant in accordance with industry driven requirements. We anticipate this is likely to be ever more the case with the changes to the adviser landscape due to be implemented as a result of the Retail Distribution Review (RDR) Policy Statement.

    Ideas in the pipeline for 2010 include (but are not necessarily limited to) the following. The relevant analyst has also been listed alongside the topic (where known to date). Please note that the following may be subject to change.

    Topic Notes Lead analyst(s)
    Adviser platforms We will be significantly evolving our research tools to allow deeper comparison of adviser platforms. This will involve additional features and conditions to the existing adviser platform research module but also involve asking for your support to ensure that the wrappers available within the platforms (such as an ISA or SIPP) are also represented. Anne O’Brien
    Business protection Business protection products can already be identified using a feature filter within term assurance, critical illness and income protection modules but does this area warrant a dedicated research category? Sean Casey
    Adviser charging Our ranking data assumes commission is paid to the adviser. Post the RDR policy statement, we are intending to change all values to a nil commission basis to ensure our software remains relevant for fee based advisers. This will affect most areas of product representation and will require full commitment from all providers to ensure all relevant new values can be supplied to us. Anne O'Brien
    Sean Casey
    Andy Mordue
    Enterprise investment schemes We’ve received some recent demand from advisers to be able to research enterprise investment schemes. Anne O’Brien
    3rd way annuities We will be re-visiting the representation of these products. Andy Mordue
    Merging of product bases Based on the success of merging the four product basis for personal pensions, we will be investigating applying this to other product areas. This would reduce the amount of time you would need to spend on data verification on what is essentially the same product represented in several bases. Sean Casey
    Group S32 We’ve had some limited demand from providers on this. It would help to know your requirements so we can better assess the demand for representation. Andy Mordue
    Merging stakeholder and personal pensions We had formerly separated these categories when we applied changes for A-Day. On occasion, we get a request from an IFA to suggest these product types should be available for research in one unified area. Andy Mordue
    Pension ranking on single premium of £25,000 or above There are some providers with a minimum single contribution that is greater than our current ranking values (based on £10,000). We will be utilising our own Insight data to determine the most popular single premiums being researched but what are your views on appropriate single contributions that should be used for these example values? Andy Mordue

    If the topic will affect you as a provider, you will be likely to hear from the analysts involved for your input at the time of investigation. However, please feel free to send through your input on these topics (or any others) for the team to consider at any time, using the research e-mail address: financialsoftwareresearch@capita.co.uk.

    We will of course consider all requests and condense this with feedback from other sources, including our adviser user base when assessing the viability of a topic. In particular, we do need give careful consideration when representing any specialist or unique features or products that do not lend themselves easily to a research comparison tool – however, the more demand we get, the higher priority it becomes for our team to investigate.

    We look forward to hearing from you.

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  • In the news

    You may have seen this month’s press release relating to the new quotes functionality available in the Synaptic Research suite. If not, here it is!

    Capita Financial Software to launch industry first for protection market (January 2010)

    Capita Financial Software is delighted to launch a new version of its Synaptic Research software. The new version features major improvements to its protection modules, which now incorporate real time quotations and the ability to apply online. It will be the only product in the financial services software market that lets users perform comprehensive research on product qualities and associated features, and now for the first time combines this with real time quote and apply. The new look Synaptic Research makes it possible to complete the process of research through to transaction in minutes. A free trial version is available.

    "We believe the new protection modules of Synaptic Research will not only support advisers during difficult times but also help to reduce the protection gap in the UK," said Matt Humphrey, Managing Director of Capita Financial Software. "With customer expectations of advisers running high in the present climate, the new protection modules of Synaptic Research can give advisers the edge on competitors and allow them to evidence their TCF duty by taking a more holistic approach to recommending protection."

    It is an initial phase of Capita Financial Software’s ‘Next Generation’ programme, which will evolve the key elements of its three core systems (Webline, Synaptic Research and Quay Software’s CCD) into an integrated solution. The new software combines Webline’s real-time quote functionality with Synaptic’s longstanding research expertise. In today’s market, providers and IFAs need to ensure suitability by evidencing research undertaken in order to reach a recommendation and demonstrate compliance within TCF rules. They must also be able to acquire a comparative quote. This new version of Synaptic Research fulfils all these criteria and goes a stage further; allowing advisers to transact business online.

    There has been much emphasis placed on the protection market over the past 18 months, with unemployment rising to 2.47 million and the swine flu pandemic highlighting gaps in cover. These factors, accompanied by green shoots emerging in the mortgage market, have encouraged some advisers to turn to the protection market as a means of creating new business opportunities.

    Commenting on the new development, Kevin Dawson at Dawson Wealth Management: "This is a step in the right direction for the market and will allow advisers to demonstrate expertise whilst evidencing compliance."

    Tech review

    This month, in Professional Adviser's technology column, Mark Loosmore of AT8 reviewed how Dawson Wealth Management implement technology in their daily practice which included the use of Synaptic Product Research. To view the article, please use the following link:

    http://www.ifaonline.co.uk/professional-adviser/feature/1585737/tech-review-a-financial-vision

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  • Send this to a colleague
    This service is supplied exclusively to product providers. If you would like us to add any colleagues to this distribution list, please use this link and complete the form provided.

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Email: financialsoftwareresearch@capita.co.uk
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