FINANCIAL TECHNOLOGY
YOUR COMPLETE ADVICE PROCESS
Between new modules , continuous improvement , and its fantastic training team , SimplyBiz ’ s end-to-end investment advice platform , Centra , just keeps getting better and better .
With five years of continuous development under its belt , Centra is an even more powerful tool now than at launch . We caught up with Joshua Wrigley , the newly appointed Head of Adviser Technology at SimplyBiz to discuss all things Centra , from its inception and recent developments , to what the future holds .
The Adviser : Could you tell us about your background and experience ?
Joshua Wrigley : I oversee several technology solutions with my focus over the past two and a half years being Centra in my previous role as the Technology Training Manager . Prior to joining SimplyBiz , I worked in an advice firm doing paraplanning , and then moved on to mortgage advice along with studying my Diploma in Financial Planning and Certificate in Mortgage Advice . Within my new role , I am still heavily involved with Centra , its development and further enhancing the features available to our Members , while constantly looking to expand the range of technology available to our Members .
TA : What was the driving force behind SimplyBiz creating Centra ?
JW : SimplyBiz wanted to create Centra as a proprietary financial planning tool to offer to its Members as part of the overall membership package . It also enables our various teams within the business , primarily the Business Consultancy team , to implement Member firm CIPs ( Centralised Investment Proposition ) into a robust and repeatable advice process . Very few tools of its kind exist in the marketplace , that match its level of insight and oversight .
TA : How has Centra developed over the past five years ?
JW : Centra has developed hugely since its launch in early 2018 . As well as its user experience and vast pool of data that sits behind the screen , the landmark developments in Centra have been additional bolt-on modules . Starting with the DC Pension Switching module in 2020 , the Income Drawdown module in early 2021 , and , most recently , the addition of the Cashflow Modelling tool in January this year . The additional modules empower firms to seamlessly integrate their financial planning tools into one repeatable , consistent and robust piece of technology . Centra really is the sum of its parts , rather than being part of the sum .
TA : Are there any themes to the feedback you get from advisers as to what they want to see in Centra ?
JW : Advisers always want more and better , and as a FinTech business that ’ s exactly what we ’ re planning to deliver ! Hopefully our Members can see that we are thinking well ahead of the regulation when it comes to technology , such as when we launched our Income Drawdown tool well ahead of the thematic review of retirement income advice . We also had features and processes implemented and available for the Consumer Duty regulations before formalised guidance came into place .
TA : Where would you say Centra stands against its competitors ?
JW : There are some fantastic tools out there , no doubt , but we think Centra ’ s edge comes from its in-built intelligence . In Centra we bring together data from the UK ’ s largest financial product database , thanks to Defaqto , over 100 years of independent investments , pension and risk expertise from Hymans Roberston , and , of course , our own regulatory knowledge here at SimplyBiz . It ’ s an unbeatable combination !
TA : Finally , with ever-evolving regulation , how does Centra stay ahead of the curve with helping advisers stay compliant ?
JW : I ' d point to the relationship between SimplyBiz and Defaqto as a combined powerhouse , bringing technology and compliance together . Two expert companies in the their respective fields combining resources to ensure their system continues to be userfriendly and compliant . SimplyBiz are known for anticipating regulatory changes and acting to ensure it ' s member firms stay ahead . Defaqto ' s insights and intelligence has respect across the industry , and is embedded into Centra . Both can act to implement updates directly within Centra , so that users can be confident their platform always reflects the current state-of-play . This dynamic , fluid and open relationship between the two parties , should fill any adviser with confidence , both now and into the future .
For a look at exactly what Centra can do for your firm , why not book on to one of our free Centra training sessions ? For this and other information about Centra , log in to our website and head to Investments > Centra , or email centratraining @ simplybiz . co . uk .
24 | the adviser