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Financial services software company Iress has confirmed it will cease support for Adviser Office from mid-2023.
It has also announced three new Xplan packages – Essentials, Plus and One – which are hosted in the Cloud.
The business will encourage existing Adviser Office customers to upgrade to Xplan Essentials “at no additional cost”, and as soon as possible.
Each package is modular by design – which means advice businesses can choose either out-of-the-box functionality or customise solutions to complement their business processes.
Iress chief commercial officer Simon New said the business is “proud of the history of Adviser Office, which has been a leading advice platform over the past 30 years”.
“However,” he added, “we know the future lies in cloud-based, API-enabled, modular technology which can scale and adapt to evolving business needs.
“Our new Xplan packages provide increased choice and ease for advisers, with functionality like client portal, digital signatures and automated workflows available out of the box.”
He said because it is cloud-based, product information is “always current and accessible from anywhere”.
“By offering Adviser Office clients the choice of an upgrade to Xplan, we’re helping their businesses become more efficient, reliable and secure as well as supporting the delivery of a better client experience,” he said.
The three new packages are:
A fully-hosted and managed solution, built with best-practice templates, workflows, automation and digital technology.
Includes everything in the Essentials package, plus the option to customise workflows, reports and client-facing documents that use Xplan data.
Suited to advice practices with specific customisation and hosting requirements.
Iress provides software and services for trading and market data, financial advice, investment management, mortgages, superannuation, life & pensions and data intelligence.
Its software is used by around 10,000 businesses and 500,000 users globally. It employs approximately 2,250 people in Asia-Pacific, North America, Africa, the UK and Europe.
It inherited Adviser Office when it bought Avelo from Lloyds Development Capital in 2013, in a deal worth £210m.
The idea behind the acquisition was to help Iress “establish scale, revenue and relationship footprint in the UK”, according to global managing director Andrew Walsh.
It also introduced mortgage sourcing and distribution technology to Iress’ bow.
Avelo had been formed in March 2011 following the merger of 1st – The Exchange, software provider N4 and web application firm Screen Business. It then acquired mortgage sourcing system TrigoldCrystal in May 2012.
Meanwhile, Iress joined the UK adviser market in November 2011 after signing a deal with Sesame Bankhall Group to provide advisers with its original Xplan system.
Ian McKenna: Why the Iress/Avelo deal could be good news for advisers
“When [Iress] bought [Avelo], I don’t think anyone thought Adviser Office would still be running in 2022,” said Financial Technology Research Centre founder Ian McKenna. “Iress deserves credit for keeping the service running as long as it has.”
While the retiring software still has a loyal following, the technology behind the system is dated, he argued.
“There will come a point when security updates will no longer be available so it’s important for advisers to migrate to new systems to maintain security.”
Other technology suppliers have made similar announcements in recent months, and McKenna insisted moving clients to a new platform is the “right thing to do”.
In May, financial planning software firm Voyant confirmed to Money Marketing that it will close Voyant Adviser – its desktop-based product – later this year.
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