Adviser support network SimplyBiz has added Legal & General Investment Management’s (LGIM’s) model portfolio service to its risk-controlled investment solutions range.

The range, created with sister company Defaqto, is designed to support improved adviser efficiency and the suitability of consumer outcomes.

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

The company said the range aims to help advisers identify the best solution to meet clients’ investment objectives by linking to the advice and research process within the Engage system.

Rodger Baillie, director of distribution services at SimplyBiz, said: “With the FCA beginning to look more closely at adviser adherence to Consumer Duty, advisers are increasingly streamlining their advice process, adding efficiencies which allow them to spend more time with clients, and that’s one of the many benefits offered by our risk controlled investment range.”

He added that broadening the range “provides more choice, allowing advisers the ability to demonstrate fair value assessment for their clients.”

He said that the firm had worked closely with LGIM for many years.

Ben Cherrington, head of wholesale strategic partnerships at LGIM said: “Since we launched our MPS proposition three years ago, demand from advisers for the range of solutions that model portfolios can offer has only grown.

“We look forward to further supporting SimplyBiz’s membership as they seek to deliver positive outcomes for their clients.”

Last month SimplyBiz began offering free access to Defaqto’s Engage Financial Planning system to all its members.

Parent company Fintel reported a 0.3% rise in revenue to £56.6m for the year ending in December, compared to £56.4m in 2022.

Fintel has recently invested £3m in Mortgage Brain and ifaDASH, investing £1.5m in Mortgage Brain and acquiring 70% of fintech ifaDASH for up to £1.5m.