Firstly, I would like to apologise again for the outage last month. A planned firewall upgrade triggered an automated control from our data centre provider, which blocked all external access. While the cause may sound simple, resolving it took several hours. This meant advisers and clients could not access Transact Online, our phone lines were down, and email was disrupted. This was the most significant outage we’ve experienced in recent years and impacted the service you rely on. I have spoken with many advisers and we are committed to learning from our mistakes. We have already identified actions to prevent a recurrence and to improve communication should a similar issue arise.

AI: Don't let FOMO Drive your strategy

This month I wanted to share some thoughts with you on AI. The amount of FOMO (fear of missing out) related to AI is unprecedented. This starts with the level of investment from frontier model providers but stretches across all industries including financial advice and platforms. Clearly the technology will be transformational. But I also observe my CEO peers citing AI use cases and efficiencies which I am convinced don’t tell the full story. At Transact we must be curious and embrace AI but we mustn’t panic and rush into investments which ultimately increase risk and cost in our business. The same applies to financial advisers. In my conversations with advisers, it’s apparent there are benefits from being curious but also being confident in your ability to identify appropriate AI use cases in your business. Just because some firms have implemented agentic processes (systems that can act autonomously) doesn’t mean you should.

What's new to TOL

I am excited to highlight two major improvements to Transact Online.

• Client bank account details can now be added using the new Add Bank Account feature
  
  This provides instant confirmation that the bank details have been successfully verified and generates a prefilled form for your client to check and sign, helping to ensure accuracy and reduce delays in setting up nominated accounts.

• Multiple transfers into one wrapper 
  

  Also new this month you can now add multiple transfers from the same provider into a single Transact wrapper. This makes it quicker and simpler to illustrate and set up client portfolios, including cases where a transfer is split across different investment strategies. More detail is provided in the TOL update. We are also making progress reducing in specie transfer times with problematic overseas funds. Please see my LinkedIn post for more info.

This month we have launched our Flexible Reversionary Trust. If you would like to learn more you can watch the recording of our most popular online events to date, our Tech 30 session Beyond Pensions: Trust Strategies for Post-2027.

A new look for Transact website

Our new pre-login marketing website is now live and you may have explored it when accessing this summary. You will notice an updated, more contemporary design and you can continue to access the TOL login page as usual. You can use the new document centre and technical centre to support your queries. Please share any feedback or comments. You will also notice some changes to the colour palette within the TOL logged in site over the coming weeks. This brings the two sites closer in brand alignment and design. 

Recent Transact podcasts

One of our most recent episodes of The Transact Podcast, covers our API development announced in recent weeks. In episode 26, we explore how the new API will transform the way the Transact platform and CRMs work together, now and in the future. If you’re looking to simplify your workflows and spend less time on admin, this episode offers a clear view of what the Transact API can unlock. More detail is provided in our article on the new Transact API. 

Have your say in the Platforum survey

Voting is open for the Platforum quarterly survey. This survey is for financial advisers, paraplanners and other support staff on the platforms you use and what you think of them - this is your chance to give feedback. Completing the survey allows you to download Platforum's Choosing an Adviser Platform report, which supports platform selection and due diligence. In addition, you can enter a prize draw to win one of four £100 Amazon or John Lewis vouchers.

Our upcoming events

Thank you to everyone who attended our Birmingham and Leeds Connects. It was great to see so many of you. Our next Connect event will be in London in October. Before then, why not join us at a breakfast event. All our in person regional breakfasts and Connect events are detailed on our events page.

We also have a comprehensive schedule of MPS events where you can hear from both Blackrock and our Head of Technical, Mark Fenlon. We’ve seen significant interest and flows into our Transact-Blackrock MPS and our regular update highlights both its performance and more information about the events.

The Vanguard Tough Mudder Takeover

If you would like to take part, the Vanguard Tough Mudder Takeover is due to occur on 18 September, it is a London South 5km course with 13 teamwork-inspired obstacles, designed to be completed together. There are no race times and no pressure—just a shared challenge and a great day out with colleagues and peers. You can choose your own charity and take part as a team or as an individual. Some Transact staff will also be attending. To register for the event, enrol using this link.

Thank you for your continued support.