Introduction

Dear Adviser,

On 20 June the Bank of England held the bank base rate at 5.25%. Our own annualised cash interest rate is 4.94% (as at the end of May). This rate (that we pass back to clients with no skimming) has climbed steadily in recent years and we continue to actively manage this cash rate. While the FCA announced some platforms needed to change their approach with regards to treatment of cash by 29 February 2024, to ensure fair client outcomes (i.e. how much firms retain and charge on cash), it is a requirement under COBS 13 rules that cash interest charges are displayed in Key Features Illustrations.

In this month’s Adviser Update we share details of our latest developments with a new bulk costs and charges report, and new functionality that allows you to send us a request via Transact Online (TOL) to add investments and transfer providers not currently listed. June’s TOL updates are summarised in this video.

While topping the recent Investment Trends 2024 Adviser Technology & Business Survey for overall satisfaction among primary users is pleasing, we find the insights from the report very revealing. As in other years we scored well for our range of tax wrappers (within which Transact advisers can easily move cash and assets), products, tools, turnaround times, administration, charges and ease of use. From the report findings it is interesting to learn and appreciate the wider challenges you face in running your businesses and the impact this has on your headcount. More on these findings are detailed in the article below.

If you have time, please vote for your preferred platforms in the annual Schroders Awards here. We value this award highly as the result is voted by advisers. You can vote for Transact in the Best Platform Provider (AUM over £40 billion) category.

We plan to issue our annual Transact Client Survey towards the end of this month, therefore some of your clients may receive an online or paper survey to complete. We really appreciate the time they take to share their views and suggestions.

We are not out on the road to see you at Connect events over the summer, but please remember if you need help you can get in contact with your regional Adviser Support Manager for training and support or contact Sales & Online Support using co-browse and Live Chat.

If you haven’t been before please sign up to attend a Connect event to hear direct from me and other directors, industry experts and fellow advisers, and you can also join us at smaller regional breakfast events. A full schedule of our 2024 events that you can register to attend is hosted here.

Kind Regards,

Jonathan Gunby
Chief Executive Officer,
Integrated Financial Arrangements Limited (Transact)

 

1. Introduction
2. TOL Recent Enhancements 
3. Transact API Integrations
4. Administration of Transfer Deposits From Third-Party Providers 
5. Adviser Trends from 2024 Investment Trends Study.
6. Transact-BlackRock MPS Goes Live on FE Analytics
7. Pension Scheme Death Benefits Post 6 April 2024
8. Succession Planning
9. Interest on Cash Deposits
10. Transact Events 2024