INTRODUCTION

Dear Adviser

Welcome to July’s Adviser Update in which I share Transact latest news and developments.

We have had another fantastic quarter from April to June. We have seen more advisers recommend Transact than ever before and I hope this is linked to our efforts to make financial planning easier. If you are willing, I would really appreciate your support for Transact in the Schroders Awards survey. Last year we narrowly lost out on Platform of the Year to an FNZ platform that I won’t name!

As we progress with our integrations and API strategy, the nature and timing of improvements for advisers is accelerating. For example, we built our account opening API – which pulls data from other advice tech systems into our illustrator and guided application – in April. We shared our API documentation on how to connect with the rest of the industry. Then there has been a sequence of further announcements each time a new advice tech provider connects to our API and enables this functionality to advisers. ZeroKey connected to our API first which was fantastic, but advisers needed a ZeroKey license to access the functionality. This month intelliflo has connected to this service via ZeroKey and the functionality is free for all intelliflo users. Later in the month, Plannr also connected so more advisers were able to seamlessly move data between systems. I hope to announce additional integrations with CURO, moneyinfo, Xplan and others in the coming months.

Back to our traditional digitalisation programme, we delivered two exciting new features this month. First, online family linking, making it easier for you to link family groups and access potentially lower portfolio charges. This online function gives you greater control and visibility of the links available to your clients, allowing you to manage better client outcomes. Second, re-attempt re-balance functionality. Our initial analysis shows that 87% of re-attempted re-balances were successful. More detail is provided in article 2 below.

As noted previously multi-factor authentication (MFA) will soon be required for all users. For you, advisory professionals, this is a requirement by September, and for your clients by December. As you log in, we will share reminders to adopt this new step that provides additional security. We have seen very positive adoption rates already. Thank you for embracing security and getting ahead of our plans. More detail on MFA is shared below. To help you adapt to this change we have released trusted device which will make the mandatory MFA easier to adopt. With trusted device in place, you do not need to use MFA every time you log in. We hope this will make it easier for your businesses to make this change.

Our technical team are here to help you with client specific queries and scenarios. They also produce these regular articles to help you. This update includes another study in gifting, this time on assets that qualify for Business and Agricultural Relief. We also include an article on pension commencement lump sum for individuals with Primary and Enhanced Protection. There is also an exploration of the changes to the Lifetime ISA being considered by the Treasury Select Committee. Please take the time to read them as they may give you some insights or ideas that could help your clients.

• A study in gifting – what now for assets that qualify for Business and Agricultural Relief article 8.
• Pension Commencement Lump sum with Primary and Enhanced Protection in article 9.
• Lifetime ISA – views of the Treasury Select Committee in article 10.

Please call our direct technical line if you want to discuss any of these articles in more detail on (020) 7608 5330 or email technical_direct@integrafin.co.uk.

We plan to issue our annual Transact Client Survey in early August, 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 have a short break from events over the summer before our Warrington, Cardiff and London Connects start back in the autumn. Please register now, to avoid missing out. You can also register to attend one of our personal breakfast events in September and October to meet your regional BDM and ASM, as well as other advisers in your local area. A full list of events and joining instructions can be found here. Please do join us!

Kind regards,

Tom Dunbar
Chief Executive Officer

 

 

1. Introduction
2. Transact Online (TOL) –  Recent enhancements 
3. Latest news on integrations
4. Changes to our bereavement process and adviser charging
5. Transact Online & Compulsory MFA
6. Advisers looking to sell and the Transact Succession Planning Service
7. Transact – BlackRock MPS update 
8. A study in gifting – what now for assets that qualify for Business and Agricultural Relief?
9. Pension commencement lump sums for individuals with Enhanced or Primary Protection
10. Lifetime ISA – views of the Treasury Select Committee
11. Interest on cash
12. Transact events 2025