If you are a client of Chesterton House you will probably be familiar with Transact, the primary investment platform that we use to hold and administer our client's assets. We have worked with Transact for many years, and during that time they have gained numerous accolades from within the financial services industry for their consistently high levels of service and continuous innovation.
Transact has been rated the U.K.’s top platform for 11 consecutive years (2010 – 2020) in both the CoreData Investment Platform Study and the Investment Trends Adviser Technology Report. CoreData and Investment Trends are international market research firms.
Transact had a successful year in 2020, reporting a net inflow of funds of £3.59 billion, an increase of 3% over the previous year to 30 September 2020 despite the difficulties affecting financial markets as a result of the coronavirus pandemic. Profit after tax increased by 11% to £45.5 million, and funds under direction stood at £41.09 billion.
It has long been Transact’s objective to continue to reduce the costs of investing where this can be achieved consistent with maintaining a secure and profitable business. The latest fee reductions came into effect on 1 April 2021, with annual commission charges reduced from 0.28% to 0.27% and from 0.18% to 0.17% for the respective charging bands. The amount which is exempt from buy commission charges has reduced from £400,000 to £300,000.
Jonathan Gunby, Chief Executive Officer of Transact, commented, “As we once again reduce our charges (the 14th set of pricing reductions since 2008) we remain dedicated to providing exceptional service to advisers and clients. We have also been able to launch new functionality in 2020 and have more planned for 2021 which will make doing business with Transact even easier. “
As your adviser, at Chesterton House, we continually review the financial services marketplace to ensure that we are offering our clients the best combination of value, cost, and service. As well as conducting our own in-house research, we use external agencies as part of our product selection process, and we are pleased that our long association with Transact looks set to continue as they continue to drive innovation and reduce costs. If you are a Transact client you will have experienced the ease of use, wide range of functions, and comprehensive reports that the platform offers, providing a first-class solution to managing multiple assets over different tax wrappers. This further reduction in charges is to be welcomed by all Transact users.
If you have any questions about the changes, or the Transact platform, or would like to know how it can help you to organise and grow your wealth, why not get in touch and we'll be delighted to explain.
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