Transact has recently launched a new tool to allow advisers to more effectively support families with their intergenerational planning needs.
Over the next few decades, trillions of pounds will be handed down from baby boomers to their children, making it increasingly important that platforms help advisers service their clients’ intergenerational needs.
“Family View” is Transact’s latest tool, designed to provide clients with a holistic, 360-degree view of their family’s estate across their various portfolios.
Inspired by client feedback, Family View allows clients to view the portfolios of other family members without having to log into multiple accounts separately. From one account, they can see the portfolio value and investment summary of another, enabling easy alignment on investment strategies and planning across generations.
In the first few weeks of launch, 3,800 portfolios adopted the function, and 7,400 added it after the first two months it was available – around 3% of portfolios.
Access granted to view another portfolio does not allow instructions to be executed on behalf of family members. Equally, access can easily be revoked anytime by an individual changing the settings within their Transact portfolio. Transact has seen a 41% increase in logins for clients with Family View set up.
Alongside increasing the visibility across an estate, Transact has recently removed wrapper fees for JISAs and junior pensions for children up to 18 to further support intergenerational planning.
These changes follow the launch of Transacts inheritance tax (IHT) index, which assesses the number of households that fall within IHT and the overall IHT liability in the UK.
Tom Dunbar, Chief Development Office at Transact, said:
“Intergenerational planning is a complicated process that is increasingly front of mind for advisers and their customers. Having a breadth of functionality, wrappers, and options in an offering is crucial in allowing advisers to support families in effectively planning for the longer term.
“Family view is our latest development in response to adviser and client feedback, and we have seen excellent levels of adoption so far. We’re looking forward to continuing to advance our intergenerational planning offering to the adviser community moving forward.”
