Transact’s recently launched Family View tool, that allows clients to view multiple portfolios across the platform, has already been adopted by over 7,000 portfolios in its first two months.
The tool was launched to support its clients’ intergenerational planning needs, with the Great Wealth Transfer expected to see trillions of pounds handed down through generations over the next few decades.
Tom Dunbar, chief development officer 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.”
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, providing easy alignment on investment strategies and planning across generations, Transact said.
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.
However, Transact said that access granted to view another portfolio does not allow instructions to be executed on behalf of family members and individuals can revoke access anytime by changing their settings.
Dunbar added: “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.”
