Why do we use Transact? Well, we are one of the lucky ones in that we discovered wraps early on in the development of our business. We knew then that there had to be a better way to administer our clients’ investments than dealing with individual investment houses on individual holdings for individual clients.
Because we have been using wraps for quite awhile, it is true to say that there was not a great deal of choice in the market at the time. That said, we certainly do not regret choosing Transact all those years ago. Imagine if you will, the eureka moment at our first exploratory meeting when we realised it was possible to have a business partner who would do all the back-office stuff, negotiate terms with fund managers, accept portfolio transfers from stockbrokers, track capital gains, put all the transaction history on a secure website for us and our clients to see, provide a dedicated team leader to deal with our cases when volumes rose, give us one income statement per quarter analysed by planner by client, provide tax summaries at the end of every tax year and lots more. We knew then we could take on discerning clients and provide a truly professional level of service.
Transact has grown substantially over the years, but the fundamentals we liked at the time are still there. They are independent of product providers and fund managers, the functionality is good and the terms negotiated with fund managers are excellent. It may well be that some of the newer entrants to the market can compete with the latter two points, but we feel no need to change.
In the movie business, when they say “it’s a wrap” they mean a job well done. Now that image translates into our own planning business as well.
Bill Saunders is head of financial planning at Acumen Financial Planning.