Growth at leading planner platform Transact has been hampered recently by a struggle to increase staff as quickly as planned due to recruitment issues.

The platform has been recruiting throughout the year, and continues to do so, but says growth in staff numbers has been hampered by not being able to find enough suitable staff.

With a record number of job vacancies many UK firms have struggled to find enough qualified staff.

In a newsletter to users, Jonathan Gunby, CEO at Transact, apologised if the firm's service standards had slipped slightly due to recent recruitment issues.

He said: “We have been recruiting throughout the year and continue to do so. We have not compromised on the quality of recruitment or the training provided and so growing our staff numbers has been a little slower than we hoped for.”

To help with staff recruitment and retention, staff can now work from the London office in a “more flexible approach” rather than return full time to the office.

From January the platform will introduce a hybrid (office and home working) model across the business, which is currently being piloted by those staff working from the Isle of Man.

Mr Gunby also shared the platform’s development plans with advisers in his monthly adviser update. New functionality to be introduced in September includes an update to the checking process to become more automated, an extension of the Guided Applications functionality on ISA transfers and further integration with Origo.

Mr Gunby said he was looking forward to meeting more Financial Planners in person again.

He said: “As we head towards autumn and spend more time working from an office, it is great to see colleagues (old and new) face to face, test out the numerous new video conferencing facilities we have installed, and meet with advisers again.

“For me, the two highlights of last month were a meeting with a team of advisers at their fabulous new office in West London and then presenting to a team of Transact new starters. The energy and enthusiasm from both groups was infectious!”

Transact posted strong financial results in its latest trading update in July. Funds under direction (FUD) for the adviser platform rose 7.2% over the quarter ending 30 June.

The platform saw its highest ever third quarter gross inflows of £1.99bn with the platform now having £50.3bn FUD.

Outflows remained steady at £657m, leaving net flows of just below £1.34bn.

A comparison with the same period from the prior year is distorted by the impact of Covid-19, however, in comparison to the third quarter 2019, net flows increased at an annual rate of 30%.