Adviser platform Transact has launched a training academy for new staff as it aims to restore its service levels to previous standards.

New client service team members will now undergo training before being integrated into the platform’s regional support teams.

The platform, popular with Financial Planners, has been struggling to maintain service levels due to challenges in hiring new staff.

In its latest client update the platform said it continues to bring new recruits on board, with 17 new client operations team members to join in the next six weeks.

Once the new recruits have been through the new academy, they will return several times over the following months to receive extra training on more complex processes and products.

The platform said the new training process will be better for both advisers and staff.

In its latest client newsletter Transact said it has received a positive response from advisers over its proposed move to electronic-only instructions. Buy and sells must now be executed by advisers online where possible.

Transact saw net inflows of £1bn for the quarter ended 30 June as net inflows and assets dropped for the platform year on year. 

Net flows were £1bn, in comparison to £1.34bn for the quarter ended 30 June 2021.

Gross inflows for the quarter dropped a similar amount to £1.7bn (quarter ended 30 June 2021: £1.99bn).

The platform said the flows reflected a, “solid performance, considering the economic and market headwinds in 2022.”

Average daily funds under direction for the quarter were £51.9bn, lower than the previous two quarters due to the adverse impact of market movements.

Funds under direction at 30 June were very similar at £50.3bn (30 June 2021: £50.31bn).

The platform said the rate at which new clients and advisers were joining the platform, “remains consistently strong and provides a solid base for ongoing platform growth”.

In the first half of the year the platform added 17,949 new clients and 546 new advisers.