Integrafin, parent company of adviser platform Transact, has reported advised client numbers climbed to a record 229,000 in the three months to the end of June.

The group published the figures in a quarterly update today.

It showed that during the three months to the end of June around 1,400 new clients were added to the Transact platform, pushing the company to a 3% increase in the last 12 months.

Over the year around 150 new advisers were registered, increasing the total number of registered advisers to 7,606.

Net inflows to the Transact platform during the three months were £617m, although that was down from £1bn in the same period in 2022. Gross inflows for the period were £1.5bn.

The average daily funds under direction (FUD) for the quarter was £54.3bn, up from £53.8bn in the previous quarter and up from £51.9bn in 2022.

Alex Scott, group chief executive, said the figures were, “pleasing considering the tough macro-economic environment and reflects the strength of our market position and the attractions of our platform.”

He said the company’s guidance for FY23 and FY24, issued in May 2023, remained unchanged.

Mr Scott said: “The digitalisation programme for the Transact platform is going well and is being positively received by financial advisers.

“The client retention rate remains strong at over 96% on an annualised basis, emphasising the trust that both advisers and clients have in the Transact platform. Furthermore, the Transact platform share of net flows to the adviser platform market continues to grow (reaching over 19% for the first half of the financial year 2023).”

He said the outlook for the UK economy is uncertain as we wait to see the full effects of the Bank of England’s interest rate increases.

“However, we expect net inflows to the Transact platform to continue to be resilient, and we remain focused on our aim to be the number one provider of software and services for clients and UK financial advisers," he said.

Earlier this month Integrafin appointed Euan Marshall as group chief financial officer and he will also join the board as an executive director by January 2024.