Axa Wealth has introduced new pricing tiers for higher-value clients in a bid to cut charges for those with investment portfolios of £1m on its Elevate investment platform.
The new portfolio charges are set at 0.25 per cent for pots of more than £1m, 0.15 per cent for those in excess of £2.5m plus and 0.10 per cent for portfolios over £5m.
Under the previous model, a minimum 0.28 per cent charge applied for all portfolios above £500,000.
This charge will still apply for portfolios between £500,000 and £1m, while other pricing tiers remain in place, with portfolios of more than £100,000 charged at 0.32 per cent, those worth more than £25,000 costing 0.34 per cent, and anything below this 0.4 per cent.
Axa says its Elevate platform has been designed so that clients are always charged the “lowest price they qualify for” on their whole investment. For example, if a client invests £2.5m they will pay a platform charge of 0.15 per cent on their entire fund.
These reduced charges are available to all existing and new clients, and can be included as part of Axa’s ‘family linked accounts’ service.
David Thompson, managing director of Elevate Axa Wealth, said: “These new reduced charges, available immediately, fit neatly with our transparent pricing model.
“Given the strength of the business we are now in a position to make the charges for larger portfolios amongst the most competitive in the market and offer lower costs to advisers and their clients.
“We are able to combine the best of a rapidly growing platform, free of the legacy issues of others, with a commitment towards improved efficiency through functionality such as back office integration and prefunding switches along with a wide investment choice including stockbroking and direct asset trading.
