The annual charges on AJ Bell's range of six passive multi-asset funds have been cut to 0.35 per cent.
The range of six funds were launched in March 2017, with a fee of 0.5 per cent.
The company said at the time of launch that the portion of the fee it retains is 0.15 per cent, which would not increase, so any fee reductions it could secure from the underlying fund providers would be passed onto clients.
There are six funds in the range, diversified across shares, bonds, commercial property and cash.
The funds match six different levels of risk - cautious, moderately cautious, balanced, moderately adventurous, adventurous and global growth.
Kevin Doran, chief investment officer at AJ Bell, said the charges on these funds now stand "toe-to-toe" with the cheapest in the market.
Alan Steel, chairman of Alan Steel Asset Management in Linlithgow, said he didn't "think much of trying to be average" by investing in passive funds.
He said: "As to these charges, they appear to be very reasonable, but at the end of the day it is net performance that matters.
"Time will tell.”