Nucleus introduces ad-hoc fees in efficiency push

Nucleus introduces ad-hoc fees in efficiency push
 Credits: Chris Ratcliffe/Bloomberg

Nucleus has implemented ad-hoc fees and phased investing in a move designed to help advice firms run as efficiently as possible.

As part of its third major software update this year, advisers can now introduce their own ad-hoc fees, and clients can provide their one-time permission for the charges through the platform’s online portal, Nucleus Go.

Other upgrades include phased investing — the ability to set up and automate asset purchases on a client account on a regular basis.

Advisers set the amount, frequency and assets to be bought, and then the transactions take place automatically on the specified date.

The phased investing process also applies to model portfolios on the platform, so when a portfolio is updated, the investing instruction will automatically be updated in line with this.

John Walls, head of proposition at Nucleus, said: “We continue to work hard to deliver the technology and service developments advisers are asking for. 

“Thanks to the input from our platform development group, all our new platform features and improvements have been designed with advisers and clients in mind, and should reduce the need for manual adviser processes while improving efficiency.”

Further updates have been made to the platform’s bulk model portfolio trading tools, which Nucleus said would result in “faster and better user experience”.

According to the platform, advisers and discretionary fund managers can now run queries “in minutes”, and an improved bulk rebalancing tool means efficient performance regardless of the number of accounts being rebalanced. 

Other new developments include automated account closure, allowing advisers to close accounts efficiently with fees calculated and paid to all parties before closure, improvements to the platform’s phased drawdown facility, and the ability for advisers to suspend client direct debits.

Just last week Barry Neilson, chief customer officer at Nucleus, told FTAdviser that platforms had an “obligation” to continue developing and improving their offering during the coronavirus crisis due to the strong impact it has on adviser businesses.

Mr Neilson said although adviser businesses had been relatively resilient throughout the pandemic, there was an onus on platforms to serve advice firms better to free up resources and cut costs.

His comments came as advisers claimed there was still room for improvement regarding the service provided to advice firms by their platforms, with the slow move to paperless transactions remaining a key sticking point.

Nucleus is one of a number of platforms to introduce digital or 'e-signatures' after the coronavirus crisis sent the country into lockdown in March this year, causing an issue for an industry still heavily reliant on wet signatures.

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