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7IM cuts platform fees for assets over £2m

Verona-Smith-700x450.jpgSeven Investment Management has cut charges for clients with over £2m on the platform

From 1 April, for individual client assets between £2m and £5m charges will nearly halve to 0.08 per cent from 0.15 per cent. For assets above £5m clients will pay 0.05 per cent, down from the 0.15 per cent they are currently paying.

7IM says the new charges will apply to individuals as well as family groups who can invest as individuals with one charging structure. The charges will be for new and existing business, the platform says.

7IM head of intermediary Verona Kenny (pictured) says: “We want to make sure that our fees remain appropriate and fair to our clients and we believe that this reduction to our rate card makes us the best value for money platform available for clients including those with higher balances and in family grouping for pricing.

This client segment has always been a key area for 7IM and we are pleased to be able to offer this deal for both existing and new clients. We see this as a core part of our move to provide high-net-worth individuals with the best possible offering and client experience.”

Standard Life also recently announced a price cut for all clients of its Elevate platform.

Platform fees have come under the spotlight with the FCA’s investment platform market study which is now consulting on banning exit fees for clients looking to move from one platform to another.

In its interim report on the market study, published in July last year, the FCA called for an improvement on the disclosure of investment platforms costs and charges but said it will not look at taking any further action in that area until 2020/21. 

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  1. Looks like it may soon be time for an interim review of platform choices, these are significant changes.

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