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Ascentric announces new charging structure

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Ascentric has launched a new charging structure aimed at making it more competitive for advisers placing lower value cases on the platform.

The firm will charge £60 plus 0.15 per cent for funds up to £60,000, compared to the current charge of 0.25 per cent. A 0.25 per cent platform charge will apply on the balance of funds between £60,000 and £1m, and a 0.10 per cent charge on the balance of funds between £1m and £3m. Discounts are available on the balance of funds greater than £3m.

Ascentric is removing the £150 a year minimum charge on portfolios less than £60,000 and the minimum investment amount has been reduced from £5,000 to £1,000.

The new charges will be available to users from January 4.

Sales and marketing director Richard Goodall says: “The Ascentric proposition already offers a wide availability of investment solutions to advisers. Following feedback from our users, this new charging structure will allow our advisers to offer their investment solutions to a broader range of clients.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Smoke and mirrors? My calculator tells me that £60 + 0.15% on £60k = 0.25% i.e the same as they charge at present (and more than currently charged, if the investment amount is less than £60k), so the only benefit is the removal of the £150 minimum.

    I’m not sure why this would encourage anyone to move from, say, Skandia but maybe I’m missing something?

  2. This is true, but if you are investing less than £60,000 then the charge works out much less than the original £150.

  3. It is not smoke and mirrors, they are just moving the charging structure so the charge is competitive for funds below 60k. Skandia who charge providers to add funds to their platform and who also receive a rebate which is mainly retained by them is the smoke and mirror platform.

    Try and look into charging structures deeper before making incorrect statements

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