Ascentric will move to a single standard account charge from 1 May, seeing it scrap trading fees and additional charges.
The change means Ascentric will not charge fees through its stockbroking service or additional fees for its model portfolios.
There will be no additional charges for a Sipp, drawdown or ad-hoc administration services.
Under the new structure, clients will pay a single charge of 0.3 per cent of the total value of their assets in any wrapper held on the platform up to £1m.
Assets of between £1m and £3m will be charged at 0.1 per cent and any assets between £3m and £5m will be charged at 0.06 per cent.
Under the previous charging structure, assets up to £1m were charged at 0.25 per cent, assets between £1m and £3m were charged at 0.1 per cent, and assets over £3m were eligible for discounts on application.
Taking away trade charges
Previously, trading charges were up to £20 per trade, a model portfolio charge was up to £60 per year, a Sipp annual charge was up to £150 per year, and a drawdown annual charge was up to £150 per year.
There was also a charge of 0.5 per cent if there was no appointed adviser.
Ascentric says it is the first retail platform to offer a single charge across all wrappers and investments, including Sipps, with no extra fees for other services.
The new structure is subject to a minimum charge of £15 per month.
Cash will be considered a chargeable asset, with earned interest credited to client accounts in full.
Ascentric managing director Jon Taylor says: “The new charging structure is the simplest on any adviser platform. It demonstrates our ongoing commitment to providing an unbiased platform service to financial advisers, giving them the freedom to select the very best wrappers and investment options for their clients.”
Taylor adds: “This totally agnostic approach to charging across Isa, Sipp and GIA is unique, easy to understand and explain, and removes advisers’ concerns about additional trading, wrapper or administration charges building up for their clients.
“We have seen an increased demand from advisers for passive investments, such as exchange traded instruments. Thanks to both its in-house stockbroking services and now this simplification of charges, Ascentric is able to provide these in a very cost-effective way.”