Aviva is cutting wrap charges to 0.15 per cent for new clients with assets of £400,000 or more.
It currently charges a flat 0.25 per cent on Isa and investment accounts, while Sipps operate a tiered charged structure starting at 0.35 per cent for assets up to£30,000, falling to 0.30 per cent for assets between £30,000 and £250,000 and 0.20 per cent for assets over £250,000.
The 0.15 per cent price will be available from 17 February for new clients investing £400,000 across Aviva wrap accounts. The 0.15 per cent price will apply to assets over £400,000.
Aviva says the move is designed to help advisers attract more high-end clients.
Aviva head of platform proposition Phil Ralli says: “We have listened to our advisers and changed our pricing in line with their growing demand for more flexibility and simpler terms at the higher end of the market.
“Many customers have larger portfolios as they near retirement age and we want advisers to be able to offer competitive rates in order to attract this wider client base.”
The Platforum managing director Holly Mackay says: “It starts to open up a few more options for advisers reviewing clients who have accumulated substantial sums. This makes the platform more compelling as a pension vehicle.”
Pilot Financial Planning director Ian Thomas says: “It is good news the price of adviser platforms is coming down. But discriminating against longer-standing clients by only offering this price to new clients does not seem right.”