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Axa cuts platform charges on £1m+ portfolios

Axa Wealth has cut charges on its Elevate platform on assets over £1m.

The platform currently charges 0.28 per cent on assets over £500,000. With effect from today, Elevate has introduced three new pricing tiers, with assets over £1m charged 0.25 per cent, assets over £2.5m charged 0.15 per cent and assets over £5m charged 0.1 per cent. Charges apply on the whole portfolio.

Pricing on assets below £500,000 remains unchanged. Elevate charges 0.4 per cent on assets up to £24,999, 0.34 per cent on assets up to £99,999 and 0.32 per cent on assets up to £499,999.

Axa Wealth Elevate managing director David Thompson says: “These new reduced charges fit neatly with our transparent pricing model. Given the strength of the business we are now in a position to make the charges for larger portfolios amongst the most competitive in the market and offer lower costs to advisers and their clients.”

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Comments

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

  1. Would have been better to drop the ‘extra’ SIPP fee.

  2. For anyone who’s interested we only charge 5bps for assets over a £1m on James Hay Partnership. Our sophisticated platform solution is available at market leading rates and offers access to SIPP, ISA and GIA wrappers and whole of market investment flexibility from only 18bps for cases above £195,000, gradually reducing for any asset above £500,000 to 15bps.

    #justsaying

  3. Think I’ll stick with £75 pa FIXED. These charges are quite simply a Joke. why would anyone be daft enough to let their adviser put them with a platform charging £5,000 pa !!!

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