The platform has removed the charge across all product wrappers. However, a 0.5 per cent charge will remain on its explicit charging option.
Axa Distribution Services head of marketing Ian Thomas says the platform removed the charge from its composite charging structure to give advisers and their clients better value and clarity.
He says: “We’ve not only got a market leading platform in terms of the technology but we’re competitively price. Because we have removed the initial charge across all product wrappers advisers are free to focus on the investment selection without worrying about product bias.”
Thomas says the new charging removes another barrier for advisers wishing to transfer funds in cash from more inflexible platforms, such as fund supermarkets.
He adds: “This will go down very well with advisers who want to transfer money to our platform. They are now able to do so without incurring a fee.”
On the 0.5 per cent charge on Elevate’s explicit option, Thomas says: “There is a small charge on explicit however we do have the flexibility to remove that on a firm basis either partially or all of it.”
In September 2008 Skandia cut the initial charge on its platform.
Earlier this month Transact announced it is reducing its platform charges.