Axa Wealth is set to cut charges on its Elevate platform by at least 30bps at the bottom end of its charging structure.
The firm says new model will cut charges to less than 35bps for assets between £25,000 and £100,000 and less than 30bps for assets over £500,000.
Axa’s current 10-tranche charging structure sees assets up to £49,999 charged 65bps and assets between £500,000 and £749,999 charged 45bps. Axa says further details of the new charging structure are to be announced shortly.
Axa Wealth head of strategic communications Paul Riddell says: “Winning the platform war is key for Axa Wealth, which has invested millions over the past four years to make it one of the most trusted platforms in the market.”
Research from The Platforum shows Elevate had around £4.8bn assets under administration at the end of the third quarter.