Axa Wealth has simplified its charging structure on Elevate which will see the platform move to a tiered model with a reduction in charges.
Under the tiered model clients with up to £24,999 in assets on the platform will be charged 40bps, clients with between £25,000 and £99,999 in assets will be charged 34 bps, clients with between £100,000 and £499,999 will be charged 32 bps, and clients with £500,000 or more will be charged 28bps.
The new charges mark a departure from Elevate’s current structure, which operates 10 tranches with assets up to £49,999 charged 65bps and assets between £500,000 and £749,000 charged 45 bps.
Axa says under the tiered charging structure clients will be charged the lowest price they qualify for on the whole investment, so if a client invests £100,000 they pay a platform charge of 0.32 per cent on the total invested.
Axa Wealth managing director of marketing and distribution David Thompson (pictured) says: “Elevate’s new tiered pricing model helps advisers to explain to customers what they are being charged.
“We believe our new simple and competitive pricing structure will put us ahead of the game in building assets on Elevate.”