Axa Wealth has launched a non-advised platform which will pay advisers commission for introducing clients to the service.
The company says its Axa Self Investor service will suit clients who want to manage a proportion of their investments themselves or do not want to pay for advice.
Clients using Axa Self Investor will be able to access around 170 funds through the platform’s stocks and shares Isa and trading account.
Commission will be paid as a percentage of the funds under management in the stocks and shares Isa, paid monthly on a recurring basis, or as an amount based on the number of new clients who invest, as agreed with the adviser.
The minimum investment is £200 a month or a £2,000 lump sum. Clients using smart+ will be charged a flat fee of £4 a month, plus a wrapper charge of 0.5 per cent a year collected monthly. There are no initial charges on funds and no switching or dealing costs. Axa Self Investor will rebate clients up to 50 per cent of the annual management charge.
Axa Wealth chief executive Mike Kellard says: “Axa Self Investor is an easy-to-use investment service.”
Premier Wealth Management managing director Adrian Shandley says: “I worry that if the Self Investor service takes off, Axa will ditch advisers.”