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Fidelity FundsNetwork unveils adviser charging model

Fidelity FundsNetwork will begin facilitating adviser charging from 8 October.

The ‘adviser fees’ service will facilitate different fee options including initial, ongoing and specified fees for advisers based on individual client agreements.

It will allow monthly payments of fees to advisers, who can choose which client investments will move to a fee basis.

The service will allow fees to be taken via a unit deduction or cash account and advisers will be able to continue receiving ongoing commission on legacy assets where permitted.

Advisers will be able to set up or amend fee agreements online.

FundsNetwork deputy head Paul Richards says: “Advisers have a range of options from different payment methods to setting different fee levels or maintaining commission on existing legacy assets.

“This new service has been designed to cater for business pre and post-RDR in one streamlined solution.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Ok Fidelity thats great, So Now regarding AMCs on all you funds, are you going to reduce AMCs by 0.5% for all new buisness post Jan 1st due to the fact that no more commission is going to be payable?? A Yes or a No will suffice!

  2. I have just been looking at your headlines

    Fidelity FundsNetwork unveils adviser charging model

    Canada Life reveals RDR adviser charging approach

    Cofunds launches unbundled pricing

    I’m no auditor, but can someone make an estimate as to how much it has cost these three firms to get RDR ready. Then multiply that by the rest of the industry. I would estimate that the figures will be pretty eye watering.

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