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MMA slashes cost of sites

My Money Adviser is slashing the cost of its IFA websites in a bid to secure market share.

IFAs already registered with the website provider will see next year&#39s monthly rate cut by two-thirds as MMA guarantees that anyone signed up to the service by the end of this year will pay £100 a month for life.

MMA&#39s previous charging structure saw IFAs paying a discounted £100 a month for the first year and £300 a month thereafter.

Any firms signing up before December 31 will be eligible for the £100 a month offer but from next year all new customers will pay £200 a month, with no initial discount.

The website provider, which went live in June, has signed up around 160 firms and faces competition from a number of portals and networks offering web solutions to IFAs.

Managing director Ann-Marie Martyn says: “We have dropped the price of the product for those who came in at the beginning as a thank you. We launched with a running cost of £300 to be on the safe side. Now we know how low our running costs are, it is commercially possible to bring the cost down.”

Financial Technology Res-earch Centre director Ian McKenna says: “There is a risk that if you cut costs too low you do not have sufficient development resources to deliver the range of services needed.”

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