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Nucleus cuts platform charges for assets above £500,000

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Nucleus is cutting its platform charges for all clients with at least £500,000 of assets, with those holding between £1m and £2m seeing prices halved.

The firm says the decision will take affect from 1 November and is the result of feedback from advisers and a bid to become more competitive.

The move sees charges for investors with assets worth between £500,000 and £1m fall from 35bps to 25bps and charges for between £1m and £2m drop from 30bps to 15bps.

Investors holding funds between £2m and £3m will pay 15bps instead of 25bps. People holding between £3m and £5m will see charges fall to 15bps instead of 20bps.

Anyone holding under £500,000 or more than £5m will see no change and continue to pay 35bps and 15bps respectively.

Nucleus business development director Barry Neilson says: “This is a decision we are taking as a result of feedback from our advisers. Our advisers wanted us to keep our pricing model simple but become even more competitive and our financial success has given us a strong foundation to achieve this.

“We believe a profitable 2012 followed by a stellar first six months of 2013 means that now is the perfect time to start doing this while continuing to increase investment into our proposition.”

The Lang Cat principal Mark Polson says; “High-net-worth portfolios have become pretty competitive and Nucleus was about 5bps to 10bps off the market. It has moved to address this and is now back in the hunt for the larger portfolios, even though it is still not leading the market.”

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