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Selestia online transactions treble after charges axed

Skandia says daily online transactions have nearly trebled on its Selestia Investment Solutions platform since it axed initial charges last September.

It says daily online transactions stood at around 54,000 last month compared with 18,870 in August last year before the charging changes.

Head of proposition marketing Peter Jordan says the number of daily transactions jumped from 18,870 in August last year to an average of 27,000 a day in September when the pricing changes were brought in.

Skandia says the platform now has 29,000 registered users, an increase of 5,000 since last September.

Jordan says: “The key is to offer a service that meets all the needs of advisers and their clients at a fair cost which is clear and easy to understand. Other platforms can hide behind opaque charging structures for as long as they like but these figures show that many advisers are very keen on the transparency and simplicity we are bringing.”

Adrian Smith and Partners director Adrian Smith says: “Price is always important and certainly in the more difficult times that we are now facing. “My only regret is that Skandia did not do so years ago when my firm was using them.”

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