AXA Wealth has unveiled its new four-tiered pricing structure for its Elevate platform which will be available from 1 January 2013.
For portfolios under £25,000, AXA Wealth will charge 40 basis points (bps). Portfolios between £25,000 and £100,000 will be charged at 34 bps.
Clients with assets of £100,000 and £500,000 will be charged 32 bps with portfolios of over £500,000 charged 28 bps.
The pricing is tiered so the client is charged the lowest price for their whole investment, for example a client investing £100,000 will play a charge of 32 bps for their entire investment.
Earlier this week New Model Adviser® revealed that AXA Wealth planned to slash the prices for Elevate platform by half.
David Thompson (pictured), AXA Wealth's managing director of marketing and distribution, said the new pricing structure would help the platform towards sustained profitability.
‘We believe our new simple and competitive pricing structure will put us ahead of the game in building assets on Elevate. We are already one of the fastest growing platforms in the UK market today and our new pricing model has been designed to accelerate asset growth and deliver sustainable profits in line with AXA Wealth’s long-term ambition to be a UK platform winner.’