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AXA Wealth cuts pricing for larger portfolios

AXA Wealth cuts pricing for larger portfolios

AXA Wealth has unveiled reduced charges for larger portfolios on its Elevate platform.

The platform will now charge 0.25% for portfolios that are £1 million plus, 0.15% for £2.5 million plus and 0.10% per cent for those that are over £5 million.  

AXA Wealth said that unlike other platforms 'where the tiers work like income tax bands', they sought to charge the lowest price they qualify for on the whole portfolio.

In addition, clients - married couples, civil partners, cohabiting couples, children and grandchildren - who link family accounts can reduce charges by adding the value of their portfolios together and qualifying for a lower price band.

David Thompson, managing director of Elevate, AXA Wealth, said: 'These new reduced charges, available immediately, fit neatly with our transparent pricing model. Given the strength of the business we are now in a position to make the charges for larger portfolios amongst the most competitive in the market and offer lower costs to advisers and their clients.

'We are able to combine the best of a rapidly growing platform, free of the legacy issues of others, with a commitment towards improved efficiency through functionality such as back office integration and prefunding switches along with a wide investment choice including stockbroking and direct asset trading.'

Charges for investments under £1 million remain the same.

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