Charles Stanley Direct is to waive its fees for six months for those who transfer more than £500,000 to the platform before 1 April.
The £500,000 can go into an ISA, Sipp or non-tax wrapped investment and be formed of any mix of funds, investment trusts, shares or cash.
Until October 2014 eligible investors will not pay Charles Stanley’s 0.25% platform fee for funds or 0.25% custody fee for shares and investment trusts.
‘Many clients have expressed an interest in using our service, but some have been put off by high transfer fees from competitors,’ said Rob Hudson, head of Charles Stanley Direct.
‘Our six-month fee-free offer helps offset the cost of moving. In addition, we will guarantee that if any client isn’t satisfied with our service and wishes to transfer to another provider in the first year, we will waive any exit charges.’
Hudson (pictured) also criticised other platforms’ recently unveiled fee structures, claiming that ‘many have been dithering and are long overdue’ and deeming it ‘strange that many don’t offer clients the choice of shares and investment trusts alongside funds’.
Charles Stanley Direct’s own pricing has been set at a platform fee of 0.25% on the first £500,000 of assets, with 0.15% on the balance above that amount.