AJ Bell adviser platform cuts costs and ups money curiosity



AJ Bell’s adviser platform Investcentre has axed or reduce a number of custody costs on its platform and is growing the quantity of curiosity paid on purchasers’ money.

The cuts imply the custody cost on property between £500,000 and £1m shall be lowered from 0.2% to 0.175% from this month.

Some platform tier costs will stay the identical, for instance the fees on property as much as £500,000 and between £1m and £1.5m will stay at 0.15%.

Curiosity paid on money will rise throughout all quantities, with money of as much as £10,000 rising from 2.4% curiosity to 2.6%.

Two SIPP costs shall be eliminated: the SIPP in-specie transfer-in cost (at present £60 + VAT) and the conversion of a SIPP right into a Retirement Funding Account (at present £75 + VAT).

The annual custody cost is now capped for all accounts with property over £2m. There isn’t a custody cost for money.

The corporate says the adjustments add additional worth for suggested purchasers.

Particulars of the adjustments from 1 April 2024:

Annual custody costs: 

  • A brand new tier from £0.5m to £1.0m is being launched with a decrease annual cost of 0.175% (at present 0.20%)
  • The annual cost for property between £1.5m and £2.0m is being lowered to 0.075% (at present 0.10%)
  • The annual cost is now capped for all accounts with property over £2.0m 









Cost tier

Present costs

Prices from 1 April 2024

Belongings as much as £500k

0.20%

0.20%

Belongings from £500k to £1m

0.20%

0.175%

Belongings from £1m to £1.5m

0.15%

0.15%

Belongings from £1.5m to £2m

0.10%

0.075%

Belongings over £2m

0.00% to 0.025%

0.00%

 Supply: AJ Bell

Fastened costs: Two mounted costs are being eliminated:

  • SIPP in-specie transfer-in cost (at present £60 + VAT)
  • Conversion of a SIPP right into a Retirement Funding Account (at present £75 + VAT)

Rates of interest: Efficient from 1 April, curiosity on all money balances was elevated to:

  • £0 to £10,000 – 2.60% (beforehand 2.4%)
  • £10,000 to £50,000 – 2.70% (beforehand 2.5%)
  • Greater than £50,000 – 3.40% (beforehand 3.15%)

Supply: AJ Bell

Mark Rendle, AJ Bell Investcentre product director, stated: “These adjustments will assist advisers to really feel assured they’re getting the most effective service out there to assist them help their purchasers in addition to improve our aggressive place as one of many largest suggested platforms available on the market.”

• AJ Bell has additionally revamped its tech hub to offer advisers with extra updated info on pension adjustments, together with the Lifetime Allowance and different adjustments.




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