Platforms are racing to update their conversion programmes as advisers complain about hefty charges when switching clients into clean share classes.
A number of platforms currently impose a spread between the ‘bid' price and the ‘creation' price of the new clean share class when selling bundled dual-priced funds, despite no transaction of shares taking place. Advisers say this spread means their clients are being left out of pocket. While some platforms have programmes allowing bid-to-bid conversions to take place, others including Fidelity FundsNetwork and Skandia are currently forced to sell and repurchase the funds when an adviser initiates a move themselves. > Read: Just what do gaming and platforms have in common? < This...
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