Transact has reduced charges on its platform and has lowered the threshold size of client portfolios eligible for lower annual fees from £180,000 to £150,000.
Previously, clients with portfolios valued below £180,000 have had to pay a higher 0.5% fee on the first £60,000 invested, and the lower 0.325% fee on the remainder of their assets. From 1 November, this threshold is being reduced to portfolios valued at £150,000, while the standard annual commission will also be reduced to 0.31% next year. This means that only those clients with less than £150,000 in assets will pay the higher 0.5% on the first £60,000. The firm said this would be equal to clients with a £150,000 portfolio paying £105 less per year, a reduction of 17%. For investm...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes