Standard Life has reduced its Wrap platform fees by simplifying its pricing structure in a bid to improve the customer and adviser experience.
The platform has reduced its pricing structure from six to four tiers by combining some together. It has also merged what was pricing for core terms and standard terms into one.
Different prices have remained in place between general investment accounts (GIAs), ISAs and self-invested personal pensions (SIPPs). GIAs and ISAs will be priced together and those with assets in a SIPP will be charged 0.5% more than that.
Standard Life said the price reduction was designed to make a "real difference" to existing customers by delivering a "sustainable fee structure" that rewarded advisers' core clients.
Standard Live Savings CEO Noel Butwell said the reduced costs were a result of "continued growth and efficiencies" the platform has generated across its business.
"Advisers that use Wrap can be confident our new fee structure means they can deliver great value for life for clients consolidating and entering drawdown," he added.
Standard Life has also launched a new drawdown price lock, which Butwell believed was an "industry first."
The initiative ensures the platform charge clients pay on their pension savings can be locked at its lowest level for life. Standard Life said this gives advisers the control to lock in charges when they and their clients choose and give certainty of outcome.
"Most platforms, including Wrap, have traditionally operated a model designed to reward savers where fees fall as the client's pot increases," Butwell continued.
"From April 2020, advisers can prevent this happening by ‘locking in' the fee their clients pay when their percentage rate is at its lowest level."
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