Abrdn has reduced charges on its adviser Wrap platform, marking the first change made to its pricing in four years.
The changes were announced today and came into force for new clients from May. They will be applied to existing clients in the coming months.
It will see a 15 basis points reduction for between £500,000 and £700,000.
Noel Butwell, CEO at Abrdn Adviser, said: “I’ve always been passionate about offering clients value for money.
"It’s been four years since we made changes to our pricing and now, thanks to all the work that’s been done to improve, enhance and simplify what we do, we are in a position to offer our most compelling pricing ever.
"This commercially sustainable approach to pricing allows us to continue investing in our offering, providing advisers with the solutions they need to grow their business and better serve their clients.”
The firm has reduced the number of pricing tiers from four to three and removed the administration charge on its Wrap Sipp.
The charge for up to £250,000 has gone down to 30 per cent from 35 per cent.
The full new charges are:
Jonny Black chief commercial and strategy officer said the changes were possible due to efficiencies from a platform upgrade implemented last year.
Black said: "Our mission is to offer our clients a premium platform proposition at a highly competitive price point that offers value for all sizes of client portfolios.
"These price reductions are a direct result of the scale and efficiency benefits we have achieved through the platform upgrade implemented last year, while continuing to invest in our service experience and new solutions."
He said changes to the charging structure were made following feedback from advisers, including the reduction in pricing tiers.
tara.o'connor@ft.com
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