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14 February 2017

Standard Life reveals sustainable charging structure for new Elevate customers

Standard Life today announces a revised Elevate charging structure for new customers, delivering pricing competitiveness and platform sustainability within a simplified model.

 

 

The Elevate Portfolio Charge will not change for existing customers, and costs could be reduced thanks to the expanding range of discounted fund deals. They will also be free to move to the new charging structure if it is beneficial for them to do so.

  • Charges for existing customers remain unchanged
  • Existing customers can benefit from expanded range of discounted fund deals
  • Pricing competitiveness and a simplified charging structure for new customers

Standard Life today announces a revised Elevate charging structure for new customers, delivering pricing competitiveness and platform sustainability within a simplified model. The Elevate Portfolio Charge will not change for existing customers, and costs could be reduced thanks to the expanding range of discounted fund deals. They will also be free to move to the new charging structure if it is beneficial for them to do so.

Effective from March 2017, the charging structure for new customers will support a commercially sustainable business model for Elevate as a standalone platform, and the investment required to deliver the developments advisers requested in recent research by Standard Life.

What this means for advisers and their clients

  • No existing client will see an increase in their Elevate Portfolio Charge
  • The number of charging tiers has reduced from seven to four giving advisers and their clients a clearer view of what they have to pay
  • On average, for new clients, the Elevate Portfolio Charge will increase 0.04% to allow ongoing investment in the platform developments advisers are asking for
  • Further 'superclean' fund deals on Elevate mean the total number of discounted funds has increased to 440. Offering an average discount of over 0.10%, advisers can reduce costs for large numbers of both new and existing customers.

Simplified and sustainable charging for new customers

Value of Elevate portfolioNew Elevate Portfolio Charge*Access to discounted funds?
£0-£750k 0.36% Yes
£750k-£1m 0.33%
£1m-£1.5m 0.30%
£1.5m-£2.5m 0.25%

*annual equivalent of the charge based on the value of a customer's Elevate portfolio regardless of tax wrapper

David Tiller, Standard Life's Head of Adviser and Wealth Manager Propositions, said: “Platform provision is a long-term business so we have ensured the new charging structure is both competitive and sustainable. In making this change, we are also making a commitment to Elevate advisers to deliver the developments they want for their clients.  It is right that advisers should demand that their platform provider offers the most competitive price possible. It is equally important that advisers feel confident in the commitment of their provider, the stability of the service provided and that investment will be made in the areas that really matter.

“By making the changes announced today, I believe Elevate is a much stronger platform proposition going forward. With a strong and committed owner, investment in development, a sustainable pricing model and access to more discounted funds, I firmly believe Elevate is incredibly well-positioned to help advisers grow their businesses and help more people to benefit from high quality services.”

Steve Owen, Elevate's Head of Proposition, said: “It was important for us to reassure advisers as soon as possible, by removing uncertainty around pricing and supporting their client conversations. Advisers now know their existing clients will not see an increase, and the platform has clear focus and ambition, with a fair pricing model to support this. We can now move forward with confidence in our development plans and strategy for 2017.”

You can read the full Q&As on the Elevate charges page

Ends

Media enquiries


For further information, contact:

Patricia Corrigan
Direct: 0131 245 5916
Mobile: 0771 092 4558
Email: patricia_corrigan@standardlife.com

Nicola Pugh
Direct: 01256 852041
Mobile: 0779 504 4915
Email: nicola.pugh@axawealth.co.uk

Notes to Editors

About Standard Life

  • Standard Life was established in Edinburgh in 1825. Today it is a global investment company helping people to invest and manage their money.
  • Around 4.5 million customers and clients across 46 countries trust Standard Life with their financial future and Standard Life is responsible for the administration of £328 billion of their assets. Standard Life also supports over 25 million customers through Indian and Chinese associate and joint venture businesses.
  • Standard Life Investments actively manages £269 billion worldwide, offering global asset management expertise with strong investment capabilities and performance.
  • Standard Life employs around 6,500 people internationally - through businesses in the UK, Europe, North America, Asia and Australia.
  • Standard Life plc is listed on the London Stock Exchange with around 1.2 million individual shareholders.
  • Wherever Standard Life operates in the world, it is motivated by a sense of responsibility. That is what has helped it be a sustainable business over the long term. Standard Life is proud to be listed as a leader for corporate sustainability in its industry in the Dow Jones Sustainability Indices (DJSI World and DJSI Europe).
  • You can follow Standard Life on www.twitter.com/StandardLifeplc

All figures are at 30 June 2016 unless stated otherwise

About Standard Life Wrap

  • Since launching in 2006, Standard Life Wrap has helped advisers transform their service to clients and adapt to the changing regulatory landscape. Standard Life Wrap has been adopted by over 1,500 financial advice and wealth management firms and serves over 200,000 customers.
  • Total Standard Life Wrap platform assets under administration are £30.3 billion including net inflows of £3.0 billion in the first nine months of 2016.
  • For the third year in a row, Standard Life Wrap was voted “Best Platform Provider (AUM over £12.5 billion in 2014 and 2015, and AUM over £15 billion in 2016)” by the adviser community at the prestigious UK Platform Awards 2016.
  • Adviserzone is Standard Life's dedicated extranet site for UK financial advisers. Visit www.adviserzone.com for more details.

All figures are at 30 September 2016 unless stated otherwise

About Elevate

  • Elevate supports over 2,000 financial advice and wealth management firms in managing SIPPs, ISAs and other investments. It serves 160,000 customers, providing access to over 5,000 funds from over 130 fund managers. Elevate has £11.0 billion of assets under administration and has consistently delivered gross inflows in excess of £2 billion p.a. since 2010. Net inflows in the first nine months of 2016 were £0.6 billion.
  • Elevate offers the 'superclean' share classes for Architas funds, which will also be added to the Standard Life platform to ensure this preferential pricing for Architas funds is consistent for advisers.
  • The platform was voted “Best Platform Provider (AUM up to £15 billion)” by advisers at the UK Platform Awards 2016 for the second year in a row and the “Best Platform for Adviser Service”.
  • For more information about Elevate visit www.elevateplatform.co.uk

All figures are at 30 September 2016 unless stated otherwise