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14 February 2017
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.
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
Simplified and sustainable charging for new customers
Value of Elevate portfolio | New 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
All figures are at 30 June 2016 unless stated otherwise
About Standard Life Wrap
All figures are at 30 September 2016 unless stated otherwise
About Elevate
All figures are at 30 September 2016 unless stated otherwise