MLC improves its platform pricing
MLC has made changes to the fee structure incorporated in its MasterKey Custom platform that will see customers benefit from both reduced charges as well as a more flexible pricing strategy.
The changes will see administration fees charged by the platform reduce by up to 10 basis points and will apply to MasterKey Custom Investment Service Products and also MasterKey Custom Superannuation.
The decision to drop its platform fees was driven by the increase the product has experienced in its funds under administration, approximately 40 per cent year on year over the past three years.
In addition to this fee reduction, customers of the platform who have both a superannuation and a pension account now have the ability to aggregate their account balances allowing them to pay fees on one balance as opposed to two as used to be the case.
This added flexibility to the fee calculation process will mean customers can also benefit from the lower fees charged on higher account balances.
MLC Superannuation and Investments general manager Anthony Waldron said: “This is an important and industry leading change for customers taking advantage of the latest transition to advice retirement strategies.”
“We want to ensure our pricing remains competitive and flexible to help customers structure their finances in the way that best suits their needs,” he added.
The changes to the pricing structure were made available to customers on March 1.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
