Standard Life reveals new Elevate charging model

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New Elevate customers will face an average increase of 0.04 per cent in portfolio charges to support platform development, Standard Life has said.

Standard Life, which purchased the Elevate platform off Axa in May, confirmed the new pricing structure for the platform today after deciding to keep Elevate as a standalone business last month.

Charges for existing customers will remain unchanged, while the number of discounted fund deals available on “superclean” funds will increase from 350 to 440.

New customers will be able to take advantage of these discounts, but will still see a slight increase in portfolio charges as the number of charging tiers is reduced from seven to four on the platform.

Standard Life head of adviser and wealth manager propositions David Tiller says: “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.”

Standard Life’s completed the Elevate acquisition in November. Combined assets on Standard Life Wrap and Elevate stood at £38.4bn as at the end of March.

Further development plans for both the Standard Life Wrap and Elevate will be set out early next year.