abrdn has today announced a more simplified charging structure including reduced pricing on its Wrap platform. This move follows last year’s platform technology upgrade, which has created greater servicing efficiencies and enabled abrdn to lower its pricing while continuing to invest in solutions and service.
The key changes include;
- 5bps+ reduction at all tiers up to £1m
- 15bps reduction between £500k and £750k
- Simplified platform charging with one less tier
- Removed Product Administration Charge on Wrap SIPP
New Wrap platform charges from 1 May 2024;
| Old charge | New charge | |
| £0 – £250,000 | 0.35% | 0.30% |
| £250,000 – £500,000 | 0.25% | 0.20% |
| £500,000 – £750,000 | 0.10% | |
| £750,000 – £1m | 0.15% | |
| £1m+ | 0.10% |
The price reduction will apply to new clients on Wrap from 1 May 2024. abrdn has scheduled applying the pricing change to existing clients into their programme of enhancements.
Jonny Black, Chief Commercial & Strategy Officer at abrdn adviser, 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.
We have also listened to adviser feedback and have decided to simplify our charging structure to make doing business with us even easier. To this end, we’ve reduced the number of Wrap pricing tiers from four to three tiers and removed the product administration charge on Wrap SIPP.”
Noel Butwell, CEO at abrdn adviser, added; “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.”
