AXA Wealth is placing platform centre stage in its post-RDR strategy, in a bid to become the preferred wealth provider for new model financial advisers.
AXA Wealth will unveil a new pricing model in a few weeks, which is designed to give it a serious price advantage over rival platforms. The new pricing model will make Elevate very competitive across all key pricing points and is expected to be tiered below 35bps for Elevate portfolios between £25,000 and £100,000, and below 30bps for assets over £500,000. Full details are expected to be announced shortly.
In addition to a highly competitive platform charge, advisers also get one of the most functionality-rich wraps in the market, complete with planning & risk profiling and asset allocation, portfolio construction and management and lifetime cash flow planning tools. Advisers can also benefit from popular features like pre-funding, a choice of fixed term deposits, and a platform that currently invests around £18m a year in new design development.
Elevate has built a strong following over recent years, by listening to customers and developing the platform based on their feedback. This approach helped Elevate secure not only the number one spot for Q2 2012 in the respected Platforum leaderboard, but also the mantle of fastest growing platform in Q3 2012 in the £2bn+ group, with around £5bn assets under management.
Paul Riddell, head of strategic communications, AXA Wealth, says: "Winning the platform war is key for AXA Wealth, which has invested millions over the past four years to make it one of the most trusted platforms in the market. Not only will it be one of the most keenly priced wraps in the market across key price points, it is a platform that will continue to benefit from an investment programme designed to keep Elevate at the cutting edge of platform design."
Elevate’s pricing has always been designed to be flexible, simple, transparent and to provide choice to advisers. A key feature of its pricing has been its unique ‘What you see is what you pay’ pricing.
Riddell says: “The new pricing model will refine this approach further following feedback from users to give customers a more competitive charge and a simpler structure, which improves an already transparent offer even further. We believe Elevate will give advisers and clients the best of both worlds: a market-leading wrap platform at a highly competitive price.
“Importantly, we believe platform providers are going to be severely tested over coming years, as the global financial crisis continues to bite. AXA Wealth is constantly looking at ways of improving value for money for advisers and clients: its fund supermarket pricing is amongst the keenest in the market; its joint offer with Elevate and Architas provides low cost multi-manager investment solutions; and in the new year it will be improving its explicit charging structure to better support advisers in the post RDR world.”
Built by a company with a secure B+ financial strength rating from AKG* and part of the AXA Group, the largest financial services brands in the world, according to Interbrand, AXA Wealth has demonstrated its ability to thrive in one of the toughest economic conditions.
The new pricing model is expected to available to new and existing Elevate user firms from January 1 2013.
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