Cofunds has scrapped its annual £40 fixed platform charge for clients using its explicit pricing model, following its takeover by Legal & General.
The platform’s monthly investment-based platform charge, which rewards consolidation of assets on the platform and ranges from 0.29% for assets up to £100,000 to 0.15% for assets over £1 million, remains unchanged.
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The rate is calculated based on a client’s total investments on the platform, but only applied to their investments in commission-free share class funds.
Cofunds added it will reveal a number of other changes to its proposition going forward as a result of the review.
Adam Smith, Cofunds’ commercial director, said: "This is the first of many developments that will benefit our clients and their end investors. Having the might of Legal & General behind us, we’re able to play our part in helping to reduce the cost of investing in a sustainable way that reflects real value."
Cofunds has launched the explicit pricing model in September 2012 in preparation for RDR and currently has £5 billion in assets under management with inflows of around £400 million per month.
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