Raymond James has launched an additional bundled pricing model for its administration platform, which will enable wealth managers to trade funds and UK shares without incurring execution charges.
The new model will charge a flat rate of 0.33% based on total assets, which includes fund, crest trades and account maintenance.
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The bundled pricing model will sit alongside its existing semi-bundled and unbundled options, which have charges of 0.25% and 0.15% with fund and crest trades charge of GBP12.50 and GBP27 respectively.
Both the semi-bundled and unbundled packages charged GBP25 for overseas equity trades, just as the new model does.
It is targeted at wealth managers’ lower net worth clients, who typically have assets between GBP50, 000 to GBP150, 000.
Chief executive of Raymond James, Peter Moores, said: "Our new charging model has been tested and received well – it fills the gap in our charging structure and enables wealth managers to segment their client base and manage portfolios for high net worth and smaller investors through the one platform.
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By GlobalData"This sits well with the Financial Conduct Authority’s view that wealth managers need to find the best solution for each client segment."
He added, "Wealth managers set their own charges for management fees, which can be on a tiered or flat basis, as well as brokerage charges, initial charges, financial advice and planning fees, giving them full flexibility for their charging structure with their clients.
"Our new pricing model enables investment managers to better manage portfolios for the smaller accounts today, as they grow into larger accounts tomorrow,"
