Previously administration fees were capped for accounts in excess of $500,000 or $2,770 maximum for superannuation. Wealthtrac has lowered this to $350,000 capped with a new maximum of $2,460 and $2,385 per annum for IDPS.
The company’s managing director and CEO, Matthew Johnson, said the new pricing model was designed to give advisers greater flexibility and was better suited to fee for service models.
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"We understand the pressures advisers and clients are under in the current environment. Platform services such as ours, should be about assisting advisers to do what they do best -and that is, implementing excellent advice strategies for their clients.
Johnson claims that that this makes them the lowest capped traditional platform in the marketplace, although the fee structure minimum appears to cater for higher account balances.
The revised adviser service fees within Wealthtrac’s new PDS includes the option for advisers to charge a one-off service fee either as a fixed or tiered percentage based on the administration fee tiers or the ability to charge an ongoing fee as a combination of flat dollar and percentage.
"Under the new PDS, advisers will have greater flexibility to negotiate fees that suit their business and their clients. We have enhanced functionality in relation to ASF," Johnson said.
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