Ardan International is cutting its current minimum annual account fee of £200 as it introduces changes that affect the way annual management charge, dealing fees and costs are calculated and applied.
Instead of the £200 minimum, clients will now be charged a 0.4% annual account fee based on the valuation of the Client Portfolio Account, the company revealed in a statement.
There are also changes to the charging structure for dealing fees, including the Model Portfolio Service. The new charges for each trade are:
Our proposition is designed to be transparent, simple to use and provide the best value for money to our customers"
- Funds - £5 or currency equivalent
- Listed securities and bonds at (major exchanges) - £25 or currency equivalent
- Other securities (other exchanges) - £40 or currency equivalent
- Structured Notes - £40 or currency equivalent
The company has reduced the charge for money transfers out to £5 or currency equivalent but banks may also levy additional transfer costs.
"This is great news for our customers and advisers. Our proposition is designed to be transparent, simple to use and provide the best value for money to our customers. This new pricing schedule is easier to understand and will drive down even further the costs to use our platform for all users," Ardan International CEO Sarah Dunnage said in a statement.
The new pricing schedule and all changes come into effect on 1 July 2019.