• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Platforms

Quilter's OMW simplifies prices ahead of re-platforming migration

Quilter's OMW simplifies prices ahead of re-platforming migration
  • Sophie King
  • 19 February 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Quilter platform Old Mutual Wealth has simplified its pricing structure to help clients save what it said would be "substantial" amounts each year.

OMW has said its pricing structure will reduce from five charging tiers to four. While the first tier remains the same (see image below) at 0.50% for the first £25,000, the fourth tier charge starts at 0.15% for £750,000, rather than £1m. The pricing changes will be introduced from April 2020. 

Related articles

  • OMW platform cautious of next few weeks after migrating first 100 advisers
  • Quilter hosts international wealth transfer webinar
  • IHT receipts jump 44.4% to record high of £5.4bn
  • UK pensions action group urges FCA to ban contingent charging

The platform also said it will launch family linking, which will allow investors from the same family to link their OMW assets together. Spousal linking is the common factor so far, but it said the new feature would allow multiple generational links, including grandparents, parents, brothers, sisters, children and grandchildren.

We are seeing more advisers using our platform to support wider family units and providing advice that spans generations"

The platform said that, when investments are linked with family members, it uses those combined assets held to calculate the percentage rate and ultimately lower the charged paid by each individual. OMW said its platform charge reduces in stages as the total value of a customer's assets increases.

OMW chief executive officer Steven Levin said: "We are seeing more advisers using our platform to support wider family units and providing advice that spans generations. And it is our duty to encourage intergenerational planning, allowing advisers to offer savings to those families."

He continued: "Our new platform technology will deliver a number of efficiencies and I am delighted to be able to share these savings with customers."

Quilter is set to conduct the first phase of its migration of OMW platform assets onto its newly powered FNZ-technology this weekend (22-24 February). OMW head of proposition and marketing Jeremy Mugridge told PA that, if they were not prepared for the migration and had not learnt lessons from other firms who have re-platformed, then he probably would be cautious.

In February last year, OMW confirmed it had completed its "soft launch" of the platform, which saw several staff move onto its FNZ-powered platform.

According to the lang cat, this is Quilter's first platform price changes in eight years since they were lasted altered post-RDR in 2014 when it removed drawdown charges and its minimum fee. The platform consultancy's heat map below, which includes OMW's new and old pricing structure, suggests the platform will remain in the middle of the market on cost for clients with large portfolios. 

The lang cat analyst Chris Bredin said any price cuts are good for advisers and their clients. He said it might be an aspect of their being some good news [for advisers] ahead of OMW's re-platforming this weekend. 

However, he did say the change is "relatively small" compared to Standard Life's platform fee cuts last year. "The main thing is it's a good thing to have happened," he said. 

 

This article was first published by Professional Adviser, International Investment's sister title

Subscribe to International Investment's free, twice-daily, newsletter

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Platforms
  • OMW
  • Quilter
  • Old Mutual Wealth

More on Platforms

Quilter expands digital signature capability for UK advisers

  • Platforms
  • 02 December 2020
Standard Life Aberdeen to sell Parmenion in bid to 'simplify' business: reports

  • Platforms
  • 30 November 2020
iPensions Group launches adviser portal for SIPP market

  • Platforms
  • 24 November 2020
AJ Bell chief executive Andy Bell
AJ Bell platform attracts 63,000 new customers

  • Platforms
  • 22 October 2020
RL360's Graeme Ison switches to Ardan International

  • Platforms
  • 03 August 2020
Back to Top

Most read

SharingAlpha's 2020 top rated funds by category revealed
SharingAlpha's 2020 top rated funds by category revealed
DeVere launches equity fund with Columbia Threadneedle Investments
DeVere launches equity fund with Columbia Threadneedle Investments
HNWIs in SE Asia cite lack of financial knowledge as greatest concern: report
HNWIs in SE Asia cite lack of financial knowledge as greatest concern: report
Guardian WM is reborn as Skybound WM
Guardian WM is reborn as Skybound WM
People moves: IQ-EQ, AllianceBernstein, Beaufort Group, BCS Global Markets, Tyndall IM, TMF Group
People moves: IQ-EQ, AllianceBernstein, Beaufort Group, BCS Global Markets, Tyndall IM, TMF Group
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading