Investment Administration Services (IAS) has slashed fees across all of its managed account services.
The reduction resulted in an ongoing direct saving of between 5 per cent and 10 per cent every year for IAS’s over 1400 account holders, IAS group general manager Phillip Thomas said.
“Having recently surpassed $650 million in funds under advice, our increasing scale and continued emphasis on efficiency through technology and process automation has allowed us to focus further on client and adviser outcomes and pass the benefits of our improvements on to investors,” Thomas said.
“The fee reduction is further good news for advisers to share with their clients.”
He said the reductions applied to all fee types, including administration, investment management, brokerage, adviser and dealer group fees, and provided potential for margin improvement.
Earlier this month, Sydney-based wealth management firm Henderson Maxwell announced a five-year renewal with IAS following a review of managed account providers.
Fifteen groups had services operated by IAS, with a further eight businesses expected to go live by 1 July, Thomas said.
