IOOF has reduced the fees for DKN Financial Group’s badged BT Wrap offering by 25 per cent for all existing and new clients.
The repricing, which is effective 1 May 2012, will help IOOF advisers to deal with the Future of Financial Advice (FOFA) reforms and add value to their clients, the company said.
The repricing will also assist the self managed super fund (SMSF) market as the platform gives a cost-effective solution, the company said. The repricing gives clients a saving of up to $1,100 per annum.
Despite IOOF continuing to review its products, it has no immediate plans to reprice any others, it said.
“The reality is that the pricing hasn’t been reviewed since it was launched a number of years ago. We felt compelled to have a look at its competitiveness,” IOOF general manager of distribution Renato Mota told InvestorDaily.
“It’s not about just undercutting the competition. We are significantly more competitive than we have been in the past. It is part of a review and secondly, to target the SMSF space.”
Mota said the reduction in administration fees is “just one example of our commitment” to working with our partners.
With more than $5.5 billion in funds under advice on the BT Wrap, DKN is one of the platform’s largest clients, the company said.
