A major wealth manager will lower fees for its super and pension product and launch a new core investment list.
MLC’s new core investment list will enable clients to access Horizon, Index Plus and Inflation Plus investment portfolios at administrations fees of $260 per annum. The list will be available from 20 April 2020.
“The Core Investment List provides a simple fee structure while leveraging MLC’s scale and investment strength to deliver better outcomes for clients,” said MLC group executive for platforms Darren Stevens.
“Advisers want to offer clients cost-effective solutions that consider their changing needs over time and this is reflected in our latest Wrap and Navigator changes.”
MLC will also be lowering fees for its MasterKey Fundamentals products for accounts above $150,000, affecting 58,000 clients and members. The investment fee for all retail and wholesale MLC Index Plus options will also be reduced to a flat 29 bps from 1 April, for around 40,000 retail and wholesale clients.
The announcement builds on price changes announced in January 2019, which saw administration fees across MLC’s Wrap and retail MasterKey Fundamentals product reduced by up to 50 per cent – something MLC said resulted in an increase in client and adviser use.
“Our decision to reprice in January last year was the result of intent listening to our clients and their advisers who told us they wanted more cost-effective solutions for managing their investments,” Mr Stevens said.
“Today’s announcement shows we are once again taking action to ensure we’re meeting their evolving needs.”
Former CEO of ING Direct Vaughn Richtor will assume the role of chairman at MyState following the retirement of Miles Hampton, the compan...