Nucleus Financial Platforms, which claims to be one of the UK’s independent, adviser platform groups, has recently announced it’s reducing the standard annual Nucleus Wrap platform charge by three basis points “for holdings between £200k and £500k.”
According to the update shared by Nucleus Financial Platforms, the cut will deliver “an average 3.2% reduction for eligible customers.”
Under the new standard pricing structure, a customer “with assets of £500,000 would see their charge reduced by £450 over five years.”
The rate cut is reportedly “effective from 1 December and is the second major investment in reducing price for customers in the last 18 months.” In July 2022, the headline annual platform charge was cut “from 35 to 33 basis points.”
Nucleus’s commitment to investing “in price has saved the group’s customers over £5m in the last two years, with a further £5m expected to be saved in 2024 through the combined price reductions.”
Mike Regan, Chief Financial Officer at Nucleus said:
“We’ve been clear that as we build scale this allows us to invest more in our service, product and price. I’m pleased that we are now sharing the benefit of our increased scale by introducing our second annual rate cut for Nucleus Wrap. This latest price reduction increases our competitiveness, and more importantly, delivers an improved outcome for many of our customers, who collectively will have saved more than £10m by the end of next year.”
Regan added:
“Over the last 18 months we’ve invested more than £20m in our proposition, service and price as we deliver against the priorities of advisers, helping them to make their clients’ retirement more rewarding.”
The Nucleus Financial Platforms group “offers investment platforms and products exclusively to financial advisers, that ultimately help make retirement more rewarding.”
Known for its SIPP expertise, James Hay Partnership has “been working with larger financial advisory groups for more than 40 years, providing the means to administer pensions, savings and investments in a cost and tax efficient way.”
Their platform Nucleus was founded in 2006 “by advisers committed to altering the balance of power in the industry by putting the customer center stage.”
Curtis Banks is one of the UK’s largest administrators of SIPP and SSAS solutions for customers and businesses.
It is one of Europe’s largest commercial property landlords, “a specialist area for self invested pensions.”
The business maintains a focus on “providing high levels of technical support, robust service, modern technology and innovation.”
Together they claim to be “one of the UK’s leading, independent, adviser platform and product groups, with approximately £80 billion in assets under administration, helping nearly 5,000 advisers make retirement more rewarding for almost 250,000 customers.”