Bridges unveils fee changes
BridgesFinancial Serviceshas altered the annual fee structure of its master trust, The Portfolio Service, by introducing a new tiered portfolio fee rebate and reducing fee levels for listed investments.
As part of the changes, The Portfolio Service master trust now offers a tiered portfolio fee rebate, which will see clients receive a 15 per cent rebate for portions of portfolio balances above $400,000, and as high as a 60 per cent rebate for portions of their balance above $1 million.
In order to meet these rebate thresholds, it is also now possible for immediate family members within the master trust to link their accounts, which allows those who take this option access to the same reduced fees as those with larger individual portfolios.
Meanwhile, annual portfolio fees for listed investments in the Personal Investment Plan have been reduced from 1.69 per cent to 1.17 per cent per annum. The reduction in fees includes Australian shares, listed investment companies and Australian listed property trusts.
Bridges believe this fee reduction could make it “more attractive for clients to transfer their personal shares and other listed investments into The Portfolio Service to take advantage of consolidated tax reporting and other benefits available through the Bridges master trust”.
Further to the changes in fees, the choice of listed investment strategies in the master trust has been extended to more than 200. The Portfolio Service master trust now accommodates most, but not all, of the ASX top 200.
Bridges managing director David Bleakley says the changes will potentially benefit clients either by “an immediate fee benefit or by enabling them to streamline the administration of their total investment portfolio at a reduced fee”.
AUTHOR
Lucie Beaman
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