ING slashes wrap fees
ING is the latest platform provider to cut the cost of its products ahead of choice of fund, reducing the administration fees by up to 36 basis points on its wrap account PortfolioOne.
Effective from May 1, the reductions apply to all administration fee options on the wrap — contribution fee, nil contribution fee and net operator fee — and are applicable to both new and existing business.
Executive director personal investments Alexis George said the reductions reflect ING’s commitment to making PortfolioOne “one of the most competitive wrap products on the market”.
“PortfolioOne offers a unique fee aggregation option across all fee and tax structures, including no transaction fees on additions or switches between managed funds, and identical pricing across tax structures.
“This fee aggregation would allow a family of four, each with $250,000 to invest, to save $1,467 per annum in fees, because fees would be levied on the basis of a single $1 million investment.
In addition, George said fees will be capped for investments amounts of above $2 million through the net operator fee option.
She said the competitive pricing would “further help to attract advisers with clients who want their investments more actively managed and appreciate the functionality provided by a full service wrap account”.
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