Standard Life to scrap fixed platform discounts for advisers

Standard Life is to abandon its existing platform discounts for large adviser firms in favour of negotiating individual prices with firms based on assets under management, as well as loyalty to the group.

The firm currently offers advisers a charging structure ranging from 60bps for SIPP clients with less than £100,000, to 29bps for those with over £5m, and from 40bps to 17bps for ISA clients. It also offers IFA firms with over £10m AUM a 5bps discount on a client's assets under £500,000, and a 10bps discount for those with over £20m AUM. However, head of platform proposition David Tiller (pictured) said the current fee model "is not as transparent as we would like." "We are going to go to a model where we individually negotiate looking at an adviser's business in the round," he sai...