Nucleus has cut its platform charge for a second time in 18 months.
The platform provider said it has reduced its standard annual charge on its wrap platform by three basis points for holdings between £200,00 and £500,000.
Under the new pricing structure now in place, customers with assets of £500,000 will see their charge reduced by £450 over five years.
In July 2022, the headline annual platform charge was reduced from 35 to 33 basis points.
Nucleus said its “commitment to investing in price” has saved the group’s customers over £5 million in the last two years, with a further £5 million 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.”
Regan said the latest price reduction increases Nucleus’ competitiveness and delivers an “improved outcome” for many of its customers.
“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,” he added.
