AXA Wealth announces that its off-platform pension and onshore bond business are now fully RDR ready, paving the way for the roll out of the full AXA Wealth proposition before the end of the year.
As of now the Retirement Wealth Account, AXA Wealth's long-term pension plan, and onshore investment bond will facilitate adviser charging with a range of options including initial, spread initial (on regular premiums), on-going and ad hoc adviser charging, which can be taken on both pre- and post-RDR assets. This gives advisers the flexibility to facilitate charges appropriately for varied clients' needs.
Additionally, a flexible option to allow advisers to take charges up to a client-agreed maximum limit will be offered. Any existing remuneration being taken on pre-RDR assets can continue in accordance with the FSA rules.
Unlike most other providers, AXA Wealth will also be facilitating adviser charges on products currently closed to new business, but that existing clients can still invest in. This includes the Trustee Investment Plan, Personal Pension, Section 32, Executive Pension and earlier versions of the Retirement Wealth Account.
Nick Elphick, chief operating officer, said: "The aim from the very beginning was for our adviser charging options to be consistent across the entire product range to make it as simple as possible for advisers. What we have introduced gives advisers and their clients the flexibility they need, regardless of which AXA Wealth product best suits their circumstances.
"These changes were designed to build on AXA Wealth's existing functionality that was developed way ahead of the curve over 12 years ago which focused on fee-based business rather than traditional commission. We therefore expect the transition to our new adviser charging options to be a straight-forward process for many advisers at a time when they are making big changes to their businesses."
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