AJ Bell has introduced a lower charge on its platform for people with assets between £500,000 and £1mn.
AJ Bell has also increased the interest paid on cash held by clients, with the changes on Investcentre having come into force on April 1.
Mark Rendle, AJ Bell Investcentre product director, says: “I am pleased to announce several reductions to our tiered custody charges alongside an increase to our interest rates paid to clients on cash.
"Coupled with the removal of two fixed platform charges, this demonstrates our commitment to providing good value for advisers and their clients."
In December, AJ Bell announced the increased interest rate on cash balances, a move which it said would benefit its customers by £14mn a year.
The changes are as follows:
AJ Bell has also removed a Sipp transfer-in charge, which was £60 plus VAT and a fee to covert a Sipp into a retirement investment account which was £75 plus VAT.
Rendle added: "These changes will help advisers to feel confident they are getting the best service available to help them support their clients as well as enhance our competitive position as one of the largest advised platforms on the market.
"With the new financial year set to bring with it the abolition of the lifetime allowance and all the complexities of the new pensions tax regime, it is vital advisers can trust providers to make their lives easier by delivering a high quality proposition and service at a fair price.”
AJ Bell also said it is working to help advisers better understand the new pensions tax regime that will accompany the scrapping of the lifetime allowance from tomorrow (April 6).
From April 1, interest rates on cash balances up to £10,000 went up to 2.6 per cent from 2.4, while it increased to 2.7 per cent from 2.5 per cent for balances between £10,000 and £50,000.
The largest rise was for cash balances of more than £50,000 which increased to 3.4 per cent from 3.15 per cent.
tara.o'connor@ft.com
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