Insignia’s MLC Expand heats up platform fees competition

Insignia Financial’s MLC Expand platform has announced fee reductions which it claims will benefit up to 240,000 super, pension and investment clients.

The fee move comes at the same time as Insignia embraces the legacy value of the MLC brand.

The company announced from 1 June, the Account Keeping Fee for Expand Essential, MLC Expand’s low-cost super and retirement platform for clients with simpler needs, will drop from $90 to $78 per annum. The Administration Fee remains at the competitive rate of 0.10% with the fee cap to apply for balances above $800,000, reduced from $1million.

It said that for Expand Extra, MLC Expand’s full service wrap platform for clients with more complex needs, the Account Keeping Fee will reduce from $180 to $150 per annum. The tiered Administration Fee will also be reduced for balances above $100,000, with the most significant reductions being applied to client balances between $200,000 and $800,000. These reductions will also benefit accounts in linked groups where balances are aggregated for fee purposes.

Commenting on the move, MLC Expand chief executive, Liz McCarthy said that for an Expand Extra client with an account balance of $250,000 it meant a saving of more than $300 year on the current disclosed fees, representing a 25% reduction.

She said the firm had listed to advisers and reduced fees in areas that matter.