Myddleton Croft, based in Leeds, said the move, which comes after a fee review, was about increasing transparency and simplifying the process for clients.

It is unlikely to make a “material difference” to the level of fees, the firm stated.

The changes, which will apply to both intermediary clients and direct clients, will come into effect from 6 April.

Julie Jones, managing director of the boutique investment business said: “We’ve always been in favour of transparency of charges and we’re now taking this a step further.

“Up to now, as it was not possible to estimate the future frequency of dealing, we could not provide clients with a likely overall cost.

“We have, therefore, decided to remove the uncertainty of the dealing charge in favour of a fixed custody fee of 0.2% per annum which is exempt from VAT.

“While in most cases the change will not mean a material increase or decrease in clients’ fees, it will give added peace of mind and consistency.

“This latest move forms part of an on-going commitment to simplifying the way we deal with clients and ensuring that we treat them fairly. We felt the time was right to standardise our fees with a flatter, more uniform structure which is easy to understand.”

The new fee structure will comprise standard terms, with continued flexibility for volume and for larger sized client mandates.

Myddleton Croft has grown to an eight-strong team, working with independent financial advisers throughout the north of England and further afield. It serves private clients, charities, pension funds and trusts.