The Bristol-based company has previously charged a 0.25% initial fee on all new business and top ups, as well as an initial 0.9% dealing fee on ‘active solutions.’

Parmenion said it made the changes to ‘make investing easy’ and the decision to remove the initial charges has been made with simplicity in mind for its financial adviser clients.
The company says the change also reflects a desire to continue to offer value for money.

The initial charges have been removed across all wrappers and solutions, including SIPPs and drawdown.

The reduction comes into effect from today (1 November 2017) and will see the Parmenion initial fee and initial dealing fees removed. Advisers will still have the flexibility to set their initial advice fee via the platform.

Parmenion, which is owned by Aberdeen Asset Management, recently exceeded £4bn in assets under management and historically charged a 0.25% initial fee on all new business and top ups, as well as an initial 0.9% dealing fee on active solutions.

Richard Goodall, distribution and marketing director said. “Parmenion has always been about making it easier to do business. This change to our charging structure, in response to feedback from our clients, perfectly reflects this goal.”

“Ultimately, this enables advisers and clients to continue to receive the highest quality technology, DFM and service proposition at a price that offers great value for money.”