The £1m barrier in monthly ongoing fee payments has been broken by advisers using the FundsNetwork Adviser Fees service.
Fidelity said the FundsNetwork Adviser Fees service was on track to distribute more than £12million per annum in fees.
The most popular ongoing fee amount agreed between advisers and their clients was 0.6 per cent.
Since the launch of the service in October last year, 10,000 clients have been set up on the new service with 35,000 clients having transitioned from FundsNetwork's previous Adviser Ongoing Fee model. Currently, around 1,000 clients are being set up on Adviser Fees on a weekly basis.
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In terms of initial fees, the firm said these are settling around 2.4 per cent.
The Adviser Fees service offers initial fees, ongoing fees, specific fees, online services to set up or amend fee arrangements and monthly payments.
Paul Richards, head of FundsNetwork sales, said: "From the early work we did with advisers using FundsNetwork, it's unsurprising to see a high adoption rate of our fee proposition with advisers but even these numbers have surpassed our expectations. Over the coming months, we expect to see a continued move and we'll continue to offer support in this process."

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