Wrap platform Nucleus has revealed a price cut for clients with larger portfolios.

Charges for clients with £500,000 and above are to be reduced from 1 July.

Under the new pricing model, a client with a portfolio of £1m will see annual platform costs reduce by 12.5% while a client with a £2m portfolio will see platform costs reduce by 30%, according to Nucleus.

The changes come following a review of core platform pricing, the company said.

The price reduction will apply to all existing core Nucleus users and new business from 1 July and is designed to “ensure those already using the platform benefit from the continued success of the business while also ensuring overall pricing remains highly competitive in the market”.

Source: Nucleus

Barry Neilson, Business Development Director at Nucleus, said: “As an adviser led business we listen carefully to feedback from all Nucleus users. They have been clear that they wanted us to keep our pricing structure simple but become even more competitive at higher portfolio levels. Assets, revenue and profitability have all grown strongly in recent years and this continued financial success has given us a strong foundation to be able to achieve this.

“We are ever mindful of the need to operate a responsible pricing model that reflects the commercial realities of providing a sustainable and financially robust platform while ensuring clients are charged appropriately and benefit from our increasing scale. As an adviser built business we share our users’ desire to deliver the best possible client outcome and it has always been our intention to ensure advisers who use the Nucleus platform, as well as their clients, benefit directly from the continued success of the business.”