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What actually goes into the total cost a client pays for their platform? That’s the question that this episode sets out to answer.
And to do it host Richard Allum is joined by Transact CEO, Tom Dunbar, who covers the four components that contribute to charges: the annual platform charge, wrapper fees, brokerage fees, and any cash interest retention.
Along the way Richard and Tom explore how annual charges are typically tiered, why family linking can make a real difference for smaller portfolios, how wrapper fees scale with the complexity of the product, and where brokerage fees do (and don’t) add up.
Finally, the conversation turns to the issue of cash interest retention – the gap between what a platform earns on client cash and what it pays out – and how it differs from platform to platform.
Tom explains why Transact has taken a firm stance on the issue, and why retention of interest plus ‘double dipping’ and ‘triple dipping’ have become a focus for the FCA.
