MLC Expand reduces fees

The wrap platform has reduced fees for around 65% of all platform clients across Expand Essential and Expand Extra from June 1.

The change will see the account keeping fee for Expand Essential drop from $90 to $78 per annum, while the administration fee remains at 0.10% with the fee cap to apply for balances above $800,000, reduced from $1 million.

Meanwhile, the account keeping fee for Expand Extra will drop from $180 to $150 per annum. The tiered administration fee will reduce for balances above $100,000, with the most significant reductions applied to balances between $200,000 and $800,000.

"For an Expand Extra client with an account balance of $250,000 it means a saving of more than $330 per annum on the current disclosed fees, representing a 25% reduction," MLC Expand chief executive Liz McCarthy said.

These reductions will also benefit accounts in linked groups where balances are aggregated for fee purposes.

McCarthy added the price reduction is a "perfect example" of committing to improving retirement outcomes and fostering simplicity for advisers.

"The combination of reduced fees and some of the most competitive fee caps in the market now makes it even more compelling for advisers to recommend MLC Expand to help improve their clients' outcomes," McCarthy said.

"We're constantly listening to their feedback about how we can improve and innovate MLC Expand, including taking onboard their feedback to us on fees.

"We've listened to advisers and reduced our fees in areas that matter and maintained one of the simplest and transparent fee structures in market. "

The MLC Expand platform also supports the IOOF Employer Super, IOOF Personal Super and IOOF Pension products, reducing fees for around 80,000 clients.