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NAB’s MLC Wealth slashes admin fees as price war heats up | The Sydney Morning Herald

Westpac-owned wealth business BT fired the first shot in the fees war last July when it slashed the administration costs of its Panorama platform.

The new fees for MLC’s retail Wrap are priced to be competitive with Panorama’s offering.

Kirby Rappell, executive director of independent research provider SuperRatings, said the battleground across the super landscape this year would be focused on administration fees.

“We expect to see admin fees being a focal point in the industry this year, and hope that sharper pricing will support lower fee drag on accounts and better balances at retirement,” he said.

Mr Rappell said for the MasterKey offering, the $78 fixed administration fee was in line with the market median of $78. However, the fall in the fee for account balances up to $200,000 “remains above the all-fund median of 0.25 per cent and the profit for member median of 0.19 per cent”.

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NAB’s MLC Wealth slashes admin fees as price war heats up.

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