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but fund costs are only part of the story.”ĪJ Bell, one of the UK’s largest investment platforms, is the latest to unveil a series of cuts to annual charges, foreign exchange and exit fees as well as launching a simplified trading app called Dodl that will charge no trading fees, putting it in direct competition with investment and trading start-ups. As Dzmitry Lipski, head of funds research at the UK’s Interactive Investor platform, said: “Thanks to their passive structure, ETFs much cheaper to run and so ongoing charges tend to be less . . . Now platforms are also beginning to respond to that price consciousness. The price cutting suggests providers know that costs are increasingly important to consumers.
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Not only have there been successive records set for flows into exchange traded funds, which tend to charge lower fees than their mutual fund peers, but also a relentless price war between competing providers that shows no sign of abating. Part of the appeal of ETFs is their cheaper cost. “In the past few years we’ve seen growing demand for ETFs,” she said, adding that at the vanguard of this change in investment behaviour were younger investors who tended to trade more frequently but who typically invested in a broader range of instruments than their older counterparts. However, Erik Podzuweit, co-founder and co-chief executive, said investors on its online brokerage service mainly come for ETFs.
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Scalable Capital, a €6bn digital investment platform available in several European countries which, along with other so-called neobrokers, has helped to turbocharge ETF investment in Germany, offers access to a broad range of securities. However, the three-year-old platform is capitalising on a trend towards greater uptake of ETFs which has also been detected by longer-standing online brokerages.
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“ETFs provide an attractive investment option for platforms . . . offering benefits including lower costs, increased transparency and the ability to trade instantly,” she said.ĮTFs are, for example, the only vehicle offered by UK start-up InvestEngine, which offers a free self-directed investment platform as well as a low-cost managed portfolio business. And that surge in expected demand from online platforms is partly because they are a natural home for ETFs, according to Marie Coady, PwC global ETF leader.