Abrdn has turned to fee cuts and promised better service for advisers after its platform and solutions business saw net outflows of £2bn in the first half of 2024.
The division, which includes the Wrap and Elevate platforms and the managed portfolio service (MPS) offering, saw gross inflows increase 7% year-on-year to £2bn, Abrdn reported in its interim results.
However, this was offset by high levels of redemptions, driven in Abrdn’s opinion by ‘the impact of the higher cost of living, further IFA consolidation and the availability of inflation-beating cash saving options in the market’.