Quilter’s UK platform Old Mutual Wealth is to introduce ‘family-linking’ of accounts from April - a move it says will save most investors money.

Quilter is also introducing a ‘simpler’ pricing structure ahead of a major re-platforming exercise.

For family-linking the platform’s charge is reduced in stages as the total value of a customer’s assets increases.

When investments are linked with family members, Old Mutual Wealth says it will use combined assets held on the platform to calculate the percentage rate. By doing this the charges paid by each individual will be lowered, it says.

A family group with a total of £1.1m invested would save £1,000 in charges in total each year.

Spousal linking is already provided on the platform and some other platforms.

The new family linking option will allow the addition of multiple generation including grandparents, parents, parent in law, spouse, brother and sisters, children, and grandchildren.

There is no minimum investment and no maximum number of family members who can be linked.

The example below illustrates how £1,000 can be saved across three generations of a family:

Quilter is also introducing a new simpler pricing structure for its platform that will see it reduce from five charging tiers to four, also from April. 

Steven Levin, chief executive officer of Old Mutual Wealth, said: “The ‘Great Wealth Transfer’ which is seeing trillions pass between generations over the next 30 years has been well documented.

“We are seeing more advisers using our platform to support wider family units and providing advice that spans generations. And it is our duty to encourage intergenerational planning, allowing advisers to offer savings to those families.”

He added the new platform technology being adopted by Quilter was enabling the charge reductions.