7IM has cut fees for investors holding more than £2 million on its platform to as it seeks to bolster its offering for high net worth individuals.

Fees for clients invested between £2 million and £5 million on the platform will fall from 0.15% to 0.08% for sums between these amounts.

Those invested more than £5 million will see fees on assets over this amount drop from 0.15% to 0.05%.

The cuts will take effect from 1 April apply to both existing and new client funds.

7IM head of intermediary Verona Kenny said: ‘We want to make sure that our fees remain appropriate and fair to our clients and we believe that this reduction to our rate card makes us the best value for money platform available for clients including those with higher balances and in family grouping for pricing.

‘This client segment has always been a key area for 7IM and we are pleased to be able to offer this deal for both existing and new clients. We see this as a core part of our move to provide high-net-worth individuals with the best possible offering and client experience’

The move comes amid increasing downward pressure on charges from competition and regulation, with wealth managers required to disclose ex-post costs and charges by the end of this month under Mifid II.

Firms including Brewin Dolphin, AJ Bell and Bristol-based Whitechurch Securities also heavily reduced fees on their model portfolio services last year.

Charles Stanley bucked the trend, however, raising its platform fee from 0.25% to 0.35% of client assets in August.