Australia wealth manager MLC has dropped its fees again by as much as 17 per cent, as competition for market share gets fierce.

The new MLC Wrap pricing structure includes lower administration fees and lower administration fee caps, and is effective for new and existing clients.

Clients with account balances of $400,000 can pay 17 per cent less while the reduction is 15 per cent for those with account balances of $800,000 and $1.5 million, said the firm in a statement.

Administration fees will be capped at a maximum of $4,500 per annum, which is 24 per cent lower than the current cap of $5,900. More clients will benefit from the lower fee cap as it now kicks in when account balances reach $2 million rather than $2.4 million.

New clients of sister platform Navigator will also benefit from reduced fees. The new pricing for MLC Wrap and Navigator will be effective from 1 December.

The new fee structure for MLC Wrap follows on fromMLC cutting fees two weeks ago for its MasterKey Fundamentals platform.

“The market has embraced MLC Wrap since its launch ten months ago. The new pricing makes it even more attractive for sophisticated and high-net-worth investors looking for a solution that matches their complex needs,” said MLC Wrap Platforms general manager Bruce Hawkins.