Toronto-based Franklin Templeton Investments Corp. announced that it has set a date for its automatic switching mechanism for investors who qualify for its new preferred pricing program and that it’s lowering the management fees for two of its mutual funds.
It’s expected that as of Dec. 12, investors with fee-based accounts who reach $100,000 in assets will be switched automatically into the corresponding series of Franklin Templeton’s recently launched “simplicity pricing” program — if deemed applicable.
Investors who are on a commissions-based structure must reach an investible asset level of $200,000 and their financial advisors will receive monthly notification as to when clients can be moved manually into the proper simplicity pricing series if applicable.
The firm notes that the date in question for the launch of this feature is dependent on regulatory approval.
Franklin Templeton launched the simplicity pricing program in October and announced, at that point, that it would be implementing a more automatic notification system for qualification into the program in December.
In addition, the firm is lowering the management fees of Franklin Quotential Balanced Growth Portfolio and Franklin Quotential Balanced Growth Corporate Class Portfolio.
Investors who have $200,000 or more in assets within Series O/OT and Series PF/PFT of those two funds will see their management fees reduced by 0.05%, according to the firm’s announcement.
The reductions for Series O/OT will be retroactive to Oct. 3 and those for Series PF/PFT were effective as of Dec. 6.
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