Fidelity sign. (Photo: AP) Fidelity sign. (Photo: AP)

Fidelity Investments is overhauling what it charges clients for financial advice, The Wall Street Journal reports.

According to the report, costs will be tied strictly to how much a client invests with Fidelity, whereas the current fee model assigns prices according to a varying mix of a customer’s investment preferences, degree of interaction with Fidelity and overall assets.

Nasdaq also reports that Fidelity is moving to a single unified fee schedule based on the assets under management a client has with Fidelity.

Under the new fee model, The Journal says, some new customers will pay less than they would today and some will pay more, according to regulatory filings. Current Fidelity customers will pay the same or less because the firm will grant waivers to keep existing clients’ fees from rising.

The new fees range from 50 basis points for accounts of more than $5 million to 1.5% for customers with less than $500,000, Bloomberg reports.

A Fidelity spokesperson told Bloomberg that “this should make it easier for customers to understand what they are paying.”

According to reports, the changes will begin in July.

While several wealth management firms have made changes to their fee structures in recent years in part because of a Labor Department’s fiduciary rule, a Fidelity spokesman told The Journal that the price changes are being made because of customer demand.

They will lead to a “unified offering and a single fee schedule,” the spokesman told The Journal. “Instead of making the customer choose which product they may be best suited for, we’re now welcoming them to having this personalized discussion” about their wealth management needs.

The new fees at Fidelity are part of a broader repricing within its wealth management unit, according to The Journal. Fidelity cut the costs of its robo-advice service, Fidelity Go, moving those customers into no-fee funds so that they pay a flat 0.35% annual fee for the service.