Fidelity vs Cavendish Online

jabbahut40
jabbahut40 Posts: 222 Forumite
in Savings & investments
Hi,


I currently have 7 years of S&S ISA with Fidelity on the Funds Network Platform. I recently had a look at Cavendish Online which looks like it uses the same platform (it even allowed me to login using my Fidelity details).


Are the platform charges for Cavendish cheaper than fidelity and if so is their any downside in transferring?


Thanks in advance.


Jabba
«13456

Comments

  • puk999
    puk999 Posts: 552 Forumite
    First Anniversary First Post
    I'm wondering the same. I have ISAs with Fidelity. Cavendish Online have a charge of 0.25% (0.20% platform charge and 0.05% ongoing Cavendish charge according to this page) whereas Fidelity's is 0.35%. I am surprised it's cheaper going indirect to Fidelity.
  • jabbahut40
    jabbahut40 Posts: 222 Forumite
    puk999 wrote: »
    I'm wondering the same. I have ISAs with Fidelity. Cavendish Online have a charge of 0.25% (0.20% platform charge and 0.05% ongoing Cavendish charge according to this page) whereas Fidelity's is 0.35%. I am surprised it's cheaper going indirect to Fidelity.


    Yep. I am thinking the same. Do any MSE members know the answer why the different charges (would also expect Fidelity to be cheaper) and is there a downside to transferring?
  • westy22
    westy22 Posts: 1,105 Forumite
    First Anniversary First Post Combo Breaker
    Firstly, the 0.25% from Cavendish is currently cheaper than Fidelity - also you do not pay the £45 per annum account fee with Cavendish.

    The only downside that I know of is that the Fidelity site you reach through Cavendish is a 'lite' version and doesn't show everything that you get through the 'proper' site i.e. no profit / loss calculations on your holdings, although I believe that you can get P&L by using the mobile version of the site.

    I have been with Cavendish for almost 5 years and have nothing but praise for their telephone support, help etc.
    Old dog but always delighted to learn new tricks!
  • jabbahut40
    jabbahut40 Posts: 222 Forumite
    westy22 wrote: »
    Firstly, the 0.25% from Cavendish is currently cheaper than Fidelity - also you do not pay the £45 per annum account fee with Cavendish.

    The only downside that I know of is that the Fidelity site you reach through Cavendish is a 'lite' version and doesn't show everything that you get through the 'proper' site i.e. no profit / loss calculations on your holdings, although I believe that you can get P&L by using the mobile version of the site.

    I have been with Cavendish for almost 5 years and have nothing but praise for their telephone support, help etc.

    Thanks. Sounds promising. Have sent Fidelity a secure message as follows....

    Dear Sirs,

    I currently have 7 years of S&S ISA with Fidelity on the Funds Network Platform. I recently had a look at Cavendish Online which looks like it uses the same platform (it even allowed me to login using my Fidelity details) and notice that their platform charges are cheaper than yours. Cavendish Online has a charge of 0.25% (0.20% platform charge and 0.05% on-going Cavendish charge according to this page) whereas Fidelity's is 0.35%.

    http://www.cavendishonline.co.uk/investments/

    To secure my continued custom as a longstanding and regular customer of Fidelity I would appreciate if you would consider offering me a reduced platform fee and/or advise any key differences between your offerings from Cavendish to allow me to make a decision on whether I should stay with Fidelity. Looking forward to hearing from you.

    Regards
  • frankie
    frankie Posts: 845 Forumite
    First Anniversary First Post
    Its an interesting idea and one I have been considering, but read an article in the telegraph yesterday about crazy times it took to transfer funds. Even Cavendiish estimate their end will take about 4 weeks.

    Are we then to assume that during that transfer time we would be out of the market?
  • jimjames
    jimjames Posts: 17,581 Forumite
    Photogenic Name Dropper First Anniversary First Post
    edited 20 April 2014 at 11:23AM
    westy22 wrote: »
    Firstly, the 0.25% from Cavendish is currently cheaper than Fidelity - also you do not pay the £45 per annum account fee with Cavendish.

    The only downside that I know of is that the Fidelity site you reach through Cavendish is a 'lite' version and doesn't show everything that you get through the 'proper' site i.e. no profit / loss calculations on your holdings, although I believe that you can get P&L by using the mobile version of the site.

    I have been with Cavendish for almost 5 years and have nothing but praise for their telephone support, help etc.

    I've re-registered my Fidelity account to Cavendish. It is literally sign a piece of paper and it is done. For mine it took a couple of days and you are then on the lower charging.

    I just tried logging in on the normal Fidelity site and it still works ok so maybe the additional tools are still available.

    I completely agree with the support from Cavendish, they have always been very helpful and quick to respond to any queries.

    I can't see any downside from registering via Cavendish, only the positives of lower charges.
    frankie wrote: »
    Its an interesting idea and one I have been considering, but read an article in the telegraph yesterday about crazy times it took to transfer funds. Even Cavendiish estimate their end will take about 4 weeks.

    Are we then to assume that during that transfer time we would be out of the market?

    I'm not sure what you're referring to but Fidelity are the underlying platform for Cavendish so there is no transfer needed and no time out of the market. All that happens is the change the adviser designation on the account and you get the lower pricing. There is no selling and buying involved at all and it happens in a couple of days.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • jimjames
    jimjames Posts: 17,581 Forumite
    Photogenic Name Dropper First Anniversary First Post
    jabbahut40 wrote: »

    To secure my continued custom as a longstanding and regular customer of Fidelity I would appreciate if you would consider offering me a reduced platform fee and/or advise any key differences between your offerings from Cavendish to allow me to make a decision on whether I should stay with Fidelity. Looking forward to hearing from you.


    I'm not sure what their response will be - but you aren't leaving Fidelity by going to Cavendish, you will still be using Fundsnetwork just with a designated advisor/company not direct so they are probably not at all bothered.

    Cavendish are just passing their bulk savings on by handling the account and the money that would otherwise have gone to an intermediary.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Rollinghome
    Rollinghome Posts: 2,676 Forumite
    Name Dropper First Post First Anniversary
    frankie wrote: »
    Its an interesting idea and one I have been considering, but read an article in the telegraph yesterday about crazy times it took to transfer funds. Even Cavendiish estimate their end will take about 4 weeks.

    Are we then to assume that during that transfer time we would be out of the market?
    Fidelity Fundsnetwork is a platform used by many IFAs and agents - Cavendish Online being one of them.

    If you're already using the Fundsnetwork platform then appointing Cavendish as your agent to benefit from lower charges doesn't require either any transfer or re-registration. It's just called a change of agency. See...

    You'll still be with Fidelity Fundsnetwork with all paperwork coming from them and you'll still make all payments directly to them, not to Cavendish. The only obvious difference is that you'll pay a lower rate on accounts below £250,000.

    I remember someone saying that you couldn't place deals by phone to Fidelity if using an agent but I've done that without any problem. You can obviously still phone or message Fundsnetwork with any problems just as before.
  • jabbahut40
    jabbahut40 Posts: 222 Forumite
    jimjames wrote: »
    I've re-registered my Fidelity account to Cavendish. It is literally sign a piece of paper and it is done. For mine it took a couple of days and you are then on the lower charging.

    I just tried logging in on the normal Fidelity site and it still works ok so maybe the additional tools are still available.

    I completely agree with the support from Cavendish, they have always been very helpful and quick to respond to any queries.

    I can't see any downside from registering via Cavendish, only the positives of lower charges.



    I'm not sure what you're referring to but Fidelity are the underlying platform for Cavendish so there is no transfer needed and no time out of the market. All that happens is the change the adviser designation on the account and you get the lower pricing. There is no selling and buying involved at all and it happens in a couple of days.


    Thanks Jimjames. Will wait and see what Fidelity come back with re my secure message however it sounds like there are no real downsides to moving to Cavendish.
  • Chickereeeee
    Chickereeeee Posts: 1,183 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    There is the downside that you don't get access to Fidelity's 'Premiere' service (even if you have sufficient assets) if you go via Cavendish.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343K Banking & Borrowing
  • 250K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235.1K Work, Benefits & Business
  • 607.8K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards