bestinvest commissions/charges

Bazn

i'm thinking about buying funds from bestinvest... mainly cos they have highly discounted charges.

however, i have noticed that each fund carries a 0.5% "Bestinvest ongoing commission". What is the meaning of this?

Also if any of u use bestinvest, would you recommend them?

Thanks

EdInvestor

Also interested to hear comments about the fund supermarket/discount IFA/discount broker with the lowest charges combined with best service.

Reports please

yesbutnobut

Bazn wrote:

i'm thinking about buying funds from bestinvest... mainly cos they have highly discounted charges.

however, i have noticed that each fund carries a 0.5% "Bestinvest ongoing commission". What is the meaning of this?

Also if any of u use bestinvest, would you recommend them?

Thanks

Hi Bazn

I can't say that I really know but I suspect that the 0.5% is the trail or renewal commission paid by the fund managers to financial advisors.

I tend to use Hargreaves Lansdown to buy funds (UT's / OEIC's) and I'm interested in a comparison between them and Best Invest with respect to charges.

For example:
Invesco Perpetual Income (UT) has an initial charge of 5% and an annual charge of 1.5%. Hargreave Lansdown discount the initial charge by 5% (to 0%) and the annual charge by 0.25% (to 1.25%).

Have you got similiar figures for this fund for Best Invest?

Extractthecash

yesbutnobut wrote:

Hi Bazn

I can't say that I really know but I suspect that the 0.5% is the trail or renewal commission paid by the fund managers to financial advisors.

I tend to use Hargreaves Lansdown to buy funds (UT's / OEIC's) and I'm interested in a comparison between them and Best Invest with respect to charges.

For example:
Invesco Perpetual Income (UT) has an initial charge of 5% and an annual charge of 1.5%. Hargreave Lansdown discount the initial charge by 5% (to 0%) and the annual charge by 0.25% (to 1.25%).

Have you got similiar figures for this fund for Best Invest?

Well I purchased a Invesco Perpetual Income Acc Fund through Fidelity Fund Supermarket online using the broker Clubfinance. In an ISA, the initial charge was stated as 3% discounted to 0% by Clubfinance (not sure if there is a reduced charge though Fidelity to start with if Hargreaves are stating 5% or whether there is a lower charge in an ISA) - They're not a very good broker as they are e-mail and online only, but they do rebate initial commissions and 75% of the 0.5% trail commission which is payable on all my investments through Fidelity Fund Supermarket.

I have in the past used Chelsea Financial Services and have found them to be great. They're good over the phone and did push me to invest in some ISAs that have done really well. Tempted to change the agent to Clubfinance to get the renewal commission rebate, but haven't yet as would feel a bit guilty as they gave me a great initial discount and its performed really well.

Looked into Hargreaves Vantage service, but I'm quite literate on Financial Products and I found it really confusing to understand the charges and they weren't that great at explaining (to be far though it was a little while ago when Vantage was newly brought out). Although their size probably means they have negotiated some good additional discounts..

Not sure if that helps in any way, but if you want a good overall discount broker, I would from my experience recommend Chelsea Financial Services, or if you are happy with a lower service level you could try Clubfinance.

If anyone knows any other brokers that rebate 75% or more trail commission on all products, would be very interested, especially if I could keep everything in Fidelity Funds Network. :j

al_yrpal

I follow Martin and use Chartwell https://www.chartwell-investment.co.uk. Best service and lower cost than Bestinvest. Initial commision all rebated, swop commission all rebated, 0.25% ongoing annual commision rebated, and, you can speak to humans.

Extractthecash

Oh another question, has anyone any experience with Best Invest? I had a go at their online portfolio planner, and didn't like its recommendations, so put me off. I assumed their discounts wouldn't be that good so didn't properly check... will do that now, will be looking at next years ISA soon ..

Extractthecash

al_yrpal wrote:

I follow Martin and use Chartwell https://www.chartwell-investment.co.uk. Best service and lower cost than Bestinvest. Initial commision all rebated, swop commission all rebated, 0.25% ongoing annual commision rebated, and, you can speak to humans.

Just had a look at this, thanks, do chartwell rebate renewal commission on Fidelity Funds Network Investments? I presume they do.. Is it worth the loss of 0.125% per year to speak to someone...

I remember comparing them to Chelsea a while ago, can't remember why I went with Chelsea in the end, it may have been a larger discount on the particular ISA I was looking at...

Extractthecash

noahveil wrote:

Is anyone cheaper than Hargreaves Lansdown's Vantage Service and, if so, in what way ?

Also, does anyone else offer a more extensive range of funds within an ISA wrapper ?

I found fidelity Funds Supermarket to be cheaper through Clubfinance (when you consider the 75% renewal commission rebate) as described above, although this was a little while ago when I checked and it was for some specific funds I was purchasing.

The link in http://www.clubfinance.co.uk/Fidelity-fundsnetwork.htm

I would say compare all the brokers carefully some may have negotiated special discounts. The main list of Brokers I know of are

http://www.chartwell-investment.co.uk/
http://www.bestinvest.co.uk/
http://www.chelseafs.co.uk/
http://www.internetifa.com/
http://www.allenbridge.co.uk/
http://www.clubfinance.co.uk/

Best Idea is too look for yourself and see which you want and who offers the best discounts overall for your particular investment

Bazn

thanks for the advice guys.

just one more thing....

i already have an account with fidelity fundsnetwork. is it still possible to use chartwell/bestinvest to get further discounts? cos i dont see how reregistration/transfer would work, as fundnetwork would still be my provider....

Extractthecash

I used this for fidelity and I can get online access as normal (link on their website or through Fidelities Website) + get 75% renewal commission back on my FFN products
http://www.clubfinance.co.uk/changeofagent.htm

Just fill in the form with Fidelity as the provider and have your account number in there. They transfered it within 4 days of me sending mine

You can do the same with Chartwell, but get 50% back:

http://www.chartwell-investment.co.uk/content/cashback-on-isas-peps-unit-trusts-oeics.htm

Not sure about Best invest, sorry...

Bazn

so tell me... bestinvest's initial charges are generally lower than fidelity fundsnetwork, even though they are really the same thing.... even the application form is the same.

how does the discount work? is it enough to put Bestinvest's referrer ID and details in the "intermediary" section in order to receive the extra discount?