Fund supermarkets

Numbersup

Ive previouslystarted to use Fidelity's Fundsnetwork to re register my ISA's so I could swop in and out of different funds easily and cheaply. I still havent got round to registering half of them. Short of time Ive taken on a financial advisor. He tells me his firm use Skandia instead of Fundsnetwork.. Ive looked them up on the internet, and whereas Fundsnetwork is free to re register and .25 to swop funds within, Skandia , he told me charge 3.5% to absorb existing funds into their supermarket system , and then .34% to swop within it.
I will ask my IFA when next I see him, but meanwhile, can anyone suggest why Skandia with its charges might be better? --Or is it different ---. How come Fundsnetwork can re register for free? (The IFA insisted I couldnt have got them re registered free, I was sure I did, but I didnt want to argue until Id checked, )

david78

If you already have a Fidelity fundsnetwork ISA and are happy with the funds you have in other manager's ISA, it should only take half an hour or so to re-register them with fundsnetwork.

If you need advice to switch the funds then consider using an IFA, but I doubt if Scandia is better given the charges.

When I looked into this re-registering PEP and ISA funds with Fidelity was free, so probably still is. Free re-registering is certainly available elsewhere (e.g. Hargreaves Landsdown), so your IFA is talking tosh.

Kay_Peel

Hello Numbers,

As far as I know Skandia is not a supermarket, in the true sense of the word. There are some excellent IFAs who come to this site and can put me straight on that one.

Here's my experience, as someone in the same position as you.

I signed up with Best Invest and appointed them my IFA. I registered all my ISAs funds with them and I've opened new ISAs through them, using two supermarkets.

1. CoFunds - a user-friendly site which makes it easy to switch
2. FundsNetwork - a bit more complicated site, but it allows monthly payments spread across the ISA year.

Using two supermarkets, I get the full range of 'recommended Funds'.

Best Invest is one of those Internet IFAs that produces lots of tools, so that you can check performance, check your risk-profile and follow up some suggestions for producing a balanced portfolio. There are similar sites that are probably better value - for example returning any commission to you - but I like the tools and I'm used to it. They send me a newsletter with lists of recommended funds in each sector, region, and so on - and I find these helpful.

I check my portfolio about every two months, I read the Money section of newspapers and I rely on the newsletter. Then I switch.

I like being in control and I like the fact that I can do transaction 24/7.

Hope that helps.

KP

Money_Watch

Re-registering with Fidelity is definitely free, and has always been. Don't think they will have any plans to charge for it.

You could go directly to Fidelity to re-register, or go through a broker. The broker may well get you a better discount on any future new investments you make through Fidelity though.

dunstonh

As far as I know Skandia is not a supermarket, in the true sense of the word. There are some excellent IFAs who come to this site and can put me straight on that one.

Skandia do operate a fund supermarket and were one of the first to do so. They are often the cheapest on comparable terms with advice.

but I doubt if Scandia is better given the charges.

Skandia do have first nation status with a number of fund houses which would make them cheaper on a number of cases on a like for like basis.

The IFA insisted I couldnt have got them re registered free

Re-registration is free. Transfer costs. Make sure you get the right one.

Fidelity's admin has been awful over the last few months and I have ceased to use them for new business currently until things improve. Instead, I am using three of the other fund supermarkets. Each fund supermarket has it's pros and cons and the decision on which one to use would depend on the requirements of the individual.