Fidelity Windfall ISA

hoola_hoop

hi, not sure if this is the right place to put this I received a letter from fidelity today saying they have decided to close there windfall isa service,i have 261 shares ,if i do nothing it will automatically get transferd to fidelity moneybuilder uk index fund at no charge or i can switch it to any of the other fidelity funds,the deadline for making the switch is 1 oct so i need to act quick ,any advice would be grateful many thanks

dunstonh

If you want to keep the shares you can re-register ISA manger to one that offers self select investments.

hoola_hoop

many thanks for getting back , not sure of what to do with self select investments ,so do you think it would be ok to go in to the one ive mentioned as that seems the easier option or is the self select quite straight forward

xrjtg

A self-select ISA in this context is just a box in which you would store the shares you already hold. From what you've said it sounds like the other options you've been offered would result in them selling your shares and using the proceeds to buy into an investment managed by them. Whether or not this is a sensible thing to do is something you'd have to decide for yourself.

If you don't really have any idea then there is a third option: you should be able to sell your shares and take the money, which you might be happier with. This would probably mean losing your ISA wrapper.

hoola_hoop

many thanks for the information sorry it has taken so long to get back to you,after reading the letter again you are right the shares will be automatically sold and the proceeds switched into the moneybuilder fund,do you know if the moneybuilder fund is a good fund in your experience or is it one that has not performed well ?

gillybean129

I would also be interested in the advice as I like loads of others are in the same situation. Annoyed we are forced into it really.....

The fund is worth peanuts as the share price has dropped so much, if only we'd sold at £10 per share, hindsight is a great thing eh?

mike88

It largely depends how much money is involved. If its say less than a £1000 the Moneybuilder range of funds are pretty good with no initial charge and lowish running costs. I think its a fair offer. Messing about with Self Select ISAs for small amounts is not worth it.

info_addict

Spoke with my IFA (as I am looking at a 5 figure sum), who said this was a bit tricky for him, as he works on a commission basis. With this transaction, there isn't any commission. But he was happy to advise me over the phone.

His recommendation was to switch to Jupiter Merlin Balanced Portfolio Acc. He said this was a good deal as it's AAA rated and medium risk. Also, as there isn't any Initial Fee (normally 5.25%).

However his advice to me may not be the advise for you, so please don't take this as a recommendation.

dunstonh

Jupiter Merlin funds are typically "lazy investor" funds. They are very good for the lazy investor. Not so good for an active investor or where there is a servicing IFA.