Switching Out of Funds Network to HL Vantage

oldfella

try Cavendish - you could stay with FFN and receive more rebate than HL

mike88

oldfella wrote: »

try Cavendish - you could stay with FFN and receive more rebate than HL

Thanks. It appears that all I have to do is complete a change of agency form and sign a declaration. For a one off fee of £25 I will receive a 100% cash rebate of the annual trail commission.

slinga

I can understand you not wanting to be out of the market when things are chopping and changing so much.

Is another possibility for you to switch your investments into similar Fidelity Funds, then transfer those funds , then when with HL switch back to the original funds.

You are out of the market for less time and can choose when to do your switching and possibly even gain by doing it at the right time.

Just a thought.

mike88

slinga wrote: »

I can understand you not wanting to be out of the market when things are chopping and changing so much.

Is another possibility for you to switch your investments into similar Fidelity Funds, then transfer those funds , then when with HL switch back to the original funds.

You are out of the market for less time and can choose when to do your switching and possibly even gain by doing it at the right time.

Just a thought.

Thanks. There have been some excellent suggestions and I am most grateful to those who have replied. There is a 0.25% charge for swaps within Funds Network so changing to Fidelity only funds would cost in excess of £500. The Chartwell route will cost only £25.

The Chartwell route is also easy. You download two forms, write a cheque for £25 and that's it.

I presume Chartwell are OK. I can't see much scope for things to go wrong as all that seems to be involved is a change of Agency from my current provider - Best Invest -to Chartwell. The funds stay within Funds Network so I presume there is no chance of anyone running off with my money.

talexuser

mike88 wrote: »

The Chartwell route is also easy. You download two forms, write a cheque for £25 and that's it.
.

I think you mean oldfella's advice about Cavendish? I thought Chartwell only rebated around 0.15%? of the 0.5% annual agency rebate.

mike88

talexuser wrote: »

I think you mean oldfella's advice about Cavendish? I thought Chartwell only rebated around 0.15%? of the 0.5% annual agency rebate.

Sorry. I meant Cavendish. Done - letters sent to Cavendish for myself and wife's ISAs today.

Andy7856

Hi,

I've visted this site zillions of times, but never registered until now as I am in the identical situation as Mike88, and perhaps abit late now to respond, but nay mind here goes...

Using Cavendish online as your financial advisor would give you in virtuall all cases double the rebate you would get with HL, the down side would be you still pay the switching charges if you move between funds (if/when) you adjust your portfolio.

Cavendish have also confirmed that fund discounts (a 0% inital fee) on Fidelity Select List would not apply if you bought it through them Cavendish online, in most cases you would pay 0.75% to 1% depending on the fund. However in some cases, like mine recieving double or in some cases triple the trailing commission from Cavendish would make up for this.

oldfella

the last few times I switched with FFN there was no charge - I think there is no longer a 0.25% fee

jem16

oldfella wrote: »

the last few times I switched with FFN there was no charge - I think there is no longer a 0.25% fee

There is now no switching charge between funds within Fidelity FN but it has been replaced by an annual charge.

premierfella

If I am reading the terms correctly, until recently at least,:
- switch to a fund with no initial charge = no switching fee
- switching from a fund with no initial charge to a fund with an initial charge = no switching fee but initial fee
...so presumably this meant that the 0.25% switching fee is only applied if you switch from a fund with an initial charge to another fund with an initial charge.

I have a FFN account and don't recall being advised of having been moved to an annual fee basis as yet?