low cost share execution service suggestion please

sfenton

I presently trade with TD Waterhouse having been transferred from Hoodless Brennan when Td took over their accounts but I have to say TD Waterhouse costs are high £12.50 per trade £12.50 quarter inactivity fee unless you have over £7500 in the account and a scandalous £50 account closure fee. I would also say that their services have been poor at times with their website going down several times in the past which I found very frustrating. I am looking to close my TD account and move to either X-O or svs.
Hoodless Brennan was an excellent trading account far better than TD its a pity they finished but I do hear that they have started up again as HB trading
My advise to anyone would be give Td Waterhouse a miss look at HB trading svs or X-O

luckystrike23

i can't tell you which to use because i've yet to find a good, cheap service but i can tell which ones NOT to use. Don't use internaxx or saxobank as both are expensive!

JohnRo

leahciM wrote: »

No-one backing iii.co.uk yet? That's who I use but mainly for the portfolio builder - £1.50 if you buy on certain dates (4 a month) and considering the amount of literature available that calls people morons for trying to time the market, I think buying on certain days is a good way to stop me from doing this.

£10 to sell.

I'm massive on customer service, I've walked out of the only shop in town that sells the thing I need before because the staff were not diligent enough.

III customer services is very good, at least, in my experience.

Hope this helps.

They are struggling big time imho, the "new" platform and charging structure with its explicit charging model is a bit of a sham and probably not RDR compliant since the rebates offered, despite their very clear 100% rebate claim, don't appear to be in full at all which means they are probably still keeping some small percent of the platform commission for themselves. Isn't that just flat out illegal?

Whilst their customer service is excellent and the website extremely polished the range of funds actually available to purchase from them is sketchy and seems to be dominated by those funds that previously made them a lot of money from commission. The commission free tracker funds are notable by their absence on all iii fund lists.

In summary, iii have a lot of style but lack the depth and substance to match, imho. They also have issues with dividends being delayed or withheld for excessive periods.

I rejected them in favour of BestInvest, who definitely aren't RDR ready, but offer a much cheaper service even with the custody charge for holding commission free funds, and whose range of funds available to actually purchase make iii look like complete amateurs.

edit: since it doesn't appear to have already been mentioned, check out this thread.

https://forums.moneysavingexpert.com/discussion/3153942

Jegersmart

Don't trade in £200 chunks, you will have a minimum 6%+ "spread" each time. Better to save up and buy in larger tranches. There won't always be a buying opportunity every month unless you are researching global markets extensively.

imho

J

TraderTom

JohnRo wrote: »

They are struggling big time imho, the "new" platform and charging structure with its explicit charging model is a bit of a sham and probably not RDR compliant since the rebates offered, despite their very clear 100% rebate claim, don't appear to be in full at all which means they are probably still keeping some small percent of the platform commission for themselves. Isn't that just flat out illegal?

As I understand it, the typical actively managed fund fees get split into three chunks:
1 goes to the intermediary (0.5%)
1 goes to the platform provider (like cofunds) 0.25%
1 goes to the fund manager (0.75%)
see:
(There's a Guardian article from Nov 4 2011, Investment funds:hidden fees wipe a third off returns) - MSE won't let me post links as a newbie.

Because III use cofunds to provide the platform, whilst they seem to be clawing back part of that fee, they can't get the whole lot - cofunds isn't a charity!

The FSA has also changed its guidance on platform fees re: RDR - the risk is perhaps that those who own their own platforms just ratchet up the charges to themselves.....

JohnRo

TraderTom wrote: »

Because III use cofunds to provide the platform, whilst they seem to be clawing back part of that fee, they can't get the whole lot - cofunds isn't a charity!

That explains the discrepancy with the fund rebates offered by ATS then. So technically iii are correct in stating that they rebate 100% of the commission but not so clear it is only 100% of the portion they have direct control over.

TraderTom

JohnRo wrote: »

That explains the discrepancy with the fund rebates offered by ATS then. So technically iii are correct in stating that they rebate 100% of the commission but not so clear it is only 100% of the portion they have direct control over.

I guess in some respects it's more that 100% :-) Presumably because of the volume they do they manage to negotiate a better deal with cofunds, but I wonder if this will have to change in due course too....

JohnRo

TraderTom wrote: »

I guess in some respects it's more that 100% :-) Presumably because of the volume they do they manage to negotiate a better deal with cofunds, but I wonder if this will have to change in due course too....

I suppose until it is made crystal clear exactly what the fund manager is being paid and stated explicitly in fund literature, the water will remain muddy.

Stanley_St

JohnRo wrote: »

The commission free tracker funds are notable by their absence on all iii fund lists.

Useful information. I was planning to move my trackers from HL to iii so as to replace the HL platform charges with iii's quarterly charge. Seems like it could be a bad move...

I still want to leave HL though.

TraderTom

Stanley_St wrote: »

Useful information. I was planning to move my trackers from HL to iii so as to replace the HL platform charges with iii's quarterly charge. Seems like it could be a bad move...

I still want to leave HL though.

I think iii have more on offer than just what shows up in the Investment Search box on the right hand side. Given they're supposed to make the money from the £20/quarter minimum fee, it shouldn't matter what they sell you.

If it's the Vanguard funds, the monevator blog had an interesting post on the situation here...
monevator.com/vanguard-interactive-investor