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Cofunds Consolidation Service
Impy_2
Posts: 6 Forumite
We have a few times invested in Maxi ISAs and one time used Willis Owen as the broker.
They are "enhancing their service" and sending one valuation statement for any funds held, saving paper etc.. Having read/listened to Martin long enough alarm bells automatically ring in my head!
They are keen for me to tell them about other funds held elsewhere, and move them over Cofunds. We do have some other Maxi ISAs and a PEP bought through other (discount) brokers.
Should we do this - would it make financial sense for us?
Advice please.
We have had this letter a while now - but have been on holiday and it has just appeared at the top of the pile of things to be dealt with!
They are "enhancing their service" and sending one valuation statement for any funds held, saving paper etc.. Having read/listened to Martin long enough alarm bells automatically ring in my head!
They are keen for me to tell them about other funds held elsewhere, and move them over Cofunds. We do have some other Maxi ISAs and a PEP bought through other (discount) brokers.
Should we do this - would it make financial sense for us?
Advice please.
We have had this letter a while now - but have been on holiday and it has just appeared at the top of the pile of things to be dealt with!
0
Comments
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Cofunds are an excellent fund supermarket and re-registration wont cost you a penny. The convenience is that you have a single statement for all your holdings. (PEP, ISA and UT/OEIC). Plus you can switch between fund houses with a single "home". Something you cannot do holding your funds with the fund houses directly.
In addition, if your IFA is providing ongoing servicing and uses one of the main back office providers (IFA software) then cofunds integrates valuations, transaction reports, sector analysis etc into it and allows much better analysis and reporting benefiting you and the IFA.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
some brokers refund trailing commission as well ?
the other major supermarket is Fundsnetwork
Mike0 -
Yes some brokers do refund trail commission - this seems to be for an 'execution-only' no advice service. You have to go through a broker for Cofunds, but you can go through a broker for Fidelity FundsNetwork or direct. I've read on here that it can be cheaper to go through a discount broker than going direct.
You can see a lot of brokers listed on https://www.find.co.uk, under fund supermarkets.0
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