Dumb question - Bestinvest

jayship

If u are experiencing all this aggro it is best to transfer the portfolio to HL. Remember not to loose the ISA wrapper by following the correct procedure and ensure that chargee are not incurred.

NikkD

I am in this position as well. It appears there is no way to arrange a withdrawal via the Bestinvest site or the Cofunds site (if you have Bestinvest as your intermediary). Neither is there any way to contact Cofunds, except by writing them a letter.

I wrote to Cofunds a week ago asking them to sell some of my funds and arrange for the money to be credited to my bank account. I haven't had so much as an acknowledgement from them, and no cash has yet appeared. It does seem a very odd way to go about business. I will post again here if/when I succeed in selling these funds.

talexuser

As I said before my girlfriend has a Best account and I have permission to deal over the phone for her. I would have phoned up Best and told them to sell, it would get done virtually straight away and show on the site next day. I assume to get the cash out you then just give them your bank details, although she has never sold for cash withdrawal yet so I don't know the exact method, but a phone call to them would have sorted it.

Totton

If it helps, I have accounts with Fidelity FundsNetwork and Hargreaves Lansdown and both make it very easy to sell, buy or transfer either funds, stocks or cash. You shouldn't have this grief from BestInvest, send them some feedback with a suggestion that unless they make things simpler you will consider moving to either HL or Fidelity etc.

Regards,
Mickey

NikkD

Thanks, guys. If I don't hear anything tomorrow, I'll give Bestinvest a call.

mpet

Hi, in the end I spoke to Bestinvest, they said that if I wanted to sell any funds that I should call them and they would sort it out. It seems a bit odd in this day - when you can buy online. However I do have another ISA with AVIVA where you can't even view it online!

NikkD

It appears you can either phone up a Bestinvest adviser and get them to do it, or write directly to Cofunds. As mentioned above, I took the latter course. When I checked on the Bestinvest site yesterday, my portfolio had been adjusted to reflect the sale of the funds in question, so it appears that Cofunds must have passed this info back to Bestinvest. The money from the sale still hasn't appeared in my bank account, though, so I'm checking nervously every day now!

pqrdef

mpet wrote: »

You are not able to sell online. What you would have to do is send a signed written instruction to the relevant fund manager. There is no charge for selling and unless otherwise specified the proceeds would be sent straight to your bank account.

This makes no sense at all in the context of a Self-select ISA. The ISA manager buys and sells funds and shares as a nominee and the fund house doesn't know your name. The proceeds of sales are held by the ISA manager as cash within the ISA, pending reinvestment.

It sounds like you may have bought the fund holding as a separate transaction outside the ISA?

NikkD

Or else instead of fund manager they meant fund supermarket (Cofunds in this case).

max11

I am having the same problem! I can't believe this! so annoying!