Cheapest Sipp: build yourself a low cost DIY pension article
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Michael_Nottingham said:I am 3.5 months into an ISA transfer from Fidelity to iWeb of Shares / UT in specie. As you say all done by paper.
Everytime I want an update I have to phone, wait for 20-30 minutes to speak to someone who sounds completely bored and doesn't seem to care that it's taking so long. Last time they said they were waiting to hear back from Fidelity (for a couple of months). I told them Fidelity were waiting to hear from them. Turns out iWeb are meant to chase if they haven't heard after x weeks but hadn't.
Still haven't got a ETA when it will be complete.
My wife's ISA move from Fidelity to II happened within a couple of weeks with online updates at II on status.
So clearly an iWeb issue. Time for another complaint I think
Why can't the FCA get a grip on Platform transfers. If your energy switch is delayed you get automatic compensation.
Personally, I think it's a sign iWeb haven't invested in new infrastructure for a decade or more and so have fallen so far behind the times that they struggle with basic admin. In my view, iWeb only have 1 thing going for them - price.1 -
wiggers said:Lowtrawler said:
I'm transferring to II because I already have a SIPP with them and so there are no extra fees for me to hold my ISA there. It means I can manage everything through 1 portal rather than 2. I also find the II customer support to be excellent.Funnily enough I did the opposite. I had both an ISA and a SIPP with II, but wanted to spread the risk a bit. I transferred the ISA to iWeb, but that turned into a fiasco as they failed repeatedly to carry out the in-specie transfers of overseas stocks. It eventually went through, but the Cost Price in the Valuation was blank or some random number. Very difficult to keep track of gains and losses. Eventually they agreed to enter them manually after I sent them the appropriate cost prices from my records.I find II's customer support to be rather poor and the platform very difficult to use. The multi-currency side is a nightmare and some funds you buy in GBP but the divs are paid in USD. So you have to convert the currency to reinvest, but they keep the 1.5% fee carefully hidden. So you end up with less than you thought. Trying to do a simple UFPLS is a nightmare too, they treat you as if you're accessing your pension pot for the first time on every occasion, with reams of forms to fill in. They keep promising to simplify the process but I've given up hope of that ever happening. So I raise a formal complaint every year!0 -
Lowtrawler said:wiggers said:Lowtrawler said:
I'm transferring to II because I already have a SIPP with them and so there are no extra fees for me to hold my ISA there. It means I can manage everything through 1 portal rather than 2. I also find the II customer support to be excellent.Funnily enough I did the opposite. I had both an ISA and a SIPP with II, but wanted to spread the risk a bit. I transferred the ISA to iWeb, but that turned into a fiasco as they failed repeatedly to carry out the in-specie transfers of overseas stocks. It eventually went through, but the Cost Price in the Valuation was blank or some random number. Very difficult to keep track of gains and losses. Eventually they agreed to enter them manually after I sent them the appropriate cost prices from my records.I find II's customer support to be rather poor and the platform very difficult to use. The multi-currency side is a nightmare and some funds you buy in GBP but the divs are paid in USD. So you have to convert the currency to reinvest, but they keep the 1.5% fee carefully hidden. So you end up with less than you thought. Trying to do a simple UFPLS is a nightmare too, they treat you as if you're accessing your pension pot for the first time on every occasion, with reams of forms to fill in. They keep promising to simplify the process but I've given up hope of that ever happening. So I raise a formal complaint every year!
I see a preference for using an IFA to do a portfolio review and recommendation, and for the client to make their own investments in a DIY platform like II to save costs. This requires me to cover the costs with hourly or fixed charges for the review, but provides overall good benefits to a savvy/interested client.
Most clients will still want ongoing management by their advisor though.0 -
wiggers said:I had both an ISA and a SIPP with II, but wanted to spread the risk a bit.0
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VikingFjordIFA said:wiggers said:I had both an ISA and a SIPP with II, but wanted to spread the risk a bit.Know what you don't0
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True, but I am still interested in knowing what risks the poster perceives they are exposed to.0
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