Moneyspider

purplefirth

Has anyone heard of Moneyspider? Apparently they will take the info about your isa and tell you which fund will give you the best results FOR FREE!!! Is it too good to be true, does anyone know?

blinko

i havent heard of them but it sounds dubious ! they sounds like IFA's to be honest

purplefirth

Their web address is https://www.moneyspider.com it all seems very genuine and i really need the help (fish out of water). My ISA has lost more money than I originally put in ie i've spent £1500 without spending a penny which it terrible.
thanks for replying tho

blinko

i have decided to sign up with them will let you know how it goes

Reaper

Make sure you understand what you are agreeing to. From their FAQ:

When you register with Moneyspider, you simply authorise your Fund Manager to pay Moneyspider the commission in future in order to meet the cost of the services we will be providing to you.

So whoever arranged your ISA will lose their commission and Moneyspider gets it instead. Not a problem if you took out the policy direct but expect an upset IFA if you did it through them, and if you went via a discount broker that was refunding your renewal commission (eg Hargreaves Landsdown) then you will lose the money.

dunstonh

And anyone can use past performance figures to show you better funds that you should have been in. It doesnt mean that they will be the best funds in the future.

Also, you shouldnt forget that every fund has a different risk attitude and low risk funds shouldnt be compared against high risk funds for like for like performance.

My ISA has lost more money than I originally put in ie i've spent £1500 without spending a penny which it terrible.

Your ISA hasnt lost anything. The funds it is invested in has lost the money. Assuming UK, if you invested before the stockmarket crash, you should be beginning to return to break even or make profit, unless you happen to be in a tracking fund where the sector average is still below the high point.

That is the nature of investing in the stockmarket. Those that invested after the crash have done extremely well.

purplefirth

Gosh, i really hope it goes okie blinko, i guess you are convinced!! Please do let me know how it goes. I'm afraid I'm more sceptical like dunstonh & reaper. I don't have a fund manager. I went to see one a few years ago and he told me to invest in the .com industry....right before it went bang, fortunately I didn't believe him when he assured me it would be a good investment.

I just wondered if Moneyspider would help me invest better because the people who are taking the fees now don't do a thing. I don't want to be signing whats left in the ISA away to someone else. Yes fortunately the funds are starting to pick up but there is still a lot less in it than what I put in 5 years ago. I have to be very careful cos its all I've got and when I say that I don't mean I have anything else stashed away somewhere, thats it. Hence the worries.

The replies are great tho, thanks all xxx

blinko

When you register with Moneyspider, you simply authorise your Fund Manager to pay Moneyspider the commission in future in order to meet the cost of the services we will be providing to you

thanks i shall have to cancel it then, if i dont allow my current UT holders to have a percentage of the renewal comission i have to pay annual charges of 0.5% which isnt what i wanted plus i would lose part of the

the only reason i wanted to join up was to have access to wider resources, although why would one need that when you have morning star, citywire and financial express and standard and poor.

well i shall be cancelling this then sorry pureple as i only wanted the extra resources but not at the cost of my renewal comission !! by the way what investment did you have before ! if i may

deemy2004

dunstonh wrote:

Your ISA hasnt lost anything. The funds it is invested in has lost the money. Assuming UK, if you invested before the stockmarket crash, you should be beginning to return to break even or make profit, unless you happen to be in a tracking fund where the sector average is still below the high point.

That is the nature of investing in the stockmarket. Those that invested after the crash have done extremely well.

:rolleyes:

When will people wake up and realise that ALL losses are real whether relaised or not !

If the funds are down than that is a REAL loss.

cheerfulcat

deemy2004 wrote:

:rolleyes:

When will people wake up and realise that ALL losses are real whether relaised or not !

If the funds are down than that is a REAL loss.

No. If you don't crystallise the loss, it isn't real, it's only paper ( same for a gain ).

purplefirth

Decided not to go there too. Everything is in the European fund blinko (whatever that means). Its all a mystery to me. I thought I was making a sound investment but instead of getting interest its lost money. Not sure what deemy and cheerfulcat mean. I find it all a bit mind boggling. Still if the isa does eventually get back to where it started 5 years ago I shall grab it and stick it all in something much safer like ernie bonds or something.

Cheers for your help xxx