Moneyspider

twins_2_Be

A while back MONEYSPIDER were offering £10 if you signup and link one of your accounts (like the egg offer I think)? This was via a MutualNet/MutualPoints link.

Anyone know if this offer is still on anywhere?

StockportGerbil

Hi!
Has anoyne signed up with these folks (and even better is there still an offer of a tenner available?)

I've got several equity / stocks and shares ISAs and they were either bought directly or via an IFA who has lost interest. I am toying with the idea of cashing them in and paying the contents into the mortgage. In order to assess whether that is reasonable I would like to see past performance compared with inflation, bank of england interest rates and the FTSE 100 which would give me some clues. Does this sound reasonable?

Thanks

Kevin

Circle_2

Posted this in the wrong thread I think yesterday but am still asking.Has anyone first hand experience of Moneyspider. I filled in online forms for my son to transfer from Skandia but don't really understand the difference between Skandia and Moneyspider. Skandia show comparisons on their extranet for clients. We are both numpties in this area and where does the IFA who we contacted 2years ago and who we have neither seen nor heard of since fit in? Is Skandia an IFA and who gets the commission?

Money spider keep sending letters and e-mails urging to join in 10 days and I feel a bit under pressure.

dunstonh

Circle wrote:

Posted this in the wrong thread I think yesterday but am still asking.Has anyone first hand experience of Moneyspider. I filled in online forms for my son to transfer from Skandia but don't really understand the difference between Skandia and Moneyspider. Skandia show comparisons on their extranet for clients. We are both numpties in this area and where does the IFA who we contacted 2years ago and who we have neither seen nor heard of since fit in? Is Skandia an IFA and who gets the commission?

Money spider keep sending letters and e-mails urging to join in 10 days and I feel a bit under pressure.

Skandia are a product provider that offer pensions, bonds, a fund supermarket and a few other products.

The IFA probably only got paid an upfront amount and with no-ongoing commission payments, has no reason to contact you. Unless you employed the IFA to give regular/fixed interval updates, then there is no reason for them to do so. If you get someone to build you a wall, you dont see him coming back every 6 months to see how it is. It could be that they took 0.5% trail commission and a lower amount up front. This means it can take them 4-5 years to break even but as the provider doesnt have to pay out as much up front, then they give an ongoing amount. Its a business income risk. Not all funds pay 0.5%. Some pay nothing or upto 0.5%.

If you have filled out transfer forms and its an ISA, Unit Trust or OEIC, then you have probably cost yourself money save. Re-registration forms are what you actually need. re-registration costs nothing but transfers result in a new initial charge. It may be discounted but there will still be one.

Different fund supermarkets also have different terms and conditions and features. Some may be good, some may be bad. For example, Skandia have free annual rebalancing. Cofunds do not allow you to re-register away from them. Selestia don't do MINI ISAs or regulars.

Moneyspider are not a discount provider. All they are saying is that they will give you a monthly statement/report in return for any ongoing trail commission that may exist. They are an IFA. All they are doing is giving you a service that perhaps your existing IFA isnt giving you. If you can find a local IFA that will do the same, you may feel more comfortable doing it with them. For example, we are currently paying £50 to anyone that re-registers with us. Lots of other IFAs are doing the same. If you can get one to send you out a periodic statement/fund report (which shouldnt be difficult) then use them. If not, use Moneyspider. If you want to save on charges, then re-register with a discount IFA.

Indeed, from moneyspiders site:

Will Moneyspider advise me on the best funds to buy?
No, Moneyspider does not advise on investments. Your Personal Reports are not intended, and should not be construed, to constitute advice or a personal recommendation that any investment should be bought, sold or held

This probably makes moneyspider less efficient than a proper servicing IFA because at least they are authorised to recommend funds.

In summary, your options will depend on what service you want. You aren't getting service now. So what do you do?

1 - Leave it where it is - not really desirable
2 - re-register with moneyspider and get a monthly statement
3 - re-register with a discount IFA and get lower charges
4 - re-register with an alternative IFA and request periodic fund reports.

flossy_splodge

Not quite right to say that Hargreaves Lansdown are 'execution only' as you get a fairly detailed mailing that very definitely gives the impression of 'recommending' certain funds. I have had good and bad experiences with them. The bad was not their fault as it was just before the .com bubble burst. However I could claim that their write up was not neutral at all. Still ultimately, I chose the funds, based on info they gave me. Have learnt to do wider research since then.!!

dunstonh

Not quite right to say that Hargreaves Lansdown are 'execution only' as you get a fairly detailed mailing that very definitely gives the impression of 'recommending' certain funds.

It is totally spot on to say its execution only. Sure they may do fund reviews but thats an opinion on a fund, not advice. If it was, they would have to do a heck of a lot more administration and they wouldn't be able to offer the discounts that they do.

What is perhaps worrying is that you saw it as giving the impression of advice.

payless

dunstonh wrote:

What is perhaps worrying is that you saw it as giving the impression of advice.

I was thinking just taht today , when reading some post from them

cheerfulcat

dunstonh wrote:

It is totally spot on to say its execution only. Sure they may do fund reviews but thats an opinion on a fund, not advice. If it was, they would have to do a heck of a lot more administration and they wouldn't be able to offer the discounts that they do.

What is perhaps worrying is that you saw it as giving the impression of advice.

Sorry, not true. Hargreaves Lansdown offer a full IFA and stockbroking service, both execution only and advisory/discretionary. They are happy to review funds for their customers and will rate any funds you hold with them, a useful service I think. No connection, just a happy customer.

Cheerfulcat

dunstonh

Sorry, not true. Hargreaves Lansdown offer a full IFA and stockbroking service, both execution only and advisory/discretionary. They are happy to review funds for their customers and will rate any funds you hold with them, a useful service I think. No connection, just a happy customer.

So you are saying that HL offer a full advice service on the same terms as their execution only service?

If thats the case, why both doing execution only with them?

EdInvestor

So you are saying that HL offer a full advice service on the same terms as their execution only service?

No they offer either a full advice service OR an e/o service, not on the same terms.


Re giving the "impression" a flier/letter is advice..

I was thinking just taht today , when reading some post from them

The FSA got very unhappy about that over precipice bonds and some big IFA firms got into serious trouble for sending out recommendations addressed to people personally. Chase de Vere was one such IIRC.The FSA decided this was "advice", not execution only and fined them accordingly a lot. IFAs need to watch that approach.