How to leave the Cofunds platform

Sago48

We moved our ISAs to the Cofunds platform about 2 years ago on the advice of new financial advisers. Our adviser retired and passed us on to someone who has never contacted us. He is currently unavailable for some weeks - I don't know why - and his company have nothing to offer as an alternative. We are actually considering withdrawing our ISAs from the Cofunds platform and reverting to a direct relationship with the actual funds. But Cofunds can only tell us how to cash in the ISAs - which we don't want to do - saying we must ask our adviser about this - but of course he is not available. And we can't as yet find any info online about how to do this. Our understanding was that Cofunds is a wrapper, and we have assumed that we could 'unwrap' them whenever we wished to.

Can anyone advise on how to do this?

Thanks

Inclusive

We had the same problem 18 months ago and decided to go it alone. Co-funds refuse to take any instructions from clients, only via an FA. So I sold my Co-funds investments.

Instead of going with a new FA I took an ISA with Hargreaves Lansdown and transfered my Skandia ISA (that the FA had set up) to them. The fund had to be sold and money tranfered to the HL ISA where I decided on my new investments. It was pain free and I am very pleased with their service.

I imagine you would follow the same process to move Co-Funds to HL or another similar platform. Open a new ISA first then transfer across.

dunstonh

We are actually considering withdrawing our ISAs from the Cofunds platform and reverting to a direct relationship with the actual funds.

That is unusual nowadays and typically a more expensive option.

Our understanding was that Cofunds is a wrapper, and we have assumed that we could 'unwrap' them whenever we wished to.

Cofunds is the ISA manager. Not the wrapper. The ISA is the wrapper. You need to get the new ISA provider to transfer them. Not Cofunds.

Sago48

Thanks for those responses. I don't think I know enough about this to make sense of your replies as yet, but in any vent I've posted in the wrong place so have transfferred the post to the Savings and Investments Forum.

Thanks again

lestergun

Hi

Information on the Hargreaves transfer process is here:

http://www.hl.co.uk/investment-services/vantage-service/transferring-your-existing-investments/transfer-now

I suspect other platforms offer similar services.

Thanks

Lester

mania112

I've also had nothing but bad experiences with Co-Funds and I prefer Fidelity who offer a similar service.

(i don't and haven't worked for either)