iii introducing quarterly £20 charge

gt94sss2

Sobeboy15 wrote: »

My shares are all currently with II and obviously as a result of this charge I want to move away from them. My quandry is I hold stock in US companies. I cannot seem to find a broker that will take the mix of UK and US stocks and not charge me any management fees. Does anybody have any ideas who I could transfer to as I don't really want to realise a loss on some of my stocks

HSBC Investdirect Plus

Regards
Sunil

Just_landed

Just_landed wrote: »

With iii going to charge us £20 a quarter for the pleasure of making money out of our shares, I feel it appropriate that they give us the share Dividends quicker than 10 DAYS after the pay date IE Barclay shares on the 8th June rather than the 18th which is the norm.

PS I hope your reading this post Carruthers.

Yet another unhappy iii user

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

:(:(:(:(:(:(:(:(:(:(:(

Someone from iii is reading all the posts because they paid me my Dividends on the fourth day, that includes a Saturday and a Sunday. Just hope they keep it up. BP next time will tell. :silenced:

Just_landed

jimkenyon wrote: »

I would stay but have become frustrated by the inefficient way in which they handle dividends.

See my post 693. Have things improved for you?

ruperts

dunstonh wrote: »

How is interesting? (cant see the poll outcome/trend)

I suspect there are more share only investors there. So, I would expect them to not like the changes. Whereas funds only investors will love the changes (if they understand the RDR/platform review).

Hi. I'm a fund investor only (of relatively small amounts), and I don't see what I am supposed to be loving about this charge. Would you mind explaining before I plan my move?

ruperts

Also, the "flat £10" charge, does that include regularly investing into funds? As in, each time I regularly invest I will have to pay £10 per fund?

dunstonh

Hi. I'm a fund investor only (of relatively small amounts), and I don't see what I am supposed to be loving about this charge. Would you mind explaining before I plan my move?

It will be cheaper for you as both the IFA commission and the platform commission will be rebated. Its explained on this thread several times.

grey_gym_sock

ruperts wrote: »

Hi. I'm a fund investor only (of relatively small amounts), and I don't see what I am supposed to be loving about this charge. Would you mind explaining before I plan my move?

you'll get rebates of the commissions paid to iii on the funds you hold. however, if your holding are relatively small, this won't cancel out the £80 per year.

iii now have a document giving the percentage rebates which apply to different funds: http://static1.iii.co.uk/sites/default/files/Fund%20Rebates.pdf

many funds have 0.64% rebate. some only have 0.14%.

perhaps the former pay 0.5% trail commission, the latter none. so perhaps iii are generally getting 0.14% platform commission (less than some of the bigger platform providers?).

(there are also lots of other percentages.)

some funds are not in the rebate list, but appear to be available on iii (e.g. HSBC trackers). presumably they aren't paying iii any commission.

grey_gym_sock

ruperts wrote: »

Also, the "flat £10" charge, does that include regularly investing into funds? As in, each time I regularly invest I will have to pay £10 per fund?

one-off investments in funds will cost £10 each time. regular investments in funds will cost £1.50.

however, selling funds will always cost £10, as you can't do it with regular dealing.

the £20 per quarter charge is effectively a pre-payment of dealing charges, so you only pay more if you make more than £20-worth of one-off and regular deals in a quarter.

ruperts

Thanks all above. Apologies for the repetition. I can see how the rebate will help, however being some way off the £12,500 required to claw back the £80 assuming a 0.64% rebate, it won't help much. But it might help motivate me to invest more, I suppose.

Previously I was under the impression that regularly investing into funds with iii carried no charge beyond a one-off initial charge, but it has been suggested that prior to these changes there was still a £1.50 charge which was absorbed into the price per unit. Anyone know if this is correct?

victormeldrew2

dunstonh wrote: »

HL's model is not currently compliant with RDR/Platform review. So, do expect it to change. They are still in receipt of platform commissions and IFA trail commissions.

Whether they plan to go with dual platforms we dont know. (i.e. legacy business which can stay with commissions unless there is a change to the investments and "new business" which will have to be set up the new way).

it is going to be interesting to see where these all end up.

Yes it will be interesting to see what HL do....I have tended to have 2 ISA accounts, one for funds (HL) and one for non-funds (largely ITs but a few individual equities).

The cheap brokerage from III has gone (and so have I).
Will wait for the players like HL to make their RDR decisions before looking at my funds package.