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Topup via Discount Broker -- possible?
david78
Posts: 1,654 Forumite
Anyone know about these discount broker/fund supermarkets?
I am looking into transfering my PEPs and ISAs, which are currently being held by separate investment managers, into Fidelity's FundsNetwork PEP/ISA fund supermarket. Aim is to get everything under one ISA/PEP manager so I can more easily switch investments between funds (portfolio size is modest, ~ £12,000).
I can do the transfer by re-registering my existing funds so they remain invested at all times and this service is free. (better than a traditional transfer which involves selling units then buying more with new ISA/PEP manager). Once this is done, I will have a Fidelity PEP/ISA containing only investments from contributions made in past years (they will be bundled). I will do this by dealing direct with Fidelity.
What I want to do for 2005/06 is (1) use my full £4000 mini "stocks + shares" ISA allowance to top up the ISA, (2) transfer my Share PEP with Halifax (HBOS free demutualisation shares) to the ISA. The HBOS shares will need to be sold (don't tell Howard!), and units/oeics bought in funds to diversify (This is a single company PEP but it can be transfered to a General PEP.)
However, I would like to do both of these transactions using a discount broker. I think Hargreaves Lansdown (HL) who will give me a discount on the initial charge for (1) and maybe also for (2). (I can't tell from their website withough going through the application process). HL allow you to buy funds for FundsNetwork at a discount on their website.
But it is not clear to me though whether HL will allow this as I will have taken out the initial PEP/ISAs with Fidelity direct, and no IFA/intermediary will be listed against my account. Anyone know if I can do this? Do HL just add their introducers reference number to the application so I get the discounts?
David.
I am looking into transfering my PEPs and ISAs, which are currently being held by separate investment managers, into Fidelity's FundsNetwork PEP/ISA fund supermarket. Aim is to get everything under one ISA/PEP manager so I can more easily switch investments between funds (portfolio size is modest, ~ £12,000).
I can do the transfer by re-registering my existing funds so they remain invested at all times and this service is free. (better than a traditional transfer which involves selling units then buying more with new ISA/PEP manager). Once this is done, I will have a Fidelity PEP/ISA containing only investments from contributions made in past years (they will be bundled). I will do this by dealing direct with Fidelity.
What I want to do for 2005/06 is (1) use my full £4000 mini "stocks + shares" ISA allowance to top up the ISA, (2) transfer my Share PEP with Halifax (HBOS free demutualisation shares) to the ISA. The HBOS shares will need to be sold (don't tell Howard!), and units/oeics bought in funds to diversify (This is a single company PEP but it can be transfered to a General PEP.)
However, I would like to do both of these transactions using a discount broker. I think Hargreaves Lansdown (HL) who will give me a discount on the initial charge for (1) and maybe also for (2). (I can't tell from their website withough going through the application process). HL allow you to buy funds for FundsNetwork at a discount on their website.
But it is not clear to me though whether HL will allow this as I will have taken out the initial PEP/ISAs with Fidelity direct, and no IFA/intermediary will be listed against my account. Anyone know if I can do this? Do HL just add their introducers reference number to the application so I get the discounts?
David.
0
Comments
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If you're thinking of using HL anyway why not transfer everything into their own "Vantage ISA Service" which, IMHO, offers a better overall deal than FundsNetwork and will probably also be cheaper.
AFAIK, initial charge discounts are better, switching is cheaper and
some of the annual commission is rebated in the form of a "Loyalty Bonus"0
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