Best place to hold existing portfolio

funhouse

I hope this specific question hasn't already been discussed elsewhere on here. Anyway, I have a lifetime accumulation of various unit trusts and such funds currently held with Brewin Dolphin. I'm ambivilent about Brewin's 'value added' (and in their defence, markets haven't been an easy ride in the last few years). Anyway,I'm thinking about moving away from them and taking stock and I'm wondering how I can extract myself and retain the current holdings. Sadly, my knowledge is weak, I'm presuming I must have a financial adviser to hold these investments and can't merely have them transferred directly to me. On this basis, I was wondering whether Hargreaves Lansdowne or a similar outfit are appropriate. Any insight would be appreciated. I'm thinking that saving/reducing on BD's current .75%annual fees is a small start. Thank you.

xylophone

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

http://www.cavendishonline.co.uk/investments/
Have you already looked through the above?

dunstonh

Brewin Dophin are discretionary investment managers. They will almost certainly have investments that will not be available via HL. Its possible the funds they use are the clean share classes.

Sadly, my knowledge is weak, I'm presuming I must have a financial adviser to hold these investments and can't merely have them transferred directly to me

you dont need an adviser. Brewin Dolphin are not advisers after all. However, you may "need" one from the point of view that if you are not using BD to run the portfolio that means you will need to do it. Is your knowledge up to risk analysis, data analysis, rebalancing and reviews etc? if yes, then fine but if not, then DIY may not be right for you.

I'm thinking that saving/reducing on BD's current .75%annual fees is a small start.

HL's take is higher than that on average. HL is a very good DIY platform for funds but it is a different offering to a discretionary investment management service (and different to what an IFA would do which is another option).

funhouse

xylophone wrote: »

Have you already looked through the above?

Truthfully, no I haven't. I thought I'd ask on here first before trying to search - I find that for some things, the internet is wonderful for popping up an immediate right answer; yet on other topics, there can either be scant information or it can be overwhelming trying to figur it out. So,I'll take a look at your link and read up on it. Thank you!:T

Totton

I'm with HL and am very happy with their excellent service. There are other options though.

funhouse

dunstonh wrote: »

Brewin Dophin are discretionary investment managers. They will almost certainly have investments that will not be available via HL. Its possible the funds they use are the clean share classes.



you dont need an adviser. Brewin Dolphin are not advisers after all. However, you may "need" one from the point of view that if you are not using BD to run the portfolio that means you will need to do it. Is your knowledge up to risk analysis, data analysis, rebalancing and reviews etc? if yes, then fine but if not, then DIY may not be right for you.



HL's take is higher than that on average. HL is a very good DIY platform for funds but it is a different offering to a discretionary investment management service (and different to what an IFA would do which is another option).

Appreciate your kind reply and comments.

I have approached Hargreaves Lansdown and they said almost all of what I had THEY could transfer in and hold, so I'm assuming other similar service vehicles can also hold them. Having contacted HL, I then thought I ought to see what other options were available to me, hence my initial posting.

I had thought BD were advisers as they advise/direct on the investments and structure of the portfolio. I am not adverse in any sense to advisers, but I am loosing confidence (rightly or wrongly) in BD and so I feel I need to grapple with the issue of whether to stay attached to their appron strings or go out and see the big wide world. This could mean trying to step up to the plate of DIY, or seeking an alternate adviser. As many of the adjustments BD have made have been relatively recent, I take the view that the portfollio as it now stands can be 'parked up' for the moment (accepting that these are uncertain times we live in). So, I'm at the point of really looking both at the options...AND the ramifications of the path I ultimately choose. I think BD seem a little pricey and certainly one criticism I have is that they seem to take the view to ride out several storms even if the ground seems to be disappearing from right under you. This is always a difficult call as clearly there are issues which are fundamental and circumstances which cause panic and need to be rode out. However, there have been times when I have been surprised that they haven't acted on the writing on the wall. So, in the main I feel I can make pretty much make as good a call on decisions as they can, BUT, I'm not sure how I will fair on the reseach; it's only when you really get into it that you find out the answer to that one. BD take .75% p.a. and seem to have healthy commission on transactions, their results have not been spectacular and one diary a year between me and my wife at Christmas is starting to look like an expensive jibe on their part. So lack of confidence and poor value for money sums up my current feelings. It's worth pointing out that BD have changed their T & C's, so they give you a limited time offer to transfer your holdings out AT NO CHARGE, so they seem to be almost daring me to take my toys away!

funhouse

Totton wrote: »

I'm with HL and am very happy with their excellent service. There are other options though.

I presume by 'other options' you mean companies providing like services or HL, or do you mean something else?

dunstonh

I had thought BD were advisers as they advise/direct on the investments and structure of the portfolio.

They are an investment manager rather than adviser. They control the investments but they do not provide advice. If they want to switch something around they will. An adviser has to run their advice past you first for you to agree to change it or not.

I am not adverse in any sense to advisers, but I am loosing confidence (rightly or wrongly) in BD

Discretionary investment managers typically use shares, direct assets and clean share classes on investment funds (where possible). Remember that the same funds in clean form are cheaper than in retail form. Hence why you get an explicit charge on top.

Some people swear by discretionary investment managers. In nearly 20 years, you can count the number of people I have referred to discretionary investment managers on one hand. If you portfolio is that big then maybe it is value. However, for most people it will just be added cost. BD have a good enough reputation though so there is unlikely to be any issue with what you have.

The three options are DIY, IFA or Discretionary investment management. (FA is ruled out given limitations leaving you with the three mentioned)

certainly one criticism I have is that they seem to take the view to ride out several storms even if the ground seems to be disappearing from right under you.

I would agree with them. People that pull out after drops and invest after recoveries miss out and end up worse off in general. Punching through it and coming out the other end is usually the best option along with some rebalancing in between.

However, there have been times when I have been surprised that they haven't acted on the writing on the wall.

Are you letting hindsight get in the way there? No-one can predict the sale of a drop and when drops do happen they tend to be quick and if you pull out after the drop, you miss the bounce typically.

grey_gym_sock

funhouse wrote: »

one diary a year between me and my wife at Christmas is starting to look like an expensive jibe on their part.

i bet you could get 2 diaries if you haggled

almondsalty

There are a couple of options, there is a decent-ish comparison table here as an overview:

Fund supermarket comparison at Investoo.co.uk

Basic comparison at thisimoney.co.uk

Both are useful to get a feel for the market and understand the various options, in particular with reference to charges.

funhouse

almondsalty wrote: »

There are a couple of options, there is a decent-ish comparison table here as an overview:

Both are useful to get a feel for the market and understand the various options, in particular with reference to charges.

Thanks for those links. Very interesting. I'm coming to the conclusion that it takes as much research and effort to understand the various options and implications of the charging structures as it does to research the worth of potential investments. So I think a bit of contemplating over the next few weeks is needed.