Investment Platforms/Supermarkets - good and bad points

jimjames

I have HL & Cavendish, but have used Best & Alliance previously.

HL is probably the best platform for features and performance analysis tools as well as ease of use but you do pay for the level of features.

I now only hold a small amount on HL with the majority of funds and trackers on Cavendish (Cofunds not Fidelity) I transferred as cash and was only out of the market for a matter of days.

phuket

What about security of all these platforms? Do they all have very high levels of security in place or are some more secure than others?

Has anyone ever had their account hacked into or lost any money due to security issues? I think I read someone else about someone who had had their iii account hacked and who had had their investment withdrawn.

dunstonh

phuket wrote: »

What about security of all these platforms? Do they all have very high levels of security in place or are some more secure than others?

Has anyone ever had their account hacked into or lost any money due to security issues? I think I read someone else about someone who had had their iii account hacked and who had had their investment withdrawn.

I dont see how anyone getting access could end up with the money. The platforms have a nominated bank account and most ask to check the bank details before they pay withdrawals to it (either the same details as the cheque written to open it or a certified copy of bank statement or a signature for the withdrawal).

IronWolf

I have used iii but just moved my funds to Cavendish Online.

The iii interface is definitely better, but Cavendish is cheaper. If you are just investing in funds then you don't really need anything that's all singing and dancing.

I moved away from iii because of the charges and their sharedealing was bugging me. I found a far better broker for shares and just moved the funds to the cheapest provider.

Totton

I use HL and find them 'best by test'. The online tools are superb and dealing is very quick. I have used several other platforms and they may have improved their offerings to better HL, I don't know but lots of folk will be able to comment on their favoured supplier of service. I telephoned HL this morning and a human being answered the phone in a few seconds, customer service was excellent and polite. Costs are increasingly important but at this time we do not know the full impact of the changes that will be brought in, I suspect that the wheel will keep turning and HL will be best one month and then worst a few months later as the industry leaders keep changing their charges to gain market share.

gadgetmind

psychic_teabag wrote: »

I hear that HL have very good telephone help, but I've never used that myself. I think HL is slightly better if you want to manage another family member's account for them - you can switch fully without having to relogin. Best lets you view other accounts, but not deal on them, I think.

I had cause to call both and cannot fault service. HL are slightly faster at responding to secure messages than BI with their equivalent.

BI are if anything easier to use for multiple accounts but there isn't much in it.

I use both on almost a daily basis at this time of year (new CGT allowances, SAYE transfer, ISA funding, rebalancing, etc.) Both platforms are slick but I'd probably give HL the slight edge.

Which I use for what comes down mostly to fees, convenience and (OK, I admit it) inertia. If/when in-specie transfers are fast and cheap, and/or when all post-RDR hands have been played, I'll consolidate things. Where this is will depend on fees for the most part but I suspect BestInvest will come out slightly on top. Let's see.

If a third contender provides a significantly better option, I'll move everything yet again.

gadgetmind

dunstonh wrote: »

The platforms have a nominated bank account

HL and BestInvest and probably others use two-factor authentication with random charters required from the second. HL also require a different password for dealing etc. and I know that at least one blocks all withdrawals for ten days after bank account details are changed.