Difference between Cavendish and Fidelity

Hooloovoo

Can't you go directly to Fidelity to get the cashback, and then just submit a "change of broker" request, giving them the Cavendish broker code which is 637238?

I've never logged in via the Cavendish website (which just appears to add "ClientType=BrokerClient&partner=cavendish" to the web URL).

Likewise, I've never purchased any funds using the Cavendish website.

I just log into Fidelity as a normal Fidelity customer, and make sure I enter 637238 as my broker/advisor.

From how I understand it, Cavendish just act as an IFA that doesn't give you any advice. And instead of keeping the trail commission as an IFA would, they refund it back to you.

Jevvers

Interesting, very interesting. Thanks!
Having been with L&G for ever, I'm also trying to get my head around the difference between having my fund in the provider (L&G), or with Fidelity - (is it a platform?) - and with Cavendish (broker??)

sterlingstash

Glad the mobile site has helped some people.

A couple of the posts have me worried now, I normally just buy new units through the fidelity website. AM I supposed to go through the Cavendhish site each time? I presumed Cavendish was down as my broker so that would apply to all investments. Come to think of it, I have been only getting a tiny rebate from Cavendish.

EDIT - all holdings have been added to the ISA I started last year

westy22

sterlingstash wrote: »

Glad the mobile site has helped some people.

A couple of the posts have me worried now, I normally just buy new units through the fidelity website. AM I supposed to go through the Cavendhish site each time? I presumed Cavendish was down as my broker so that would apply to all investments. Come to think of it, I have been only getting a tiny rebate from Cavendish.

I don't believe that there is a 'Cavendish site' as such - the log-in that they provide on Fidelity identifies you as a Cavendish client and you then see the Fidelity 'lite' interface.

Whenever I deal on Fidelity part of the process identifies Cavendish as my broker (providing their broker number) and asks me if I have received advice from them - I always click on 'No'.

BTW, you don't get cash rebates as such anymore - the rebate is used to buy additional units in your highest value fund.

grizzly1911

Jevvers wrote: »

Interesting, very interesting. Thanks!
Having been with L&G for ever, I'm also trying to get my head around the difference between having my fund in the provider (L&G), or with Fidelity - (is it a platform?) - and with Cavendish (broker??)

Fidelity Funds Network is the platform. The virtual holding point rather us holding individual certificated for everything.

Cavendish is the broker.

I have transferred direct holdings in via Cavendish under re-registration for Invesco Perpetual (ISA), and for sale and repurchase of non ISA funds from L&G into new ISA holdings (not L&G).

At present Cavendish don't offer clean funds just those with trail commission but they do refund up to, typically 0.5% back to us on those funds that charge it. Not sure how frequent it is.

Whilst they don't offer clean funds at present they don't charge a fee for the holdings so swings and roundabouts. How that will change post 2013 is up for grabs.

The main benefit you would see, for now, with L&G if Cavendish will allow a direct transfer is the commission rebate.

sterlingstash

Thanks Westy, yes I usually have to click that I haven;t had advice. I must have missed the broker number bit, but I guess that is because it already came up already entered. Phew...

grizzly1911

sterlingstash wrote: »

Thanks Westy, yes I usually have to click that I haven;t had advice. I must have missed the broker number bit, but I guess that is because it already came up already entered. Phew...

Just for info.

I had a query on one deal placed through Cavendish where I hadn't pressed confirm/continue enough times after payment. They transaction didn't complete.

When I rang Cavendish to double check before placing a new order they passed me direct to Fidelity to get them to check. Cavendish told me not to place a phone order direct with Fidelity, when I spoke to Fidelity, as I would be charged in full. Fidelity did offer I declined.

max11

Very useful post! thank you
So I use Fidelity for my transaction and apparently Cavendish is my "adviser". I think this is a common situation.

Therefore I wonder if it is worth moving the investments directly to Cavendish

Moving investments