Transfer Fund platform ? - Fidelity to True Potential

rsbob

I have approx 100K in ISAs with the Fidelity fund platform. My IFA is suggesting that I transfer my holdings to True Potential. He claims that Fidelity is causing him problems and that True Potential are cheaper and have a better system in place.

Has anyone had any dealings with True Potential? I've found it hard to get any info on them from the internet - mostly advertising.

I've been quite happy with Fidelity up until now although I see from the forum that switching platforms is creating difficulties.

What are the pros and cons of switching?

Grateful for any advice

jimjames

I've never heard of them so I'd be asking some serious questions about why they want you to move. What is the cost difference to you?

Do you currently use the Fidelity platform to log into? What do this outfit offer?

Edit - just found their website. Fidelity charge 0.25%, TPWP charge 0.4% platform fee so why does your IFA think it is worth almost doubling your costs?

M.R.W.

Hi there,

I had never heard of True Potential. However a quick spot of research shows they are real and have won a number of awards (from Money Marketing magazine - a well regarded trade press amongst IFAs).

If your IFA likes to use True Potential as his platform of choice then that's fine; the key point for him will be ease of administration. There's nothing wrong with a price increase either - as long as you're getting value for money. I would find out more of your IFAs rationale for moving and increasing your charges...making his job easier is not a good enough reason alone to switch!

Matt

rsbob

Thanks for the replies.

I'm not sure whether ease of administration for my IFA should cost me more. I'll have to question him on this.

Seems like I''ll have to question him a bit more on a number of things.

Thanks again for replying