HL to III

foofi22

None that I am aware of. Of course I could be wrong!

petepool

I'm also planning to move from HL and II looks like the best option for my SIPP as well. Just waiting for a response from HL on their penalty charges (see separate thread), otherwise will move and try and claim them back. So thanks for all the input in II above.

Stanley_St

I feel inclined to join those here who are planning the HL to II route. That said, I am keeping an eye open for better deals that may emerge elsewhere (and waiting for HL to cave in on the exit charge issue).

The new HL charges will leave me several hundreds of pounds worse off each year, and the advantages of II for me are:

(1) Relatively low fees for the current size of my ISA and the amount of dealing I am likely to do

(2) II provides a means to invest in many corporate bond IPOs (including one at the moment not offered by HL).

The funds I hold in HL are almost all in trackers, and the other option is to simply change these to ETF trackers and avoid any platform fees (eg in X-O). My growing taste for corporate bonds may well swing it II's way.

masonic

Imnoexpert wrote: »

One issue though is if I start investing is there a Portfolio Analysis Tool as this is a feature I like a lot in other platforms?

There are plenty of free tools that will do this, for example there's one at Trustnet.

sorcerer

So I am all set, all of my funds exists on II which is great, form signed and filled in ready to be posted tomorrow. Just a small matter of the £325 of exit fees from HL. But since I will be saving about that when moving, after the 1st year I will actually be better off. And II said they will give me £10 for each fund I transfer as a compensation for the exist fees from HL. Add on the £200 odd in cash and deals, then it's actually about break even.


I will keep my SIPP with HL for now, because it's quite small so the fees won't be too bad.


Just have to wait up to 8 weeks now :-(

Mattygroves2

What I am struggling with is the fact that if I went from HL to II I'd be moving dirty funds over mainly so in order to move to clean funds I would need to sell dirty and buy clean in II and so be out of the market for a while and also be subject to the bid / offer spread which will be expensive. The same problem exists with Fidelity.

If I stay dirty with II until they offer conversion (presumably in 2016) then I end up being charged an extra 0.11% AMC on most funds compared to clean funds which again is expensive. If I wait for HL to convert and then move them as clean funds I miss the II incentives but that might prove to be the cheapest option in the long run.

This decision isn't proving as easy as I thought it would be.

Judwin

Another one here looking at moving from HL to III.

I have an SSISA with HL containing about 12 dirty managed funds, worth about £80K, so it'll cost me about £360 to stay with HL. I don't have any shares, or SIPP, or Trackers. All of the funds I have are available on III in one form or other, but 4 of them are currently soft closed, which complicates things a bit.

AIUI, HL will charge me £25 for each fund to do an in-specie transfer to III. If I transfer in cash, then III will charge me £10 per fund when I re-buy (the clean fund) after the transfer.

So, plan A is

1. Transfer the 4 soft closed funds in-specie to III, costing £100.
2. Sell up all the remaining funds, and transfer as cash to III. This may or may not cost £25 as well - not sure.
3. If I can get it done by June, then I can avoid the HL account closure fee.
4. Once the cash reaches III, re-buy the clean versions of the funds I sold up, which will cost about £80.

I think that makes the total cost to change £180, plus £80p/a III platform fee, so £260 total. So I save £100 in the first year, and then £280 each following year, plus i get to use mostly clean funds from here onwards.

Can anyone see any flaws in my cunning plan? I realise I'll be out of the market during the cash transfer, and I'll end up with 4 'dirty' soft closed funds on the III platform.

Cheers
Judwin

IronWolf

Judwin wrote: »

Another one here looking at moving from HL to III.

I have an SSISA with HL containing about 12 dirty managed funds, worth about £80K, so it'll cost me about £360 to stay with HL. I don't have any shares, or SIPP, or Trackers. All of the funds I have are available on III in one form or other, but 4 of them are currently soft closed, which complicates things a bit.

AIUI, HL will charge me £25 for each fund to do an in-specie transfer to III. If I transfer in cash, then III will charge me £10 per fund when I re-buy (the clean fund) after the transfer.

So, plan A is

1. Transfer the 4 soft closed funds in-specie to III, costing £100.
2. Sell up all the remaining funds, and transfer as cash to III. This may or may not cost £25 as well - not sure.
3. If I can get it done by June, then I can avoid the HL account closure fee.
4. Once the cash reaches III, re-buy the clean versions of the funds I sold up, which will cost about £80.

I think that makes the total cost to change £180, plus £80p/a III platform fee, so £260 total. So I save £100 in the first year, and then £280 each following year, plus i get to use mostly clean funds from here onwards.

Can anyone see any flaws in my cunning plan? I realise I'll be out of the market during the cash transfer, and I'll end up with 4 'dirty' soft closed funds on the III platform.

Cheers
Judwin

Dont forget your first quarterly £20 counts as credit for transactions, so thats two free fund purchases.

colalba

Judwin wrote: »

Another one here looking at moving from HL to III.

I have an SSISA with HL containing about 12 dirty managed funds, worth about £80K, so it'll cost me about £360 to stay with HL. I don't have any shares, or SIPP, or Trackers. All of the funds I have are available on III in one form or other, but 4 of them are currently soft closed, which complicates things a bit.

AIUI, HL will charge me £25 for each fund to do an in-specie transfer to III. If I transfer in cash, then III will charge me £10 per fund when I re-buy (the clean fund) after the transfer.

So, plan A is

1. Transfer the 4 soft closed funds in-specie to III, costing £100.
2. Sell up all the remaining funds, and transfer as cash to III. This may or may not cost £25 as well - not sure.
3. If I can get it done by June, then I can avoid the HL account closure fee.
4. Once the cash reaches III, re-buy the clean versions of the funds I sold up, which will cost about £80.

I think that makes the total cost to change £180, plus £80p/a III platform fee, so £260 total. So I save £100 in the first year, and then £280 each following year, plus i get to use mostly clean funds from here onwards.

Can anyone see any flaws in my cunning plan? I realise I'll be out of the market during the cash transfer, and I'll end up with 4 'dirty' soft closed funds on the III platform.

Cheers
Judwin

I think II will give you £10 cashback for each of your 4 in-specie transfers and also £10 trading credit. So that is a £80 contribution.
http://www.iii.co.uk/straightforward?icn=straightforward_jan2014&ici=heropanel


The outrageous £25 charge for transferring cash doesn't come into play until June.


I am not sure if there is an issue with a possible bid offer spread on your funds if you are selling and buying back. I have never been sure if they just reflect the initial charges and are therefore refunded or whether they are separate. But with all the expertise around this forum somebody will know.

sorcerer

Mattygroves2 wrote: »

What I am struggling with is the fact that if I went from HL to II I'd be moving dirty funds over mainly so in order to move to clean funds I would need to sell dirty and buy clean in II and so be out of the market for a while and also be subject to the bid / offer spread which will be expensive. The same problem exists with Fidelity.

If I stay dirty with II until they offer conversion (presumably in 2016) then I end up being charged an extra 0.11% AMC on most funds compared to clean funds which again is expensive. If I wait for HL to convert and then move them as clean funds I miss the II incentives but that might prove to be the cheapest option in the long run.

This decision isn't proving as easy as I thought it would be.

Remember you can move to a clean class anytime u want, and you can "convert" it, which means you have no CGT to pay. if you close and open a new one it will cost u money and CGT. II rebate the money on no clean funds just like HL.