Alternative to Hargreaves Lansdown - Based on my portfolio (ISA and SIPP)

Freecall

itm2 wrote: »

I'm in a similar position to the OP (looking at moving SIPP/ISA/Funds portfolio away from HL). I invest in similar holdings (managed funds rather than ITs, ETFs, etc).

My situation is slightly different however, in that I'll be going into drawdown on my SIPP next year, and HL actually seem to have quite competitive costs in that respect. I've more-or-less decided to move the ISA and Fund & Share accounts to Interactive Investors, but Interactive Investors' SIPP charges for income drawdown and GAD calculations almost cancel out the benefits of their lower custody charges.

For example, I reckon I'd save around £400pa on custody charges on my £125k SIPP by moving it to Interactive Investors, but would incur at least £200pa in extra fees relating to drawdown. Couple that with the fact that I would also want to keep my HL SIPP account open because of 3 funds which aren't available on the II platform, and it seems that moving my SIPP wouldn't really make sense.

My fund choices tend to be quite esoteric (i.e. many are not available from Charles Stanley, Alliance Trust, etc), and II offered the best selection at the lowest cost, but their SIPP charges for drawdown are just making it unfeasible.

Has anyone else been faced with a similar dilemma? Are there any other SIPP providers I should look at who can combine low income drawdown costs with a wide range of managed funds?

I am in a similar position. It is quite rare on here to find any comments regarding actually being in drawdown and the costs are very rarely mentioned.

As you say, HL are still very competitive in this respect and if you can stand the charges of holding the investments then they may still be the best way forward for some.

I worked out in my case that I would be better off (although not massively) with ii. For a while I considered dumping all my funds and only using ETF's and IT's as I could then move to X-O which offers drawdown at no charge above the SIPP price.

My final conclusion however was to move to ii. I have had my ISA with them for some time and am very happy with them as a company so that, in addition to saving a couple of hundred, did it for me.

It would be nice to start drawdown with a company that you expect to spend the rest of your life with but I bet that as changes come along I will see a couple of more moves before I finally fall off my perch.

mdt963

There's a conversion guide which details old to new funds on the new funds charges page on the iweb website. Sorry, can't post the url as I'm a newbie. Hope that's enough info for people to find the document.

darren72

Found it. I think it is this one:

http://www.iweb-sharedealing.co.uk/PDFs/fund-conversions.pdf

I'm still not certain whether iweb rebate trail commission during the period of transferring over funds until the point they are converted to 'clean funds'.

grey_gym_sock

darren72 wrote: »

I'm still not certain whether iweb rebate trail commission during the period of transferring over funds until the point they are converted to 'clean funds'.

i doubt it, because AIUI they've never rebated any trail commission so far, so why start just when it's about to be abolished?