Want to leave HL, couple of questions

werutd

Just "woken up" to the new HL charges and how they are going to affect me. I think I want to leave but unsure of how the process works. I'm daunted by the sheer number of threads and posts on here on this subject - I'm sure the knowledge I'm after is in there somewhere but don't have time to read and/or search them all.

If anyone can point me in the right direction with with a couple of queries, I'd be obliged...

I'm aware that many are complaining in order to get exit fees and/or transfer fees waived, presumably this has to be done before initiating any transfer?

There seem to be different methods to actually transfer that each have different pros and cons and costs. How do I work out the best course of action? I have about 15 different (managed) funds in my ISA, I haven't requested them to be changed to unbundled yet. Will they be transferred to unbundled versions on the new platform or "inclusive" equivalents? Should I reduce the number of funds in my portfolio to simplify things or even convert everything to Vanguard LS or even cash?

Finally, I have a regular monthly investment setup which has already been invested for April (i.e. this tax year). Does this mean I can't invest on another platform this year, like with a cash ISA, and how does it affect any transfer that I attempt?

Thanks for any help or pointers...

le_loup

I'm afraid that without some work on your part, you will never find out.
You haven't got time but you expect others to have time to know your mind and do the work for you.


Think about the feeding of people with a fishing net.

sorcerer

ok, so I would say the first thing you need to do is work out what your invested in, funds, trusts, etfs etc. And find another provider that will suit your needs. This isn't as clear cut as it sounds. For example II cost £80 a year in a ISA and £10 a transaction, so if you make a lot of transactions it can get expensive. Some charge rates from 0.25% to 0.45% and if you have small portfolio these might be fine.


I find this guy's blog very handy, but it will involve you doing some reading.


http://langcatfinancial.co.uk/blog/

werutd

sorcerer wrote: »

ok, so I would say the first thing you need to do is work out what your invested in, funds, trusts, etfs etc. And find another provider that will suit your needs.

Thanks sorcerer, that's what I've been spending my time (well a couple of evenings so far anyway) doing so far. I've pretty much settled on II as I don't make one-off trades or switches very often except for a regular monthly investment (which they only charge £1.50 for I think).

However when I tried to find out if they have the same funds I have available, it kept returning 0 funds whatever I searched. Do I need to register before I can do this?

le loup, don't worry I'm willing to put in work, sometimes I just get "analysis paralysis" and need the odd pointer.

Assuming I wanted to transfer from HL to II, are there any pitfalls to avoid?

le_loup

Lots of us have transferred from H-L to III.
The only problem seems to be the time taken and the poor comparison between H-L's and III's websites ... but we are all saving loads of money. Assuming you holdings are large enough to make a substantial saving; do it.
But before you do, read and understand the various threads here and read and reread the T&Cs. (But, as you know, that applies to all financial purchases.)

masonic

werutd wrote: »

However when I tried to find out if they have the same funds I have available, it kept returning 0 funds whatever I searched. Do I need to register before I can do this?

It can be quite hard to track down particular funds. I've had the most success using the search bar at the top of the main page and then selecting the 'Unit Trusts & OEICs' tab in the results. I don't think registering will help much, but you may as well register for a free research account to get a feel for the site.

Assuming I wanted to transfer from HL to II, are there any pitfalls to avoid?

The main pitfall to avoid is paying for the transfer, but you seem to be aware of that. The other is trading immediately before and during the transfer, which can lead to some funds or parts of funds not transferring.

werutd

Hmm, with a total portfolio size of £45k that I'm likely to need to sell part of in the next 2-3 years I need to consider whether Charles Stanley might be a better transfer destination than III, or maybe even just staying put.... back to the drawing board for now.

Totton

At £45k plus a likely reduction in 2-3 years you may find that HL are not that expensive once you factor in all related costs and fees. The main gain in moving from HL is for those investing higher amounts although you may feel that the lesser gain in worthwhile for you.

An alternative may be to switch to Investment Trusts and pay just £45 per year for your ISA.

Finally, I have a regular monthly investment setup which has already been invested for April (i.e. this tax year). Does this mean I can't invest on another platform this year, like with a cash ISA, and how does it affect any transfer that I attempt?

If this is in an ISA then you will need to switch the ISA as you have started it for 2014-15, if it is just the Fund & Share a/c then you can open as many of those with whoever you wish.

gadgetmind

werutd wrote: »

Just "woken up" to the new HL charges and how they are going to affect me

Well done. From their latest figures, they actually gained customers, so a whole load of people seem to be enjoying basking in ignorance and/or denial.

masonic

gadgetmind wrote: »

Well done. From their latest figures, they actually gained customers, so a whole load of people seem to be enjoying basking in ignorance and/or denial.

They do seem to have a way with words.

grey_gym_sock

gadgetmind wrote: »

Well done. From their latest figures, they actually gained customers, so a whole load of people seem to be enjoying basking in ignorance and/or denial.

or are in a workplace pension, where they have to use HL to get the employer contributions.