Leaving HL

Archi_Bald

Ryan_Futuristics wrote: »

I say if you're not using a trading platform to do something to add Alpha or mitigate risk (cost-averaging) you're better off investing direct

That might be so for some investments but certainly is not the case generally, for a number of reasons, including:

1. not all fund houses offer ISAs and/or SIPPs. Actually, most don't
2. most direct investments have minimum initial investment level. These may be too high for many investors
3. same applies to regular monthly investments
4. brokers and fund supermarkets often offer lower charges than the fund managers offer directly

Investors also might prefer to have all their investments on a single platform.

EDIT: If you are interested in more reasons, use Googe to find articles that discuss this in great detail.

jimjames

Ryan_Futuristics wrote: »

Anyway, it's just simple maths

On most platforms, trading costs are going to count for more than the platform fee ... And if I were actually holding 10 funds, I'd be doing a lot more trades with rebalancing

At the point HL's non-capped fee starts to get you, you'd probably be better investing direct with the fund provider ... Or if you're a no-trade, buy-and-hold, get with Royal London or Vanguard right now and just forget the fund platform

Why forget it when you can get a platform for a one off £25?

You make some good points but then go astray with suggestions that don't add up.

Any savvy investor will try to minimise their fees. My current plan is using iweb for previous year's ISAs and then fidelity for current year. That means I have no trading fees and only pay platform fee on current years investment. Each year in April the previous year's ISA will be transferred to iweb.

Compared to HL that will save me well over £500 per year or more.

Eco_Miser

Ryan_Futuristics wrote: »

I always assumed Fidelity Bank was part of Fidelity .. But like the current account thread, it doesn't have any real bearing

Oh, it does.

if you spout such rubbish on subjects I know about, why should I take any notice of you on subjects I don't know so much about.

In short, you reputation depends on your whole posting history.

WGPA

Thanks for all the info. So would Fidelity be covered by the £50k FSA protection?

I'm pretty set on going with them. At the moment I only want to build a core holding in Vanguard LS80 but in future I will spread out a little (perhaps some small company coverage, for instance.) I do have a pension managed by my company's provider as well.

I currently drip feed in monthly so iWeb was very expensive with £60 in fees. That said, perhaps opening an account to hold previous ISA's may be worth it.

Fund size is pretty small as I'm fairly new to the game, have around 1yrs worth of allowance ultilised and am looking to add £10-15k again each year. Withdrawing HL in cash to re-invest is therefore not an option sadly.

Rosie1980

I've read this thread all the way through, along with many others. I'm good with money and finance but the world of stocks and shares is relatively new to me but it's so confusing! I was thrown into S&S when my dad died nearly 4 years ago, leaving my mother with a lot of money to be dealt with. I used an IFA recommended to me but during our dealings with him he moved to St James' Place and I can't help but feel that cost Mum a small fortune. So we decided that I would manage a SIPP for her. I opened one with HL and as I've seen mentioned on the forum it is great for novices who don't have a clue. I've since transferred my husbands small pension pot and used the portfolios to invest, it's done well. I'm pleased but then I recently read in Which? about the high costs compared to other fund supermarkets and I'm likely to be putting a fair bit in S&S ISA's over the coming years and don't really want to be overly lining too many other pockets. So I'm thinking of moving but reading all this has frightened me, I've no idea whether to go to IWeb or III or what to invest in! I've read lots on here about IWeb but what about III, they came out the top of the table in the various situations I tried on that comparison site?

LHW99

I changed from HL to III with a SIPP.

Pros
Fixed fees, commission credits, seem to hold everything I want to invest in (funds / shares / IT's).

Cons
Long time and some errors during transfer (equally HL / III's fault), can be slow crediting dividends, strange errors at times (eg message stating an incorrect platform fee - but deducted correctly), site can be a bit clunky until you're used to it.

There are several threads on here about III if you search.

le_loup

Please, for your mental well being, don't use III.
This used to be me.
:mad: Now tis is me.

Rosie1980

I have actually found some reviews since I posted this and the story isn't good. I think I might leave all family members accounts with HL as I know they won't have any problems and open my own with Iweb and see how I get on.

saver861

I have just opened a SIPP for myself and the missus with HL. We are limited to the £2880 as we are both on occupational pension.

This thread does seem to be bit against HL. Not sure if I have missed something but our SIPPs are in Unit Trusts with them and the platform fee is 0.45% along with the Fund charges. So other than the heavy £295 + vat charge for closing within 12 months, I did not see any other charges to be concerned with unduly.

As I really don't have enough knowledge to select funds myself I have gone with their model suggestions, one with adventurous suggestion and one with their moderate option.

No charges for Fund dealing, though I'm not going to be dealing on and off anyway, so it will mainly be sitting there. The investment amounts are obviously quite small anyway and mainly for tax advantage. Just feel like I might have missed something charge wise having read this thread

noggin1980

Rosie1980 wrote: »

I have actually found some reviews since I posted this and the story isn't good. I think I might leave all family members accounts with HL as I know they won't have any problems and open my own with Iweb and see how I get on.

Charles Stanley Direct are significantly cheaper than HL (for funds) and slightly cheaper for shares and you still get a very good service and decent website.