Leaving HL

le_loup

shicky wrote: »

Can anyone here offer an opinion on iWeb versus iii?

Please read the III thread.
Then you can't say you haven't been warned.

Rollinghome

shicky wrote: »

Can anyone here offer an opinion on iWeb versus iii? They seem to be similar fee wise for someone in my position 20k pot which is growing. Likely to be in LS100 or DIY (4 funds)

With iii I'd stick to the two free quarterly trades, iWeb I would do less than 8 I imagine.

More interested in ease of use etc and whether the future seems rocky or not

I've an account with iWeb and they seem fine albeit with a very basic but functional website. Like Jim, I see the increased joining fee as a positive, at least for those who already have accounts.

The previous fee structure obviously wasn't working for them and rather than take the alternative option of raising fees for existing clients, which would have brought a heap of bad publicity for Halifax/Lloyds, they decided to limit new clients to those content to pay the higher joining fee. Intention may be to make iWeb most attractive to those with bigger portfolios so it can run it alongside their existing Halifax share-dealing operation with a better chance of being profitable.

I was all ready to transfer to iii a year ago but after probing their support a bit decided against. They were very confused about whether they could offer a couple of the funds I intended to transfer in which didn't fill me with confidence. On the other hand, I've seen lots of people who are happy with them - usually those holding mainly shares rather than funds.

On 20k, you'll be paying HL £90 a year (plus the various other charges they now make) but would take a fair while to recoup the £200 iWeb joining fee plus a few trading fees.

Another possibility for you would be to look at Fidelity who are offering £100 cashback on £5000 into an ISA. They charge 0.35% but you should be able to seamlessly transfer to Cavendish (still using the Fidelity platform) at 0.25% and be able to transfer anywhere in specie a few months later with no transfer fees - including to iWeb. With Fidelity virtually everything is covered by the ad valorem fee.

The website is clunky but the support staff (Freephone number) excellent. They seem to actually enjoy talking to clients.

shicky

Rollinghome wrote: »

On 20k, you'll be paying HL £90 a year (plus the various other charges they now make) but would take a fair while to recoup the £200 iWeb joining fee plus a few trading fees.

Another possibility for you would be to look at Fidelity who are offering £100 cashback on £5000 into an ISA. They charge 0.35% but you should be able to seamlessly transfer to Cavendish (still using the Fidelity platform) at 0.25% and be able to transfer anywhere in specie a few months later with no transfer fees - including to iWeb. With Fidelity virtually everything is covered by the ad valorem fee.

The website is clunky but the support staff (Freephone number) excellent. They seem to actually enjoy talking to clients.

Wow, thank you so much for this advice, I never would have worked it out for myself!

I was leaning toward iWeb or iii due to long-term future, I was concerned about transfering out of the likes of HL and the costs it would bring so wanted to get it right from the beginning. I'm very annoyed I held fire on iWeb but not anymore if I understand this response!

So go to Fidelity -> transfer to Cavendish, then when my pot is over 32k switch to iWeb (which I plan on being before 2016)

What exactly is the ad valorem fee?

Rollinghome

shicky wrote: »

What exactly is the ad valorem fee?

Fidelity's ad valorem (= at value) fee is 0.35% up to £250k then 0.20% - which covers everything, unlike HL who have a raft of additional fees. Using Cavendish as your adviser/agent the fee drops to 0.25% split between 0.05% going to Cavendish and 0.20% to Fidelity Fundsnetwork.

I got the £100 cashback from Fidelity a couple of years back even though I was then already a client via Cavendish. I see it now says you need to be a new customer so check out the current terms.

You might also want to look at Charles Stanley Direct. Old established stockbroker charging 0.25% with decent website and support but with modest exit charges.

It's very much horses for courses with no platform offering being ideal for everyone. Depends on what you want/need and how much you're happy to pay.

shicky

Rollinghome wrote: »

Fidelity's ad valorem (= at value) fee is 0.35% up to £250k then 0.20% - which covers everything, unlike HL who have a raft of additional fees. Using Cavendish as your adviser/agent the fee drops to 0.25% split between 0.05% going to Cavendish and 0.20% to Fidelity Fundsnetwork.

I got the £100 cashback from Fidelity a couple of years back even though I was then already a client via Cavendish. I see it now says you need to be a new customer so check out the current terms.

You might also want to look at Charles Stanley Direct. Old established stockbroker charging 0.25% with decent website and support but with modest exit charges.

It's very much horses for courses with no platform offering being ideal for everyone. Depends on what you want/need and how much you're happy to pay.

Thank you for the clarification Rollinghome, apologies for the confusion I did understand that charge but thought you were referring to additional exit charges. Glad to hear Fidelity doesn't have exit fees, that's pretty handy.

Can I be blunt and ask if you're in my position, which platform you'd go for?