Confusion on investment accounts with Fidelity or Cavendish online

enthusiasticsaver

Has anyone else been confused on accounts opened with Cavendish and Fidelity? Cavendish uses the Fidelity funds platform to invest online and somehow I have ended up with two accounts on the same account number, one with a fee presumably with Cavendish and one investing direct through Fidelity. I think this probably occurred in April when I did a BED and ISA to transfer £2500 from a an unwrapped investment (invested from January 2015 to March 2015) via Cavendish and opened a new S and S ISA with Fidelity for it to go into. At the same time I moved a large cash isa into stocks and shares again via Cavendish.


Now I think I have £38k approx invested via Cavendish and my 2015-2016 s and s isa since April is with Fidelity direct (£2500). I know Fidelity charges are higher than Cavendish but bearing in mind there is only £2500 invested since April 2015 and I am paying monthly into that £250 per month I am thinking it is probably best to leave it for this tax year and continue as it is particularly as I seem to get more information on the website if I choose the "invest direct" option rather than invest through an advisor. It keeps track of the ISA contributions made so far this year for example which is helpful as I have also just opened a regular saver Cash isa to save the rest of my allowance into.


Is it worth trying to get it into one account? I am assuming this will involve transferring the Fidelity s and s isa via Cavendish. Any thoughts?

Plus

As far as I know, if you have one account number you have one fee agreement. So if Cavendish show as your 'advisor' on there (when you go to buy something, for instance) then you're paying Cavendish's lower fees. It's possible to have multiple sub-accounts (at one time each ISA year was a different subdivision) but they're all under the same fee agreement.

If you've somehow ended up as a Fidelity direct customer you can nominate Cavendish as your advisor and you'll transfer to their fee schedule. It's quite painless since your investments don't move anywhere. Note that the Cavendish use a 'whitelabel' version of FundsNetwork, so if you're a Fidelity direct customer you may lose a few website features by going to Cavendish.

enthusiasticsaver

Thanks Plus, that is most useful. Both accounts show the same account number so I won't worry for now about nominating Cavendish as I quite like the few extra website features that I get through investing direct. I like the way they add up my ISA contributions for the year to date and display it clearly.