Cavendish online/Funds Network ISA

richy999

Hi I have recently opened an ISA via Cavendish online which appears to be provided by Funds Network (Fideltiy).
I was hoping to pick the brains of any existing users of Cavendish’s ISA fund platform.

I have been accessing my account directly via the Fidelity funds network web site. Should I access it through the link on the Cavendish online web site… is there any difference?

When setting up my 1st monthly investment, there was a question along the lines of ‘did you receive any advice regarding this investment’. I selected no at this point but I have read on other forums that if it is a Cavendish online ISA, I should have ticked yes. Bit confused by this, can anybody clarify?

I understand that the Service and Ongoing fees are collected by either selling holdings or taking it from a CashManager account if one exists. Which option do you take with regards to fees?

Are there any other tips for a newbie to the Cavendish/funds network ISA?

Thanks,

Richard.

mas2000

Hi Richard,

I recently made the switch from Fidelity to Cavendish to save on the new fees Fidelity were imposing.

I found it is better to go through the Cavendish portal to make purchases or changes to monthly savings plans.

I did have an issue during the transfer period where Fidelity still though they were holding one of my funds. However this was resolved quickly.

I don't' use the cashmanager service so can't really comment on that. As for ticking the no advice box I wouldn't think it was anything to worry about.

I have so far had a good experience with Cavendish and have moved a couple of pension plans to them- again to reduce ongoing fees.

Cheers,

Max

Futuristic

Doesn't matter how you access, I've always gone through fidelity as it's quicker.

I believe no is the right answer as that is most likely a box to tick if you had an IFA or Cavendish specifically tell you what funds to pick which I assume is not the case.

pwhitf

I used to use the CashManager account but they have got rid of it now so you have no option but to let them sell units to pay your fees. I have nothing but good things to say about Cavendish they are what they advertise as - cheap and cheerful, no advice given by them is what I have always ticked. They have always responded to my emails very quickly though about technical matters, for example when I was looking to switch from Cofunds to Fidelity.

If you get a good sized portfolio you may want to investigate one of the fixed fee platforms rather than Cavendish/Fidelity's percentage model if costs are your main driver for picking a platform.

pwhitf

richy999

Thanks for all your comments and advice folks :-)

I'll keep an eye on the value of the fund and switch to a fixed fee platform when it is cost effective. Cheers.

talexuser

Cashmanager has now been withdrawn but it is not a great loss since you could only use it to pay the Cavendish 0.05% of the total every month, the Fidelity 0.2% still got taken from selling units in your largest value holding.
I've always found Cavendish/Fidelity to be very good, reliable, no errors, I like the free switching, been with them virtually since they started as the best value at that time.
Now fixed price is better for large holdings but you have to calculate carefully regarding holding/switch charges to be sure to save money, unless you have a few hundred thousand or more.