Platforms - stay with HL or switch?

weenie15

Lois_and_CK wrote: »

What is Youinvest like from a user perspective? Is it anywhere like HL for user friendliness?

I've been a long standing HL customer but opened a YouInvest SIPP because I wanted to make cheap regular investments in ETFs.

The website isn't as 'slick' as HL's but is pretty friendly and easy to use.

With regards to customer service, I've not tried calling them yet, but have emailed them queries which were answered in a satisfactory manner and timely fashion.

As their SIPP fees are capped at £25 per quarter, + 0.2% for funds (capped at £50 per quarter), might be worth doing your sums to see what you can save from switching.

kidmugsy

In your shoes I'd consider leaving your accounts at HL for the time being but opening new accounts at a competitor for your new money. Then when you have some experience with the new platform, reconsider.

dunstonh

Do remember that platforms are a value added service. There are cheap and expensive and there are poor quality platforms and good quality ones. HL is more expensive but it is good quality. So, if you utilise the features and options on HL then you need to be careful that any cheaper alternative may not offer you the same.

Superscrooge

HL has a very good reputation for a reliable platform full of useful information, although as others have mentioned it isn't the cheapest. I believe like Fidelity which I use. Their percentage charge drops once you have more than £250,000 invested.

You need to decide - Do you want a more basic platform that will be a bit cheaper, or do you want to pay a bit more and get what is generally regarded as a good quality platform?

Lois_and_CK

Thanks everyone for all your thoughts and advice - it's very much appreciated.

I'm now thinking of leaving the existing SIPP and S&S ISA where they are with HL, and opening two new ones for L&G Multi-asset with a new platform, as suggested.

digannio

Even if you can't find a fund like L & G Multi Index in a search on the HL site, that doesn't mean they won't offer it. When I started my SIPP with them, I called them after I couldn't find the L&G Multi Index 5 fund and they offered it straight away. They'll do pretty much owt to make sure they don't lose business:D

Lois_and_CK

Thanks for that tip; that's worth bearing in mind.

zagfles

The other thing to remember is that HL will negotiate on charges when your SIPP/ISA starts getting big - people have negotiated the charges down to 0.25% or even 0.2% and for all linked accounts.

See https://forums.moneysavingexpert.com/discussion/4889890

brifter

Besides the day-to-day management costs you may consider the dealing charges for the S&S ISA and the end costs when the time comes to 'activate' the SIPP with the various options now available. If these are relatively high then you might also think about transfer charges, e.g. will the current provider transfer in specie or must you sell and transfer cash, what other transfer out/closing charges might apply, etc.
P.S. I'm currently with Youinvest for both SIPP and ISA, both mainly shares, not a lot of dealing.

Chickereeeee

zagfles wrote: »

The other thing to remember is that HL will negotiate on charges when your SIPP/ISA starts getting big - people have negotiated the charges down to 0.25% or even 0.2% and for all linked accounts.

See https://forums.moneysavingexpert.com/discussion/4889890

And sometime they will not. eg me!

I prefer a platform that does not do individual 'deals' anyway.

C