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Alliance Trust
caveat_emptor
Posts: 766 Forumite
I have an investment trust ISA and I'm charged £90/annum for custody and get two valuation reports. The charge for transferring out is £100. Is this a record?
Named after my cat, picture coming shortly
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Comments
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If you hold more than £22,500 in your ISA then Bestinvest's 0.4% per year charge on balances below £250,000 handily exceeds £90. And if you hold more than four investment trusts then Bestinvest's £25 per line transfer out charge handily exceeds £100.caveat_emptor wrote: »I have an investment trust ISA and I'm charged £90/annum for custody and get two valuation reports. The charge for transferring out is £100. Is this a record?
Nothing particular against Bestinvest -- it's just the one I happened on here. I'm sure you can find other platforms where your costs would exceed those of Alliance Trust. And maybe you can find cheaper ones -- in which case you should move, since with a decent annual cost reduction you would recover the transfer out charge in a relatively short period.0 -
caveat_emptor wrote: »I have an investment trust ISA and I'm charged £90/annum for custody and get two valuation reports. The charge for transferring out is £100. Is this a record?
No.
Also, if you had £100k invested, the charge would be an inconsequential fraction of a percent of your assets. Is it their fault that you don't?
If it's expensive, find a cheaper place.0 -
When you research platforms, you need to be aware of their charges in and their charges out. A number of the so called cheap ones have large menus of charges for various tasks and those things do tend to cost more.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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caveat_emptor wrote: »I have an investment trust ISA and I'm charged £90/annum for custody and get two valuation reports. The charge for transferring out is £100. Is this a record?
That's at the lower end of the charging spectrum, it may look expensive if you only have small sums in it.
For comparison of costs then monevator has a useful table, and also comoarefundplatforms has a useful tool which shows total charges within different wrappers and different investments, this would indicate whether you are getting good value or not.0 -
Thanks for putting me straight. It just seemed to me that the charges were OTT for the cost of providing the service. I certainly would not have chosen Alliance Trust but my investment trust managers chose AT as custodians and investor relations managers.
I am aware that there are lower cost platforms hence my OP.Named after my cat, picture coming shortly0
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