Interactive Investor... dire

aroominyork

Any ii customers out there who have been told their existing fund will no longer be available and they must sell it? (That's a letter I would not want to draft.)

bigadaj

aroominyork wrote: »

Any ii customers out there who have been told their existing fund will no longer be available and they must sell it? (That's a letter I would not want to draft.)

Drafting a letter would be easy, being on the phones when the complaints roll in would be less so.

xylophone

I am in the process of transferring from II to iWeb - I wanted to transfer in specie but iWeb hold a different class of one of my funds from that held by iWeb so I have had to sell......which was annoying.

http://www.telegraph.co.uk/finance/personalfinance/investing/11620032/Crazy-fund-codes-that-stopped-me-getting-a-better-investment-deal.html

However, I had a reasonable profit and may now choose a different fund once my transfer is complete.....whenever that may be:eek:

aroominyork

bigadaj wrote: »

Drafting a letter would be easy, being on the phones when the complaints roll in would be less so.

It would begin "In order to provide you with a better service..."

aroominyork

I wrote to ii asking why their strategic bond fund would no longer be available after the merger. They replied "TD and II use different third party fund providers, with the change over the decision was made to go with Co-Funds, TD's current provider. This means that not all of the funds currently offer on the II platform will be available after the merger".

Edit: Hang on a wee tooting moment. CoFunds is a platform which "enable(s) Financial Advisers to place a selection of funds from many different fund providers into one consolidated portfolio." So does that mean that ii/TD is not a platform but simply a front end marketing site and that they outsource the actual platform function to CoFunds?

aroominyork

My third consecutive post...

I wrote to ii asking if they were just a front end for an outsourced platform and got a quick reply "The best way to think about Co-Funds is more like a market maker, though this is not a direct analogue." Well, that's clear as mud, even assuming he meant analogy.

I also asked if I should wait before transferring from HL to ii to avoid getting caught up in their migration teething issues. They replied "To be perfectly honest it might be a good idea to wait a couple of months, if you're not in a hurry to move. The reason I say this is not due to teething issues with the system, but we do currently have a high number of transfers in place at the moment and it might be better to wait until we have cleared this backlog." So you have it from the horse's mouth - hold off joining ii for now.

Matt002

Not sure if this is any help but I phoned II last Saturday and asked about a fund that was listed on the old platform but not the new one. They said they would get someone to investigate and let me know on Monday.

I got a call early afternoon Monday saying they were adding it to the new platform and it would be there to use on Wednesday and it was.

They have helped with a couple of other queries via secure messages quite quickly too.

lejog2003

aroominyork wrote: »

I wrote to ii asking why their strategic bond fund would no longer be available after the merger. They replied "TD and II use different third party fund providers, with the change over the decision was made to go with Co-Funds, TD's current provider. This means that not all of the funds currently offer on the II platform will be available after the merger".

Edit: Hang on a wee tooting moment. CoFunds is a platform which "enable(s) Financial Advisers to place a selection of funds from many different fund providers into one consolidated portfolio." So does that mean that ii/TD is not a platform but simply a front end marketing site and that they outsource the actual platform function to CoFunds?

Hold on, the mega thread on complaints about iii IIRC started in 2014 when they changed their underlying platform from CoFunds to FNZ. And now they are returning to CoFunds?:rotfl:

Well perhaps we will find out if iii's excuses of its all FNZ's fault is true or not.

But yes iii subcontract most of/all the nitty gritty bits of the operation. As those of us who had problems with late dividend payments found out, iii's ts&cs at the time specified that they'd be paid x days after they received them from their supplier, not x days after the fund paid out. And FNZ could take months to transfer money to iii.

le_loup

lejog2003 wrote: »

Hold on,

What nonsense, three of their customers have said their service is great.
I would agree that it's incomparable!

lejog2003

le_loup wrote: »

What nonsense, three of their customers have said their service is great.
I would agree that it's incomparable!

:rotfl:

Obviously not those who have had to wait months for late payment of fund dividends while FNZ got out their quills and ledgers to reconcile payments. Or "lost" track of holdings when transferring.

Since FNZ seemed to operate as a black box (black hole?) where even iii customer support had no idea what was going on with their customers money, I suppose CoFunds should improve things. I assume IFAs wouldn't use them if they were that bad.