Fidelity v Cavendish, any difference at all?

rathernot

I know Cavendish use the Fidelity platform and are 0.1% less in platform costs.

Can anyone please confirm

• Is there any difference in platform functionality?
• Is there any difference at all in fund fees? I've been using the Investment Finder on the Fidelity site and things look identical to Cavendish but I would prefer to be sure.

Some older threads mentioned the Cavendish site is a "Fidelity Lite" with less info and whilst I can't find a bad word about Cavendish I wouldn't like to find I've overlooked something.

Incidentally does anyone know how useful the portfolio tracking tools are on the Fidelity site compared to the free one at Trustnet please?

dunstonh

Is there any difference in platform functionality?

Yes. Cavendish doesnt allow drawdown on pensions.

Other than that, the platform software is rather basic compared to others. Its long on the tooth like most of the early platforms.

Is there any difference at all in fund fees?

No. Its a white labelled FNW platform.

Aletank

dunstonh wrote: »

Yes. Cavendish doesnt allow drawdown on pensions.

What are your options then when it comes to taking your pension ? I'm gathering you have to transfer to another provider ?

msallen

rathernot wrote: »

• Is there any difference in platform functionality?

There is no real online functionality via Cavendish. You have to download a form, print it, and post it to them for most things.

This isn't an issue if you just want to invest a lump sum and then leave it alone, or setup a regular monthly investment to the same fund, but it's not really suitable if you are likely to make regular changes.

dunstonh

Aletank wrote: »

What are your options then when it comes to taking your pension ? I'm gathering you have to transfer to another provider ?

Yep. you transfer it to a more modern option.

Deneb

msallen wrote: »

There is no real online functionality via Cavendish. You have to download a form, print it, and post it to them for most things.

This isn't an issue if you just want to invest a lump sum and then leave it alone, or setup a regular monthly investment to the same fund, but it's not really suitable if you are likely to make regular changes.

You have to download and post a form to re-register to Cavendish, but having done that I have always been able to log in direct through Fidelity Funds network to carry out buys, sells, switches, amend monthly savings plan and do everything else. There is also a link somewhere on the Cavendish website to log in to "Funds network with Cavendish" which when I tried it took me to the exact same Fidelity site but with the login page rebranded with the Cavendish logo and corporate colour scheme.

talexuser

When I had my ISA with Cavendish, online trading was easy and free (now have a SIPP with them but do no trading so far).

jimjames

msallen wrote: »

There is no real online functionality via Cavendish. You have to download a form, print it, and post it to them for most things.

I did all my transactions online via Fidelity. Not sure quite what you'd need to send forms off for, I never did after the re-registration

msallen

It sounds as though things have improved at Cavendish (online transaction wise) so ignore my earlier comment as I'm obviously well behind the times

cordwainer

rathernot wrote: »

[*]Is there any difference at all in fund fees?

When investing directly through fidelity fundsnetwork at the moment although the platform fee is slightly higher (0.35 vs 0.25%), when investing in exchange traded securities - Investment Trusts and ETFs, the platform fee is capped at £45 p.a. with Fidelity direct. Last time I checked with Cavendish (about a year ago) this was not the case when investing through Cavendish. So anything above £12857.14 in ITs / ETFs is effectively no platform fee. So depending on portfolio size and how you invest, Fidelity direct is potentially cheaper than Cavendish. Whoever this is applicable to might want to double-check with Cavendish.

At the moment dealing fees in the SIPP for ITs / ETFs are a mere 0.1% (and the usual 0.5% stamp duty on buys) but the Fidelity & Cavendish ISAs have switched to a £10 per deal charging structure on these. I suspect the SIPP charges will follow suit in autumn 2018 at the earliest, about a year after the ISAs - from experience changes and updates are very slow / infrequent with Fidelity.