Moving SIPP from HL

Zacwhite

Thanks to all responses on this issue. Seems like ii and AJ Bell look good options.
My issue with HL over the Woodford situation isn't that I wasnt aware of risk as I am with any investment, it was their blatant, continuous support of this underperforming fund and its ongoing inclusion in the Wealth 50 when all available evidence pointed to many other better performing alternatives. And now with information coming out about their cosy relationship with Mr Woodford plus senior directors selling stock in this fund while encouraging new investment, HL's ethics and credibility are in tatters. I will not leave my hard earned money with them...

seacaitch

Deleted_User wrote: »

I've built up about 70k in my HL SIPP having transferred about 50k from a Friends Provident pension four or five years ago.
It's all in cash now as I await a possible market correction with Brexit before I steam back in again.

Very rarely, if ever, would a portfolio being 100% in cash be an appropriate asset allocation, no matter what lay over the horizon.

100% cash suggests overconfidence in your own ability so I'd review that situation if I was you.

[Deleted User]

seacaitch wrote: »

Very rarely, if ever, would a portfolio being 100% in cash be an appropriate asset allocation, no matter what lay over the horizon.

100% cash suggests overconfidence in your own ability so I'd review that situation if I was you.

I disagree.
The whole point of a SIPP is to allow a person to take control of their own pension planning.
I personally think a market re-adjustment is on the horizon and would prefer to have cash ready to take advantage of it.
I occasionally jump in if I see something I like and mostly day trade - fortunately this SIPP is a relatively small part of my retirement planning so it's more a bit of fun than anything else.
FWIW - in 1987 James Goldsmith liquidated all his assets in anticipation of that year's market collapse.
I accept that this is not everyone's idea of financial planning but it works for me - my SIPP is up 45% in four years.

Albermarle

Although not one of the favourites of this forum , you might like to be aware that Fidelity are currently offering a £500 cashback for pension transfers over £150K, and up to £500 refund of any exit fees charged by the original provider.
Generally they are cheaper than HL, but not as cheap as II or AJ Bell , unless you are looking at drawdown in near future , which they do not charge extra for.

xylophone

The only reason I left HL was to save money on the fees charged in my ISA - I rarely trade, hold mostly funds and iweb suits my purpose.

But were I with HL because my investments were of a type attracting minimum fees, I'd still be there.

What on earth have Woodford's travails to do with whether or not investments can safely be held on HL's platform?

A touch of Chicken Licken...or perhaps headless chickens?

ggmf

Albermarle wrote: »

Although not one of the favourites of this forum , you might like to be aware that Fidelity

My SIPP is with Fidelity managed by an IFA, i have previous posted regarding how poor their website and available reporting was. However, to be fair, over a short period this has vastly improved in my view and now almost gives me what I want. If I could set up reports that are automatically emailed to me on the daily/weekly/monthly, 6 monthly or year time periods that I might want, then I would be even more happy.

seacaitch

Deleted_User wrote: »

I disagree.
The whole point of a SIPP is to allow a person to take control of their own pension planning.
I personally think a market re-adjustment is on the horizon and would prefer to have cash ready to take advantage of it.
I occasionally jump in if I see something I like and mostly day trade - fortunately this SIPP is a relatively small part of my retirement planning so it's more a bit of fun than anything else.
FWIW - in 1987 James Goldsmith liquidated all his assets in anticipation of that year's market collapse.
I accept that this is not everyone's idea of financial planning but it works for me - my SIPP is up 45% in four years.

OK.

There are a number of things you've written there that reinforce my impression that you are overconfident in your own abilities and have something of a gambler's mentality. Overconfidence causes people to make bold calls and adopt binary positions; this can be very lucrative, but the nature of markets means that over time it almost inevitably ends in tears eventually.

Investing is a serious business with a serious objective. About the most useful trait someone can bring to it is humility. My view is that the earlier you learn this in your investment career the better, as late learners have more to lose from any imprudence.

Sermon over.

lisyloo

xylophone wrote: »

What on earth have Woodford's travails to do with whether or not investments can safely be held on HL's platform?

They don’t, but didn’t HL push woodfords fund?
So it does affect whether someone thinks they are exercising good judgment?

ArchBair

Albermarle wrote: »

Although not one of the favourites of this forum , you might like to be aware that Fidelity are currently offering a £500 cashback for pension transfers over £150K, and up to £500 refund of any exit fees charged by the original provider.
Generally they are cheaper than HL, but not as cheap as II or AJ Bell , unless you are looking at drawdown in near future , which they do not charge extra for.

Fidelity are cheaper than II or AJ Bell if you only hold ETF's or IT's in your SIPP. The annual fee is capped at £45 and they charge no exit fees or fees for drawdown. I agree the new website is now much better.

xylophone

So it does affect whether someone thinks they are exercising good judgment?

This is still immaterial to whether investments can be safely held on their platform.

Nobody has to buy any of HL's favourite funds.