We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Moving SIPP from HL
Comments
-
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.
Yes you are right . You can have a drawdown SIPP with Fidelity for around £100 a year ( including say 5 trades) if you stay away from OEICS. Even if it is 50:50 open and closed ended funds it is still quite good , especially if you go over £250K total. Plus they will pay you cashback for transferring so effectively free for a couple of years.
You do get quite a lot of promotional e mails and links to on line videos, blogs etc and the advice is always to buy ( not sell ) , often their own funds . Not quite as in your face as HL but I think they are all guilty of self promotion to some extent0 -
I am with Youinvest, but I use only ETFs. If you use mutual funds, someone else may be cheaper. (For example Interactive Investor, I think, but I haven't checked.)0
-
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.
Might I offer an alternative sermon ?
People who try to make a living offering advice on investing instead of themselves making a living investing are probably not the best people to go to for investment advice.
Think of them as the unknown authors who write books entitled " How to write a best-seller. "0 -
Deleted_User wrote: »Might I offer an alternative sermon ?
People who try to make a living offering advice on investing instead of themselves making a living investing are probably not the best people to go to for investment advice.
Think of them as the unknown authors who write books entitled " How to write a best-seller. "
Just seen this reply!
If your description was aimed at me (presumably?) then the characterisation is a bit wide of the mark...
I'm not a paid adviser, just a lowly private investor running my own family's money, albeit quite successfully, having made sufficient from my investing to "retire" in my early 30s, which was quite some time ago now. I've followed numerous trading and investing strategies over the years, learning much along the way and evolving my approach, and traversed first the dotcom and then the GFC busts very satisfactorily. But for a while now, I've adopted a largely hands-off approach operating a growth-biased all-weather portfolio that can be left alone for large chunks of time so I'm free to do other stuff.
"Walk the talk", etc.0 -
HL have admitted they took too long to transfer my sIPP and I was out of the market for too long.
Discussing compensation at the moment, they have offered £50 but the losses are higher, so I’ve sent them details of my losses.
I didn’t have a choice of using them as they were my employers choice (well I did but I would have foregone employees NI and full employers NI).0 -
This is still immaterial to whether investments can be safely held on their platform.
Nobody has to buy any of HL's favourite funds.
Yep true.
My point was that some of us don’t like to do business with organisations we don’t trust or keep in low regard.
Sometimes it not that easy e.g. in my case where there were significant employer benefits.
I tolerated them for 25.8% NI so everyone has their price.0 -
HL have admitted they took too long to transfer my sIPP and I was out of the market for too long.
Discussing compensation at the moment, they have offered £50 but the losses are higher, so I’ve sent them details of my losses.
I didn’t have a choice of using them as they were my employers choice (well I did but I would have foregone employees NI and full employers NI).
Out of interest, how long did it take to transfer?
We have several HL transfer outs on the go at the moment which were input early in July and have yet to transfer. They are indicating 6 weeks on the Options system. That is crazy for a modern platform. The likes of Old Mutual Wealth, Aviva and Standard Life transfer within a week.0 -
I’m afraid I don’t know when the transfer was requested as my IFA did it.
The trades made on 8th May were settled on 14th May and cash wasn’t sent until 22nd, so out of the market for over a week due to their admin delays.
Over the phone when I was chasing them they said they had to manually verify payment details (they could have done checks during the settlement period??).
They have said in my complaint that they should have transferred cash on 14th.
having an IfA involved has slowed the process down as they had to cover their back with a formal report and recommendations, however it’s helped enormously when things went wrong I,e. demonstrating a loss.0 -
The trades made on 8th May were settled on 14th May and cash wasn’t sent until 22nd, so out of the market for over a week due to their admin delays.
That is quicker than what they are at the moment. I wonder if all these transfers out are creating a time drag.Over the phone when I was chasing them they said they had to manually verify payment details (they could have done checks during the settlement period??).
I think that is BS. HL use the Origo options system. It's not a paper system and details do not need additional verifying. The whole point of that system is to remove things like that by providing all the data immediately to the ceding scheme and back again. Only if one side (or both sides) do not use Origo options does it fall back to a manual process.0 -
I don’t believe my incoming provider (Novia) uses Origo.
But they still could have done their checks either before initiating trades or during the week of settlement.
I was calling them to check at the time also and expressing concerns about being out of the market.
If they are not properly resourced then that is their issue.
I understand they aren’t the cheapest.
I transferred out because I left that employment, so wanted it under my main SIPP and IFA (didn’t have a choice of employers scheme).
Why is there a number of transfers out?0
This discussion has been closed.
Categories
- All Categories
- 346.5K Banking & Borrowing
- 251.3K Reduce Debt & Boost Income
- 451.3K Spending & Discounts
- 238.7K Work, Benefits & Business
- 614K Mortgages, Homes & Bills
- 174.7K Life & Family
- 251.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards