Fidelity £45 Max ETF annual platform fee

stphnstevey

bowlhead99 wrote: »

For a SIPP as mentioned by newbinvestor, x-o charge £119 a year, IWeb charge £180 a year (£90 a year if value is under £50k), while HL charge 0 45% capped at £200 (so £200 on an ETF value over £44,444).

Those amounts are 100-300% more expensive than Fidelity's £45 capped platform fee for ETFs

Thanks, this is not immediately obvious from the headline % fee

What are the costs for drawdown?

bowlhead99

stphnstevey wrote: »

Thanks, this is not immediately obvious from the headline % fee

What are the costs for drawdown?

I can't help with that as I'm not near to needing it. There's no need for me to consider those services for the next decade and a half.

I had just looked at the charges for buying and holding investments as a comparison against my own SIPP at AJBell and concluded that I wouldn't make significant savings with the mix of assets I want to hold, despite Fidelity being quite competitive against the other- mentioned providers for certain types of portfolios (such as ETF-only ones).

Sue58

stphnstevey wrote: »

Thanks, this is not immediately obvious from the headline % fee

What are the costs for drawdown?

There are no costs/charges for drawdown and no exit fees if you decide to change platforms. So total costs for holding IT's or ETF's is £45 per annum. Very good value in my opinion.

Albermarle

What are the costs for drawdown?

With Fidelity the only charges are the % service fee , which is capped for any 'exchange traded product' at £45 pa ( so in reality the service fee mainly only affects open ended funds)
£10 per trade of exchange traded products , reduced to £1.50 for regular investments and dividend reinvestments ; All fund transactions free.
Otherwise no charges for anything else like income drawdown; UFPLS payments ; paper copies etc and no exit fees .
Also regular cashback offers for pension and ISA transfers and repayment of any exit fees from current provider. Means you can run a drawdown account effectively for nothing for a couple of years at least .

cloud_dog

Albermarle wrote: »

With Fidelity the only charges are the % service fee , which is capped for any 'exchange traded product' at £45 pa ( so in reality the service fee mainly only affects open ended funds)

Just to be clear for readers the above phrase relates to holdings of:

• Stocks (shares)
• Investment Trusts
• Exchange Traded Funds

stphnstevey

bowlhead99 wrote: »

I can't help with that as I'm not near to needing it. There's no need for me to consider those services for the next decade and a half.

I had just looked at the charges for buying and holding investments as a comparison against my own SIPP at AJBell and concluded that I wouldn't make significant savings with the mix of assets I want to hold, despite Fidelity being quite competitive against the other- mentioned providers for certain types of portfolios (such as ETF-only ones).

Me too

Not really looked, just seen a cost, but wondering if I should be concerned or if can just transfer to the best at the time

As you mentioned, with a long time span, the market might be different and all changed

Do you or others know of a good link to a comparison of platform costs when looking to take pension?

bowlhead99

stphnstevey wrote: »

Do you or others know of a good link to a comparison of platform costs when looking to take pension?

If you are not actually looking to take pension it does not really matter what platforms currently have good rates for doing so, nor what the best comparison sites are at the moment because no doubt both the platforms and the best comparison sites will change over the next decade.

As you say, you can transfer to the place that offers the best services for your needs and your price point, at the time you want those services. It's your money and you can take it where you like. No point compromising your choice of product now, just because you like the sound of what deal they might offer you if you wanted to draw the money out in a decade's time if they haven't changed their service or price by that point.

Reluctantpensioner

stphnstevey wrote: »

Do you or others know of a good link to a comparison of platform costs when looking to take pension?

Go to here:
https://forums.moneysavingexpert.com/discussion/5583030/coolly-comparing-investment-platform-charges-snowmans-spreadsheet
Download the spreadsheet, look at tab "SIPP flexible charges" all there.

You'll be shocked at how many charge you to get your money back out.

bowlhead99

Reluctantpensioner wrote: »

Download the spreadsheet, look at tab "SIPP flexible charges" all there.

You'll be shocked at how many charge you to get your money back out.

I might be shocked at how many people expect the firms to run the process of extracting your money from a pension wrapper for nothing.

I guess if you are Hargreaves Lansdown you might just charge the highest percentage-based fee of any provider in the comparison and then you can give away such services for 'free'. But for many providers, explicit charges for a service that a proportion of their customers might not need for the next few decades, seems like quite a reasonable position.

Obviously there are quirks with particular providers where you can get a good deal if you structure your affairs in a specific way; the people who structured their own affairs differently will be providing enough revenue to your provider that they effectively subsidise the services you receive.