Fidelity SIPP cash back offer

Albermarle

I believe that the £45 annual service charge is only for holdings up to £7500 and for your amount the annual charge is 0.2% (around £800) which is still a competitive rate though

The 0.35%/0.2% only applies to all fund /OEIC holdings , which is what most people use for their investments .
For exchange traded products = ETF's ; Investment Trusts and individual shares the 0.35%/0.2% applies but is capped at £45 pa ( although there is a cost to buy and sell these products , which there isn't for the funds )

The £45 minimum for holdings below £7500 is a separate point.

Alexland

I just logged into Fidelity and they have added a little picture of my wealth relationship manager and his direct email and london phone number to the top-right of the account summary page. It also appears on my wife's login even though she has less with them. What an amazing service they are giving for only £45 pa each.

Lomcevak

Alexland wrote: »

I just logged into Fidelity and they have added a little picture of my wealth relationship manager and his direct email and london phone number to the top-right of the account summary page. It also appears on my wife's login even though she has less with them. What an amazing service they are giving for only £45 pa each.

Meanwhile, in my humble un-managed relationship, I've been waiting 8 days (and counting) for them to reply to a simple query. I'm mostly happy with Fidelity, but it would be nice to unlock this new tier of service, because trying to get a response to anything is painful

MPN

Lomcevak wrote: »

Meanwhile, in my humble un-managed relationship, I've been waiting 8 days (and counting) for them to reply to a simple query. I'm mostly happy with Fidelity, but it would be nice to unlock this new tier of service, because trying to get a response to anything is painful

Not been my experience, I have recently sent two secure messages and had both answered on separate occasions within 1/2 days. The most recent was to a request to add an ETF which they did within 2 days so I'm happy with the service. I'm very surprised that some people don't seem to receive a certain level of service whilst others do. I have no complaints.

Lomcevak

MPN wrote: »

Not been my experience, I have recently sent two secure messages and had both answered on separate occasions within 1/2 days. The most recent was to a request to add an ETF which they did within 2 days so I'm happy with the service. I'm very surprised that some people don't seem to receive a certain level of service whilst others do. I have no complaints.

That's weird, because response times are consistently painfully slow for me - looking through my account I've sent messages five times over the last 12 months, and never had a reply in less than five days. One never received a reply, my current wait is the second longest at 8 days - on this occasion, i'm only asking them to confirm the settlement time if I was to sell one of my ETF holdings, so hardly a complex question!

StellaN

I have to say, I also have no complaints about the service and always had a response to secure messages within a range of 1-3 days. As others have already said the price structure for holding ETF's/IT's is hard to beat. Additionally there is no charges for SIPP drawdown and no exit fees if you're unhappy so at £45 per annum this is extremely good IMO. The retirement specialists are really good as well when you want to discuss drawdown or UFPLS payments.

Alexland

Maybe behind the scenes they have different levels of service for Personal Investing customers depending on how much they make in fees or see in new contributions each year?

Lomcevak

(Apologies for the thread hijack, this is my only major problem with Fidelity so interested that others seem to be having a very different experience to me)

Alexland wrote: »

Maybe behind the scenes they have different levels of service for Personal Investing customers depending on how much they make in fees or see in new contributions each year?

Quite possible, but I've put almost £200k into my Fidelity SIPP over the last 5 years and have over £400k in total across a SIPP + DC, so i'd hope I was in the list they gave a damn about - although as they make £3.75 + £1.50 a month off me, maybe they've got me labelled as an MSE tightwad

I've noticed that the time of response and name on messages suggest that my questions are being handled by an off-shore team?

Alexland

The DC is probably FIL Life Insurance Ltd who have their own customer service teams and so that money doesn't count towards the Wealth service target.

I also suspected my Personal Investing SIPP secure message responses were from offshore (not going to check the names now) but whatever they were doing was consistently poor. Maybe it was because I was more likely to send messages in the evening when I got home and their support follows the sun?

Our employer has transferred our Fidelity DC schemes to a new arrangement using low cost L&G mirror funds so I felt comfortable moving my Halifax SD SIPP into my Fidelity SIPP for the cashback and lower charges. It's one less account and not having money with HSD also means I was free to move my S&S ISA to iWeb (HSD) and LISA to AJ Bell (who were administering the HSD SIPP) for lower charges there too.

Alex

sparky0138

Alexland said:

The cashback terms require you to wait 90 days after the completion of the transfer but even then they didn't do anything proactively without us chasing them for a further couple of months. During this time they promised specific payment dates which they missed without comment. Even chasing them is slow and painful as it takes around a week to get a reply to a secure messages. 

For anyone wanting to take advantage of Fidelity's cashback offer, just be warned, this is the exact same experience my mum had. So be prepared to have to keep contacting them but you should, after a couple of extra months, get the money.

No other complaints about Fidelity, they just don't seem to be in any rush to give you what you're owed, maybe hoping you'll forget about it.