transfer fees

debtfree1day

Hello, i have investments with hargeaves lansdown, in forms of isa, sipp, and investment fund, as i am looking for fee reduction.   i have several different holdings shares and funds, and when i look on the website it says there are no transfer out fee's, however i am assuming that they would sell each of the investments (at about 11.95£ each) which would come to hundreds of pounds.....am i correct.....any guidance appreciated

wmb194

debtfree1day said:

Hello, i have investments with hargeaves lansdown, in forms of isa, sipp, and investment fund, as i am looking for fee reduction.   i have several different holdings shares and funds, and when i look on the website it says there are no transfer out fee's, however i am assuming that they would sell each of the investments (at about 11.95£ each) which would come to hundreds of pounds.....am i correct.....any guidance appreciated

*£11.95. No, you can usually transfer investments from one broker or platform to another 'in specie,' ie without needing to sell them. The only issue is how long it takes and you'd lose the ability to trade them whilst it's occurring.

Albermarle

 i have several different holdings shares and funds,

There are no fees with HL for buying and selling funds ( OEIC's) 

debtfree1day

thanks both, good point on funds, but does that mean I should sell them with no fees and then transfer cash out?

Grenage

I wouldn't want to be out of the market at such a volatile time; so I wouldn't.
When I moved my ISA it was pretty quick and seamless, but I did check the funds I had were available on the destination platform.

george4064

debtfree1day said:

thanks both, good point on funds, but does that mean I should sell them with no fees and then transfer cash out?

You can request from your new platform (where you intend to transfer your investments to) to carry out an in-specie transfer, in-specie is a form of transfer where the investments (funds/shares/ETFs etc.) are transferred without having to be sold and bought back. Once you have completed the paperwork your new platform will liaise with HL to get them transferred across. In addition your investments will maintain their respective tax wrapper status.

milton1970

I would be cautious - transferring at this time is very slow & my experience of HL transfer process is a VERY poor one! I have no doubt they have a backlog of requests. I wouldn’t expect any in specie request to move within 6 weeks and that would feel like you are in limbo.

Just my experience from April 2020.

debtfree1day

thank you all, but if i do the in specie transfer, i have no risk of losing (or gaining) from market timing by being out of market, hence only issue may be it could take a few months. i am ok with that as i have zero intention of accessing money, and if i really needed some could get premium bonds encashed at pace..............I am paying0.45% fee plus £11.95 should i wish to trade......i web seem good? any thoughts

cattie

I moved to iweb last summer & have no complaints whatsoever. The couple of times (pre covid) I phoned with a query, the phone was answered promptly & staff helpful. I'm saving quite a few hundred £'s compared to the fees I formerly paid to an IFA & the Ageon platform, so that means more money can go into my choice of funds.

ColdIron

A more basic service than HL with some restrictions on range, make sure they have the investments that you want. The ISA and GIA can be very cheap for larger sums and infrequent trading of funds, less so for shares due to the caps at HL. The SIPP (provided by AJ Bell) comes with annual fees. You need to run the numbers for your investment patterns, types and sums involved as it will differ for everybody, as will the value of ease of use and customer service
https://www.iweb-sharedealing.co.uk/products/self-invested-personal-pension.asp

debtfree1day

anyone know of any bonus's for transferring pension etc? i seem to remember hargreaves l.  always emailing me saying transfer pension above x and get £50, pension above y and get £100 etc etc?