Cavendish bought by Fidelity 5 October 2020 at 4:59PM in ISAs & tax-free savings 9 replies 401 views

scroogebath

Currently l get lower charges on my Fidelity ISA by using Cavendish as my advisor. 
Now that Cavendish have been bought by Fidelity what can l do to reduce my ISA charges?

rodneym

Thinking same  -  but looks like existing Cavendish rates will be held for a year at least, so bit of time to see how things pan out  (if you are infrequent trader/switcher of funds and have decent sized pot then iweb may be worth a look, if costs is #1 priority) 

Albermarle

https://monevator.com/compare-uk-cheapest-online-brokers/

Froggitt2

Notified today the Cavendish discount is coming to an end. Is there a similar way of getting the discount through another broker, or do I need to go thru the faff of moving the whole family's accounts away from Fidelity?

dunstonh

Froggitt2 said:

Notified today the Cavendish discount is coming to an end. Is there a similar way of getting the discount through another broker, or do I need to go thru the faff of moving the whole family's accounts away from Fidelity?

Some IFAs get discounts with Fidelity.   0.15% pa. is fairly common.  However, you would suffer IFA costs in that scenario.   You don't tend to see white labelling nowadays in the DIY side.  None immediately come to mind but maybe someone else knows.

Albermarle

Froggitt2 said:

Notified today the Cavendish discount is coming to an end. Is there a similar way of getting the discount through another broker, or do I need to go thru the faff of moving the whole family's accounts away from Fidelity?

I think your only choices are to stay with Fidelity or move, although you would need to check the exact charging structure of where you were moving to make sure there would be a worthwhile saving . It depends to some extent on the size of your funds and whether they are SIPPs or ISA's ( some of the cheaper platforms have extra charges for SIPP's for example)
One way to mitigate the Fidelity 0.35% platform charge is to invest in ETF's or Investment trusts as opposed to more traditional OEIC funds , as there is a cap on charges for those products .

DireEmblem

The main thing imo, is what you want to hold, only then can you review platforms that offer you those products.

I still think Fidelity's platform fee of 0.35% is fairly competitive for small holdings and flexibility on what you can buy.  Interactive Investor last time I looked was £120 a month which included one free trade.  You would need to be an infrequent trader and have a balance greater than 35k to be better off there.

That said, I have been looking to move assets into these free trade platforms, once they offer in specie transfers in/out.  The ability to buy ETFs with no platform fee is a no brainer to me, although I would lose the ability to invest in OEICs.

cloud_dog

DireEmblem said:

I still think Fidelity's platform fee of 0.35% is fairly competitive for small holdings and flexibility on what you can buy.  Interactive Investor last time I looked was £120 a month year which included one free trade.  

Fixed that

GeoffTF

cloud_dog said:

DireEmblem said:

I still think Fidelity's platform fee of 0.35% is fairly competitive for small holdings and flexibility on what you can buy.  Interactive Investor last time I looked was £120 a month year which included one free trade.  

Fixed that

It is one free trade per month, not a year. Free trades do not expire for 90 days IIRC.

bugbyte_2

We moved from Cavendish to LLoyds as the family pots are big enough to make a flat fee (£40 per account per year) more competitive than Fidelity's 0.35%, but it did take the best part of 1/2 a year to move accounts.