Regular contribution investment delays

Tyrnog

As a result of various ownership changes, my S&S ISA is currently with IPS Aegon. I am looking to move to another platform. I already have non ISA investments with Vanguard.
IPS Aegon's high(ish) charges notwithstanding, I am also concerned at the delay that takes place each month on my regular contribution. It can take 5-7 working days from when my direct debit leaves my bank account, to when the actual trade into investment units takes place. (I don't remember it taking that long when it was done through Nationwide B Soc). I've asked IPS Aegon for an explanation, and they blame the fund managers. Which brings me to my question for the forum.
Is there an investment platform which converts my cash into investment units more quickly?
Thanks

Alexland

Tyrnog said:

Is there an investment platform which converts my cash into investment units more quickly?

Yes many platforms are quicker than 5-7 working days. Often with my L&G S&S ISA it is invested into units the next working day after the DD has collected however the speed to invest a regular contribution is hardly a significant factor when choosing an investment platform.

dunstonh

It can take 5-7 working days from when my direct debit leaves my bank account, to when the actual trade into investment units takes place. (I don't remember it taking that long when it was done through Nationwide B Soc).

From memory, Aegon invests on cleared funds whereas Cofunds prefunded (Nationwide IPS was powered by cofunds).

I've asked IPS Aegon for an explanation, and they blame the fund managers. 

After the trade is placed, there is a settlement period to wait but that is the same with all funds

[Deleted User]

This is quite irrelevant feature of your platform in the long term. If you are concerned, move your monthly DD five days earlier to compensate for the delay.

Thrugelmir

Be a consequence of Covid. WFH isn't as efficient nor productive. 

Alexland

Thrugelmir said:

Be a consequence of Covid. WFH isn't as efficient nor productive. 

You think there are people manually processing the regular contributions??

Zola.

I am still with HL... the direct debit I have on the 7th of each month never settles with the funds until about the 12/13th. This is the same for my workplace pension, even though I get paid a few days before the end of the month.
However, if I put cash in at about 8am to buy additional units of the very same funds, it will sorted by the next day.. around lunchtime...!

ColdIron

For monthly savings

• The money will be added to your account on 7th of each month and invested on 10th (both dates will be delayed to the next working day if they fall at the weekend or a Bank Holiday.)

For direct investing you will get the next valuation point (usually the same day if you instruct them before HL's cut off time:08:00AM)

Both will be subject to the settlement date