Plum Stocks and Shares ISA

Jack160991

I have been paying into a stocks and shares isa with plum regularly for around 12 months now. My pot is growing nicely, however I am starting to wonder how secure they are and if they are a good bet to keep my money invested in for the long term as it grows (hopefully). The more I have in the account, the more my concerns grow due to not being able to find a great deal about plum online.

The more I put in, the more I wonder if I would be better off using someone like Hargreaves Landsdown. Although their fees are much higher, I am very aware that they are one of the most well known therefore you’d like to think they are also one of the safest.

I am by no means an expert at investing so I just want some advice on the safest platforms to use. I am not planning on touching the ISA for at least 10 years.

Just so people are aware, when I say ‘safe’ I don’t mean ensuring my money grows (I am fully aware of the potential losses through investing). I just want the most reliable platform for the long term.

Any help would be greatly appreciated!
Thanks!

masonic

The main risk is if they go bust there would be a period of time (several months, perhaps a year or more) where your assets would be locked up in an administration process. You have FSCS protection if your assets cannot be returned at the end of that process. There are cheaper options than HL, you could use http://www.comparefundplatforms.com/ to see what works out cheapest for you. Most of those firms are major players, so less likely to fail.

dunstonh

The more I put in, the more I wonder if I would be better off using someone like Hargreaves Landsdown. Although their fees are much higher, I am very aware that they are one of the most well known therefore you’d like to think they are also one of the safest.

HL and Plum are very different investment propositions.   

I don't know about Plum as but most robo-guidance investment companies are loss-making and there is an expectation most that exist today will not exist in the future.   Many are just looking for market share or brand awareness and hope a sugar daddy will come in and buy them out making the directors a lot of money in the process.