Fidelity to iWeb ISA Switch - What happens during switching?

Warren1989

Currently invested in Vanguard LifeStrategy 100% Equity Acc and paying 0.2% on my Investment ISA. I plan to switch to iWeb and hold this fund there for free instead, I already have an account with iWeb.

When I go to transfer page on iWeb and select Fidelity as my current platform it says:

Transfers from this broker can take around 63 working days to be completed. This can also vary depending on the type of investments transferred.

Firstly, this seems crazy? But secondly, and most importantly, should it take 63 days how long will I be out the market? If at all? Are my holdings literally transferred over or sold then rebought? And finally, has anyone made this switch and how long did it take?

masonic

That's not an out of the ordinary time for a transfer of investments to take. Though iWeb's estimates can be way off. I've done a few transfers into iWeb including during the first lockdown and these didn't take longer than 3-4 weeks, but were cash transfers.

You won't be out of the market at all if you transfer the investment, but the process is slower than when you transfer as cash. If you won't need to sell the fund then it is of little consequence that the transfer is slow.

IvanOpinion

Assuming you do an in specie transfer you won't be out of the market.  basically your X shares will simply be moved across.  You just won't be able to trade those shares.  I recently did an in specie transfer from Fidelity to II and most of it completed in 2-3 weeks, however a couple of funds took about 4-5 weeks.

Warren1989

A month later and it is in. Switch complete. Not totally sure when it went into iWeb but happy with that. Thanks everyone.