Investment platforms

Albermarle

I will have to look at these platforms or see a financial advisor.
You do not really need an advisor to transfer funds to a new platform . Maybe more useful if you are thinking these funds themselves need reviewing , as well as you wider financial situation ( pension, tax etc) . If you do maje sure it is an Independent Financial Advisor.
Not sure what size of funds you are talking about but anything below £50K , they will unlikely to be interested. Maybe even £100K in the South .

jae123

Yes think the funds are R class and I understand on a platform would be Z class, have no intention to invest any more, just looking to secure the funds I already have. 

Have 4 different funds with Framlington and Armetis but only total up to £20,000, so will have to look to see if it’s worth transferring to a platform or keep with providers.

underground99

jae123 said:

Yes think the funds are R class and I understand on a platform would be Z class, have no intention to invest any more, just looking to secure the funds I already have. 

Have 4 different funds with Framlington and Armetis but only total up to £20,000, so will have to look to see if it’s worth transferring to a platform or keep with providers.

With the example I gave before, the clean priced version of the AXA Framlington fund was more than half a percent cheaper than the old "full retail priced" one. At Artemis, the institutional share classes (Class I) that you could get through a platform are generally 0.45% cheaper than retail (Class C), and there is an even more expensive Class R which you might be stuck on if you have an old investment.

So if you can save about half a percent by switching to a cheaper class, while only paying a quarter of a percent for platform services (e.g. at Youinvest), you're a quarter percent better off, which on a £20k total would be about £50 saving every year.

Some services are even less than a quarter percent per year, e.g. Iweb has no ongoing holding cost after the initial £100 account opening fee and £5 per fund purchase cost; Halifax sharedealing only charge £12.50 a year to run an ISA although it's going up to £36 a year from next tax year. That could give you an even better saving than the £50 mentioned.

So, it seems 'worth it' to transfer, and effectively get £50 or more savings per year with the convenience of being able to see everything in one account. It's the money saving expert way. But whether it's 'worth it' to you personally depends on whether you really need those annual fifty quids in exchange for doing the paperwork.

jae123

Thanks for that, when you say in exchange for doing the paperwork, do you mean the initial paperwork to set it up or is there ongoing paperwork.

underground99

jae123 said:

Thanks for that, when you say in exchange for doing the paperwork, do you mean the initial paperwork to set it up or is there ongoing paperwork.

I mean you have to fill out the forms to move your ISAs to another provider. Once it is all in the new place you don't need to do much, just ensure you have enough money in the account to pay the platform fees.

jae123

Thanks very much, really appreciate everyone explaining 

coincover

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