Aegon Cofunds ISA options

Louisdawg

Hi all

I have an ISA with cofunds which was setup via an IFA roughly 13 years ago. 

I've been paying in regularly but now would like to switch some of the funds around. Everything on my account says to contact the IFA - but he's long since retired and sold his business on and I'm not in contact with the new outfit. 

If I want to make changes to the cofunds isa, would I have to switch it out to something like Fidelity etc so that I can manage changes myself? Or is there a mechanism within cofunds that will allow me to manage the ISA myself? I'm happy with cofunds but do they have to be managed by an IFA? 

I only mention Fidelity as I already have a separate ISA with them. 

Thank you all in advance

RetSol

Cofunds is now part of Aegon.  I don't know whether you  need an intermediary or whether you can go direct (like Fidelity) .  Try giving Aegon a ring.  My Aegon (ex-Cofunds) ISA is held via Elsons, an execution-only broker.  I manage changes to the ISA myself via the Elsons/Aegon portal. 

masonic

It is possible to self manage an ISA there (not sure how you would go about switching to that service), but if you were looking for a S&S ISA provider today would they be your first choice?

Louisdawg

masonic said:

It is possible to self manage an ISA there (not sure how you would go about switching to that service), but if you were looking for a S&S ISA provider today would they be your first choice?

Probably not

I do like the fidelity portal as its easy to navigate - the charges are slightly higher 0.29 vs 0.35 for holding the funds on the platform.

I think I might just transfer out so that I can add money and switch funds in what seems like a more user friendly way.

I didn't exactly choose Fidelity, I was with Cavendish which then merged into the Fidelity portal. 

RetSol

One limitation of Aegon is that it is funds-only, I believe.  No ITs or ETFs. 

dunstonh

RetSol said:

One limitation of Aegon is that it is funds-only, I believe.  No ITs or ETFs. 

Aegon is still a fund supermarket rather than a whole of market platform.  It doesnt offer a whole of market UT/OEIC range either.

If I want to make changes to the cofunds isa, would I have to switch it out to something like Fidelity etc

Yes.  You want a platform that caters for the DIY market.   

RetSol

Yes.  You want a platform that caters for the DIY market

As explained above, I DIY using Aegon.  I have switched funds frequently in the last 12 months and found the experience perfectly OK.

The real question is whether Aegon meets your needs re product choice, fees and convenience of use. 

FWIW, I was considering opening an ISA with AJ Bell for 21/22 but have decided to stick with Aegon as it is simpler to have just one ISA, the fund choice is adequate for me and, since my ISA is relatively modest, the all-inclusive percentage fee is reasonably competitive. 

dunstonh

As explained above, I DIY using Aegon.  I have switched funds frequently in the last 12 months and found the experience perfectly OK.

On Aegon (Cofunds)?   I know you can DIY on other Aegon platforms but didn't know they had introduced DIY fund switching to the Cofunds version.

Louisdawg

dunstonh said:

As explained above, I DIY using Aegon.  I have switched funds frequently in the last 12 months and found the experience perfectly OK.

On Aegon (Cofunds)?   I know you can DIY on other Aegon platforms but didn't know they had introduced DIY fund switching to the Cofunds version.

That's the wall I was coming up against - you had to contact your intermediary to make any fund switches outside of your standing orders.

I'm thinking of just transferring it all to Fidelity to have everything in one place.

Is that reasonable baring in mind I'm probably only ever going to invest in mutual funds? 

RetSol

On Aegon (Cofunds)?   I know you can DIY on other Aegon platforms but didn't know they had introduced DIY fund switching to the Cofunds version.

Yup.  As explained above, I use an intermediary but I log onto the Aegon website. 

dunstonh

I'm thinking of just transferring it all to Fidelity to have everything in one place.

I would be inclined to do that as well unless you have special terms on Cofunds pricing. (Fidelity is cheaper than Cofunds default).