Fidelity offering cashback

Alexland

Albermarle said:

I think it is probably fair to say that Fidelity is more suitable for buy and hold type investors

They even have such a statement in their Share Dealing FAQ - quite refreshing given the nonsense trading concepts pushed by some of the new market entrants.
https://www.fidelity.co.uk/shares/share-dealing-faq/#2330426
"We discourage short term or excessively frequent trading in the Investments we make available through our platform as this can harm performance and increase costs".

outwestuk

NedS said:

I'm seriously considering moving our SIPPs which are currently with HL. We would be Wealth customers with combined assets over £250k, so would benefit from the lower 0.2% platform fee, plus we would benefit from £500 + £50 cashback for transferring.

Most of my holdings are individual shares or ITs, which have fees capped at £200 on HL but would be capped at £45 on Fidelity, so another saving. However, checking on the Fidelity platform, I can't find 3 of my holdings: CSH, GSF and THRL. Any ideas why they are not listed on the Fidelity platform?

If I try to transfer my holdings and cash balance, what will happen to the 3 holdings that are not on the Fidelity platform?

I recently moved my SIPP away from Fidelity for a few reasons. As you observe, their funds and market access are not as extensive as say ajbell. I also found the trading platform a bit basic. They also push their advice or use their "Select 50". I would say their target customer is someone who wants guidance from the platform, who they can steer towards fidelity funds. Fees wise it wasnt too bad, but I had an executive account manager which didnt really add anything.

Albermarle

 I would say their target customer is someone who wants guidance from the platform, who they can steer towards fidelity funds

I would say for sure this is also other platforms type of target customer -i.e. very profitable ones . Plus they all push their 'Select 50' equivalents . HL notoriously promoted the Woodford fund and try to guide unwitting customers to their very expensive HL multi manager funds.

NedS

Albermarle said:

 I would say their target customer is someone who wants guidance from the platform, who they can steer towards fidelity funds

I would say for sure this is also other platforms type of target customer -i.e. very profitable ones . Plus they all push their 'Select 50' equivalents . HL notoriously promoted the Woodford fund and try to guide unwitting customers to their very expensive HL multi manager funds.

To be fair, I know colleagues at work who have started investing through HL and used their funds. Even given the high fees, they are in a far better position having started their investing journey than if they had not. The next step for them will be to increase their knowledge and identify more cost effective investments. But at least they have started their journey - everyone has to start somewhere.