Skipton BS S&S investments

Nardy

Has anyone here experience of investing in stocks and shares including ISAs at the Skipton Building Society? Does anyone know about their links with Aberdeen Standard Life?

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They also seem to have links with Fidelity this website /www.skiptoninvestdirect.co.uk/ redirects to Fidelity.

I had a chat with them last year and I've just had another one and it's not clear what they have to offer.

Nardy

I wasn't allowed to post links.  The  http bit is missing from the two faulty links above.

Albermarle

I believe that you can only invest/set up  a Skipton S&S ISA by going via one of their financial advisors . In which case there will no doubt be a charge for that .
You can invest directly in a S&S ISA with Fidelity ( and many other providers) without having to take any advice.

george4064

I don’t know about any of Skipton’s links with Abrdn/Fidelity, but what I am certain of is that you’ll definitely be able to get a better (cheaper and more flexible) portfolio by investing it via a traditional investment platform. See here for more details: https://www.moneysavingexpert.com/savings/stocks-shares-isas/

More in-depth information is available, but I get the impression you’re a beginner to investing so stick to the basics in the URL above.

dunstonh

Does anyone know about their links with Aberdeen Standard Life?

Skipton are restricted to the Fidelity platform.  They dont use the Abrdn platform.  Skipton's advice service is restricted and they charge 2% initial for basic advice.  2.5% for multiple needs and 3% for complex.    At those rates, you could use an IFA and possibly pay less.

There is no reference to Abrdn in their offering.   Maybe they use Abrdn multi-asset funds on the Fidelity platform.  You would need to tell us more.

Nardy

george4064 said:

More in-depth information is available, but I get the impression you’re a beginner to investing so stick to the basics in the URL above.

Thanks for that, I'm not a beginner, but  neither am I an expert. I'm trying to find out if there is something out there I ought to know but don't yet know.

Nardy

dunstonh said:

Does anyone know about their links with Aberdeen Standard Life?

Skipton are restricted to the Fidelity platform.  They dont use the Abrdn platform.  Skipton's advice service is restricted and they charge 2% initial for basic advice.  2.5% for multiple needs and 3% for complex.    At those rates, you could use an IFA and possibly pay less.

There is no reference to Abrdn in their offering.   Maybe they use Abrdn multi-asset funds on the Fidelity platform.  You would need to tell us more.

They seem to have a process of exploratory chats before having the first free chat with one of their advisers. I bailed out before that chat last year. A year ago they did mention Aberdeen Standard Life. As a result of a phone call from them, I have just had another chat with a relatively inexperienced staff member, to go through my investments. I mentioned since last year I had used my 20/21 and 21/22 ISA allowances. The impression I got was Aberdeen Standard Life was playing a much smaller part in the Skipton's plans. He mentioned Fidelity but without saying much about how they were using them.The situation now is that I have arranged a meeting with one of their advisors in about 4 weeks time.  This will be a free meeting but any subsequent meetings would be charged for. I am trying to find out if anyone has been through this process. They provide very little specific information about what they do and instead provide general investor blurb. If they can help me as much as they think can, then there must be some other happy investors out there, but I haven't found any yet.

My scepticism levels are on high alert.

Albermarle

Like any financial advisor, they will take a lot of personal and financial details. They will then suggest an investment strategy that fits with you, your age, your risk tolerance etc 

As they are not independent they will be restricted in what funds they can include.
On the other hand if they are working via the Fidelity Platform then maybe there will be a lot of choice, although I suspect they will recommend Fidelity managed funds .

dunstonh

They seem to have a process of exploratory chats before having the first free chat with one of their advisers.

That is pretty much standard across the industry.  First meeting is usually free.  Indeed with IFAs and some FAs, so may the second one.

The impression I got was Aberdeen Standard Life was playing a much smaller part in the Skipton's plans.

Aberdeen and Standard Life have split recently.  ASI sold the Standard Life brand and legacy products to Phoenix.  Phoenix is going to use the Standard Life brand on legacy products and insurance.       Stadnard Life will no longer use the Standard Life name (as they sold it) and are rebranding as Abrdn.

Its possible that Skipton moved from Std Life to Fidelity as platform provider.

 I am trying to find out if anyone has been through this process. They provide very little specific information about what they do and instead provide general investor blurb.

With FAs, it tends to be more product focused and it looks like Skipton is one-off advice each time and a different person each time.  As a restricted advice service it will not be full service.

My scepticism levels are on high alert.

The general rule of thumb is to either DIY or use an IFA.    Not to use an FA.  You are booked in to see an FA.  Many would tell you to cancel the appointment now and not waste your time.

Nardy

You are booked in to see an FA.  Many would tell you to cancel the appointment now and not waste your time.

It's because I am having exactly the same thought, that I came on here to see it anyone had used them