SIPP

crisis_management

Looking to start a SIPP, but not sure which platform to use - any suggestions? Thanks.

ColdIron

Most people would establish their objectives, select the investments that best meet those objectives and only then consider what is the best platform for those investments, sums involved, and investment frequency etc

You are doing it the wrong way around and have told us nothing of the factors above

Albermarle

crisis_management said:

Looking to start a SIPP, but not sure which platform to use - any suggestions? Thanks.

It is like saying you want to buy a car, which is the best one. First you need to decide what sort of car/how will it be used etc .
Also different people will have different ideas/preferences.
This might help the decision making process.
Best SIPP: Build a low cost DIY pension - MoneySavingExpert

crisis_management

Hi, thanks for replying. Essentially I'll be investing in trackers via etfs, with some money in wealth preservation etfs, and a small amount in individual companies. I'll be contributing monthly, so essentially pound cost averaging, and outside of this trading rarely. Sums involved - around 1000 per month

crisis_management

I was thinking of Freetrade,  but I would have to move the fund when drawing down,  as they don't seem to support that.

Albermarle

 some money in wealth preservation etfs,

Not aware that such things exist, can you give an example ?

crisis_management

I mean Capital Gearing trust, etc

dunstonh

crisis_management said:

I mean Capital Gearing trust, etc

That is not an ETF.  It is an IT.

EthicsGradient

Do you intend to split that £1000/month up every month to buy a small amount of each of your targets (ETFs, ITs, individual shares) every time, or to use the £1000 one month for one of them, then switch to another the next, and so on? If you want to make several purchases each month, then you need a platform with a very low charge for each regular investment.

masonic

crisis_management said:

I was thinking of Freetrade,  but I would have to move the fund when drawing down,  as they don't seem to support that.

Compare for example with Fidelity where you have an ongoing fee of 0.35% per year capped at £3.75 per month (providing you will only hold ETFs, ITs and shares) with a £1.50 trading fee as part of a regular savings plan. Unless you intend to make lots of very small purchases, the Freetrade £9.99 per month subscription fee is going to outweigh the benefits of commission free trading. It is good to get into the habit of being an infrequent trader. As you've identified, you'll need to move to a more mainstream platform eventually, I'd suggest you might want to do so as your SIPP grows in value, and at a mainstream platform there will be a cost per trade.

crisis_management

masonic said:

crisis_managementThanks, said:

I was thinking of Freetrade,  but I would have to move the fund when drawing down,  as they don't seem to support that.

Compare for example with Fidelity where you have an ongoing fee of 0.35% per year capped at £3.75 per month (providing you will only hold ETFs, ITs and shares) with a £1.50 trading fee as part of a regular savings plan. Unless you intend to make lots of very small purchases, the Freetrade £9.99 per month subscription fee is going to outweigh the benefits of commission free trading. It is good to get into the habit of being an infrequent trader. As you've identified, you'll need to move to a more mainstream platform eventually, I'd suggest you might want to do so as your SIPP grows in value, and at a mainstream platform there will be a cost per trade.

Thanks,  I had misread the Fidelity charges, and didn't realise they were capped. This makes a lot of sense.