Transfer Vanguard funds to a fixed fee platform

masonic

Sea_Shell said:

Sea_Shell said:

I found this on the iWeb page, and it reads to me (?) like they would effect the transfer and move the investment to the closest class of fund that they have,  so in my case with Rathbones from 'S' to 'I' ??

Am I reading that right?? 

I'm a little concerned.    (sorry I'd been posting updates on the wrong thread)

Everything seemed to be going smoothly, finally, and the HSBC fund has transferred no problem 'in specie'

However, I've just received a letter from Fidelity that states that my Rathbones have been SOLD, and a cheque will be issued to my new provider!!!!

(didn't this happen to someone else? - outcome? - i'll keep looking). ETA, found you @alewin


The above paragraph definitely states that "your fund does not have to be sold as part of the transfer".


What's going on here.   Have they stuffed up?

Did iWeb at any point confirm that they would be able to accept this holding in specie through a conversion? Because it is not guaranteed that they will be able to convert a fund, and you authorise them to transfer anything they cannot convert as cash:

Sea_Shell

masonic said:

Sea_Shell said:

Sea_Shell said:

I found this on the iWeb page, and it reads to me (?) like they would effect the transfer and move the investment to the closest class of fund that they have,  so in my case with Rathbones from 'S' to 'I' ??

Am I reading that right?? 

I'm a little concerned.    (sorry I'd been posting updates on the wrong thread)

Everything seemed to be going smoothly, finally, and the HSBC fund has transferred no problem 'in specie'

However, I've just received a letter from Fidelity that states that my Rathbones have been SOLD, and a cheque will be issued to my new provider!!!!

(didn't this happen to someone else? - outcome? - i'll keep looking). ETA, found you @alewin


The above paragraph definitely states that "your fund does not have to be sold as part of the transfer".


What's going on here.   Have they stuffed up?

Did iWeb at any point confirm that they would be able to accept this holding in specie through a conversion? Because it is not guaranteed that they will be able to convert a fund, and you authorise them to transfer anything they cannot convert as cash:

I have a saved web chat conversation with them that advised that it was taking time because they were awaiting conversion of the fund.  That was the word they used.   But Fidelity said that they were just instructed to sell.

I've had nothing in writing from iWeb specific to the transfer.

masonic

Sea_Shell said:

masonic said:

Sea_Shell said:

Sea_Shell said:

I found this on the iWeb page, and it reads to me (?) like they would effect the transfer and move the investment to the closest class of fund that they have,  so in my case with Rathbones from 'S' to 'I' ??

Am I reading that right?? 

I'm a little concerned.    (sorry I'd been posting updates on the wrong thread)

Everything seemed to be going smoothly, finally, and the HSBC fund has transferred no problem 'in specie'

However, I've just received a letter from Fidelity that states that my Rathbones have been SOLD, and a cheque will be issued to my new provider!!!!

(didn't this happen to someone else? - outcome? - i'll keep looking). ETA, found you @alewin


The above paragraph definitely states that "your fund does not have to be sold as part of the transfer".


What's going on here.   Have they stuffed up?

Did iWeb at any point confirm that they would be able to accept this holding in specie through a conversion? Because it is not guaranteed that they will be able to convert a fund, and you authorise them to transfer anything they cannot convert as cash:

I have a saved web chat conversation with them that advised that it was taking time because they were awaiting conversion of the fund.  That was the word they used.   But Fidelity said that they were just instructed to sell.

I've had nothing in writing from iWeb specific to the transfer.

Sounds as though they tried and failed to get the fund converted, then as a result instructed Fidelity to sell. The timing of the instruction to Fidelity would support this - presumably Fidelity didn't sell it before your web chat, and your web chat was a while after the transfer was initiated (hence the query about it taking time). It would be worth asking iWeb why they were unable to convert it.

I do think it is rather poor that iWeb didn't write to you outlining which funds could and could not be transferred in specie. They are responsible for keeping you informed.

Sea_Shell

masonic said:

Sea_Shell said:

masonic said:

Sea_Shell said:

Sea_Shell said:

I found this on the iWeb page, and it reads to me (?) like they would effect the transfer and move the investment to the closest class of fund that they have,  so in my case with Rathbones from 'S' to 'I' ??

Am I reading that right?? 

I'm a little concerned.    (sorry I'd been posting updates on the wrong thread)

Everything seemed to be going smoothly, finally, and the HSBC fund has transferred no problem 'in specie'

However, I've just received a letter from Fidelity that states that my Rathbones have been SOLD, and a cheque will be issued to my new provider!!!!

(didn't this happen to someone else? - outcome? - i'll keep looking). ETA, found you @alewin


The above paragraph definitely states that "your fund does not have to be sold as part of the transfer".


What's going on here.   Have they stuffed up?

Did iWeb at any point confirm that they would be able to accept this holding in specie through a conversion? Because it is not guaranteed that they will be able to convert a fund, and you authorise them to transfer anything they cannot convert as cash:

I have a saved web chat conversation with them that advised that it was taking time because they were awaiting conversion of the fund.  That was the word they used.   But Fidelity said that they were just instructed to sell.

I've had nothing in writing from iWeb specific to the transfer.

Sounds as though they tried and failed to get the fund converted, then as a result instructed Fidelity to sell. The timing of the instruction to Fidelity would support this - presumably Fidelity didn't sell it before your web chat, and your web chat was a while after the transfer was initiated (hence the query about it taking time). It would be worth asking iWeb why they were unable to convert it.

I do think it is rather poor that iWeb didn't write to you outlining which funds could and could not be transferred in specie. They are responsible for keeping you informed.

Quite.    DHs transfer is progressing much quicker than mine and he's also had a letter that I never received.

In it, it says that they will keep him informed and let him know of any problems or any "uncertainty" around the transfer.


As for timescales, the webchat was on the 13th January, and I heard nothing further from anyone about this fund, until I had an e-letter from Fidelity confirming the sale and payment of funds to iWeb by cheque.  

I'll see what this week brings. 

Sea_Shell

No more movement on anything yet.    

My transfer "Cash" not arrived at iWeb, and DH's transfer still showing as "ordered" on Fidelity.

Sea_Shell

The Rathbones cash has arrived in my iWeb ISA, as cash.    Sitting waiting to be invested.

I guess I need to do that bit then, and pay the £5 fee?    Going fur a run now, will do later this morning.

Hopefully, looking at the current pricing, I shouldn't end up losing out in the end.   Which is more by luck than judgement.

We're still waiting for any further movement on DHs fund.    I wonder if the same scenario will play out there too.  

flopsy1973

Hi back to the earlier posts on this the ad regarding using one platform for dealing and then transfer over to iweb. Wuld this also wrk with buying funds on HL due to the free dealing and then transfer straight away to iweb to avoid the dealing charge on iweb. Anyone done this 

Sea_Shell

Sea_Shell said:

The Rathbones cash has arrived in my iWeb ISA, as cash.    Sitting waiting to be invested.

I guess I need to do that bit then, and pay the £5 fee?    Going fur a run now, will do later this morning.

Hopefully, looking at the current pricing, I shouldn't end up losing out in the end.   Which is more by luck than judgement.

We're still waiting for any further movement on DHs fund.    I wonder if the same scenario will play out there too.  

Units bought, sale completed.   That part was very slick.   

I actually got the units for ever so slightly cheaper than they would have been as a straight "same day" conversion.

Due to the price dropping, whilst out the market, I managed to buy 182 extra units.  A gain of £633.

That could so easily have gone the other way, mind.    Still waiting on DHs.   Will he be so lucky?

The joys of trading equities 

flopsy1973

flopsy1973 said:

Hi back to the earlier posts on this the ad regarding using one platform for dealing and then transfer over to iweb. Wuld this also wrk with buying funds on HL due to the free dealing and then transfer straight away to iweb to avoid the dealing charge on iweb. Anyone done this 

Is this a viable option

GeoffTF

It has been tried with Vanguard and iWeb. The transfer was reported to take a long time.