DIY or stick with IFA

Scallypud

I have decided to take my money out and transfer to HL as this will save on the fees.
The plan is to purchase a few different funds as the ones i have seem to be doing ok.
What can go wrong?

dunstonh

I have decided to take my money out and transfer to HL as this will save on the fees.

Interesting choice.  HL is amongst the highest charging platforms.   A typical IFA platform is around half the price (0.15-0.25% vs 0.45%).     Indeed, with the typical IFA charge of 0.50%, you have already spent nearly half your cost saving on platform charges.

The plan is to purchase a few different funds as the ones i have seem to be doing ok.
What can go wrong?

If you use single sector funds, then the portfolio is the sum of its parts.  Some of those funds will do better than others in some periods and worse than others in other periods.  Some will be different risk levels.   If you start playing around with the funds you will need to keep the process. Otherwise, you go from a structured portfolio to a hit and hope.

LHW99

Scallypud said:

I have decided to take my money out and transfer to HL as this will save on the fees.
The plan is to purchase a few different funds as the ones i have seem to be doing ok.
What can go wrong?

If you did actually take the money out, you would a) likely incur a big tax bill and b) be limited in what you could put back in a pension.

Presumably you just mean transfer it across to HL?

Albermarle

Interesting choice.  HL is amongst the highest charging platforms.   A typical IFA platform is around half the price (0.15-0.25% vs 0.45%).     Indeed, with the typical IFA charge of 0.50%, you have already spent nearly half your cost saving on platform charges.

Although with the current HL transfer cashback offer, they will get £1500 to cover the additional  platform charge for a year or two.

Scallypud

LHW99 said:

Scallypud said:

I have decided to take my money out and transfer to HL as this will save on the fees.
The plan is to purchase a few different funds as the ones i have seem to be doing ok.
What can go wrong?

If you did actually take the money out, you would a) likely incur a big tax bill and b) be limited in what you could put back in a pension.

Presumably you just mean transfer it across to HL?

Sorry yes i meant transfer. HL are offering £1,500 cashback