Transfering a stocks ISA to BestInvest from Fidelity

Dr9

I have a stocks and shares ISA on the Fidelity Platform with BestInvest as Intermediary.
With this arrangement I am paying 0.8% (0.25% Fidelity and 0.55% BestInvest)

Recently BestInvest developed their own platform.
Now they say if I move to the BestInvest platform, then my fee will be 0.4% so cheaper for me but also less for them!

I know banks don't do charity work so why would they do this?

I am worried about falling into a trap e.g. exit fees.
I have asked them on the phone and the guy said there are no exit fees but I'm skeptical.

Has anyone here ever transferred an ISA off of the BestInvest platform?

Albermarle

This is a competitive market, so providers offering better deals is not so surprising. As you are now paying over the odds, then there is always a chance you will transfer to another cheaper provider altogether.

mebu60

Also worth asking what Fidelity will charge you if you drop Bestinvest as your intermediary. Another option to consider.

Note that if you transfer out of Fidelity they don't do partial transfers out, has to be the whole S&S ISA. 

Dr9

mebu60 said:

Also worth asking what Fidelity will charge you if you drop Bestinvest as your intermediary.

Yes I will, I hadn't realised I could do that.

talexuser

Last time I looked Fidelity was 0.35% for normal stocks, maybe less for ETFs - depends on the amount. You are paying a lot of your profits at the moment. 

Albermarle

Dr9 said:

mebu60 said:

Also worth asking what Fidelity will charge you if you drop Bestinvest as your intermediary.

Yes I will, I hadn't realised I could do that.

The current Fidelity platform charge of 0.25% , would indicate that you are on the Fidelity platform that intermediaries have access to. If you were to go it alone, then you would probably ( just guessing a bit here) have to move to their retail platform - Fidelity Personal Investing. It will look very similar but charging structure is a bit different.
Standard platform charge is 0.35% + the cost of any investment funds you hold ( same as now)

sabretoothtigger

Can I ask what is the contents of the Bestinvest holding, do they let you pick your own funds ?  I know Fidelity do

Alexland

It sounds like you have been paying high fees for too long and now is a good chance to reevaluate what investment choices might be suitable for your needs going forward. I would suggest looking broader than just the BestInvest and Fidelity platforms as there are others with potentially lower costs that might work for you.
In the DIY market most platforms have dropped exit fees after the FCA gave them a strong nudge