Anyone transferred S&S ISA from MoneyFarm to Iweb?

silvercue

Hi,

I have decided to transfer my S&S ISA away from Moneyfarm.  Performance was terrible all of last year and even this year they perform worse than many basic global funds and charge a lot for it.

I also have an ISA with Iweb (I decided to keep both in April to compare performance, but it is clear MF is simply not worth the fees).

I am a bit nervous about moving, especially as they are different types of ISA.    Moneyfarm is active and Iweb I control the purchases.  I am also worried it might take some time... wondering if anyone has experience of  moving from MF to Iweb (or similar).

Thanks

masonic

As Moneyfarm is a Robo provider, you will need to transfer as cash, meaning MF will need to sell the investments, wait for settlement, but after that it shouldn't take much longer than transferring a cash ISA. I'd guess 2-3 weeks with a fair wind.

silvercue

masonic said:

As Moneyfarm is a Robo provider, you will need to transfer as cash, meaning MF will need to sell the investments, wait for settlement, but after that it shouldn't take much longer than transferring a cash ISA. I'd guess 2-3 weeks with a fair wind.

Thanks.  Yes, I thought there might be some time involved.  I was hoping it could be done more quickly.