Platform choice for the move to DIY investing before retirement

DavidT67

RichardS said:

Thanks @artyboy what was their cash back offer ?

Hargreaves Landsdown offer

https://www.hl.co.uk/features/register-cashback-c

RichardS

DavidT67 said:

RichardS said:

Thanks @artyboy what was their cash back offer ?

Hargreaves Landsdown offer

https://www.hl.co.uk/features/register-cashback-c

Thanks. That’s an amazing offer if I was to transfer the £203k pension. I’ll have to consider that. Thanks. 

artyboy

I've had £1250 from HL, £1250 from Bestinvest (including some via TopCashback), about £600 from II (multiple offers) £3000 from Nutmeg (with another £3000 to come with another xfr in progress), £350 to come from fidelity, £1500 to come from Charles Stanley. Plus a few other bits and bobs.

It's exceptionally lucrative if you can keep on top of the paperwork and do the sums in terms of net gain versus fees paid. Often holding ETFs rather than funds is the key to reducing platform charges. And if you can transfer in specie then you also remove the market risk - doesn't work with providers like Nutmeg but it's a risk I'm comfortable with.

Anyway good luck...

RichardS

Although I think ii would be cheaper for my fund values so it’s probably not worth the cash-back 

RichardS

artyboy said:

I've had £1250 from HL, £1250 from Bestinvest (including some via TopCashback), about £600 from II (multiple offers) £3000 from Nutmeg (with another £3000 to come with another xfr in progress), £350 to come from fidelity, £1500 to come from Charles Stanley. Plus a few other bits and bobs.

It's exceptionally lucrative if you can keep on top of the paperwork and do the sums in terms of net gain versus fees paid. Often holding ETFs rather than funds is the key to reducing platform charges. And if you can transfer in specie then you also remove the market risk - doesn't work with providers like Nutmeg but it's a risk I'm comfortable with.

Anyway good luck...

It’s interesting you mention market risk. Is there much I can do about that or it it just potluck?

artyboy

RichardS said:

artyboy said:

I've had £1250 from HL, £1250 from Bestinvest (including some via TopCashback), about £600 from II (multiple offers) £3000 from Nutmeg (with another £3000 to come with another xfr in progress), £350 to come from fidelity, £1500 to come from Charles Stanley. Plus a few other bits and bobs.

It's exceptionally lucrative if you can keep on top of the paperwork and do the sums in terms of net gain versus fees paid. Often holding ETFs rather than funds is the key to reducing platform charges. And if you can transfer in specie then you also remove the market risk - doesn't work with providers like Nutmeg but it's a risk I'm comfortable with.

Anyway good luck...

It’s interesting you mention market risk. Is there much I can do about that or it it just potluck?

Yes, as I said, if you're able to do the transfer 'in specie' then you eliminate market risk. Otherwise you accept that while your assets are being transferred in cash, the market may move against or for you. 

JohnWinder

Self management of an investment portfolio is far from easy.’

Yes, but how far? Thankfully not brain surgery far.

Bernstein, who writes very useful and entertaining investing books asserted you need four qualities: an interest; more maths than average (descriptive statistics and probability); knowledge of financial history, and discipline/courage. On the last, in his words, the investing world is littered with the bones of people who knew what to do but couldn’t bring themselves to do it.
Fortunately times have changed and investment products have been commodified in recent years, making it no harder to get good investments than going into a supermarket and choosing a soap from the unnecessarily large selection; they’re all much of a muchness. So, with diversified funds now it matters less what fund you buy when the alternative is choosing some alkali and a tub of fat to make the soap yourself. And although one of the commodities will turn out to have given better returns than a similarly risky commodity, even if the difference is bigger than we’d like there’s nought we can do about it since we don’t know when we first choose.
If one is not up to the task then get an advisor, but don’t let them charge you for making soap when a consistent product comes in one packet. A disciplined diy-er should be able to get better returns than an advised client because it'll cost less. You can help yourself with discipline by having a written plan, with reasons for the choices you’ve made and will in future make. Brain surgery will be in the far distance.

Albermarle

DavidT67 said:

RichardS said:

Thanks @artyboy what was their cash back offer ?

Hargreaves Landsdown offer

https://www.hl.co.uk/features/register-cashback-c

Thanks for that. Bit strange that as a customer of HL ( for a small amount) they have not e mailed with the offer. Normally they are not shy about sending e mails !

Albermarle

RichardS said:

artyboy said:

I've had £1250 from HL, £1250 from Bestinvest (including some via TopCashback), about £600 from II (multiple offers) £3000 from Nutmeg (with another £3000 to come with another xfr in progress), £350 to come from fidelity, £1500 to come from Charles Stanley. Plus a few other bits and bobs.

It's exceptionally lucrative if you can keep on top of the paperwork and do the sums in terms of net gain versus fees paid. Often holding ETFs rather than funds is the key to reducing platform charges. And if you can transfer in specie then you also remove the market risk - doesn't work with providers like Nutmeg but it's a risk I'm comfortable with.

Anyway good luck...

It’s interesting you mention market risk. Is there much I can do about that or it it just potluck?

You can transfer 'in specie' - the only risk is of potential delays before every fund is transferred. Probably a good idea to maybe tidy up your portfolio in advance if possible. A cash transfer will go much quicker but you will be out of the market for a few days.

RichardS

Albermarle said:

RichardS said:

artyboy said:

I've had £1250 from HL, £1250 from Bestinvest (including some via TopCashback), about £600 from II (multiple offers) £3000 from Nutmeg (with another £3000 to come with another xfr in progress), £350 to come from fidelity, £1500 to come from Charles Stanley. Plus a few other bits and bobs.

It's exceptionally lucrative if you can keep on top of the paperwork and do the sums in terms of net gain versus fees paid. Often holding ETFs rather than funds is the key to reducing platform charges. And if you can transfer in specie then you also remove the market risk - doesn't work with providers like Nutmeg but it's a risk I'm comfortable with.

Anyway good luck...

It’s interesting you mention market risk. Is there much I can do about that or it it just potluck?

You can transfer 'in specie' - the only risk is of potential delays before every fund is transferred. Probably a good idea to maybe tidy up your portfolio in advance if possible. A cash transfer will go much quicker but you will be out of the market for a few days.

My pension is managed by my FA on Fidelity Platform and my ISA is on Nutmeg so I have no control. I guess it will be just hitting the button one day and hoping for the best?