How much do you keep on any single platform?

Aminatidi

I'm at that point where platform fees matter and are visible and noticable.

I have a GIA account with IWeb with £150K in it and I would be a few hundred a year better off in fees by moving the £200K I have in a Vanguard ISA across to IWeb.

I also bank with Lloyds and I know Lloyds Banking Group own IWeb.

I know some people on here have way more than I do under management so I'm interested in your view on platform risk and the "eggs in one basket" element.

I seem to have one voice telling me move it to IWeb and another voice telling me not to but unable to articulate quite what the concern is 

ColdIron

It doesn't worry me at all. I split over 2 platforms but that is entirely due to my needs and charging structures, e.g. IWeb aren't cheap for SIPPs

masonic

Aminatidi said:
I know some people on here have way more than I do under management so I'm interested in your view on platform risk and the "eggs in one basket" element.

I have 2 baskets for my S&S ISA (and happen to have retirement accounts elsewhere for other reasons). Will cost me an extra £45 over the next year. That's to hold it with a significant provider and not one of the new generation (e.g. InvestEngine) where I think there would be more risk. Though I could warm to that idea if any of them make strides towards profitability.

Aminatidi

Yeah I'm not about to stick six figures with any of the startups.

In the grand scheme of things the Vanguard fees are sod all to be fair.  But once you do the passive thing and the pot grows by enough you do tend to notice every fee.

dharm999

I think of any extra fees I pay as an insurance policy, and with a six figure GIA account, the extra cost then seems immaterial when considered in that context.

dunstonh

I know some people on here have way more than I do under management so I'm interested in your view on platform risk and the "eggs in one basket" element.

Doesnt bother me in the slightest.    However, I only use mainstream platforms that are well capitalised, profitable and low on illiquid assets.

ChesterDog

Seven figures across four accounts, all on one platform.

It was split over two, but a sweetener persuaded me to combine onto one. For now, at least.

chucknorris

dunstonh said:

I know some people on here have way more than I do under management so I'm interested in your view on platform risk and the "eggs in one basket" element.

Doesnt bother me in the slightest.    However, I only use mainstream platforms that are well capitalised, profitable and low on illiquid assets.

I have quite a lot (well into 7 figures) invested with HL, and now and again I do wonder if that is an accident waiting to happen, but I am re-assured by someone like dunstohn inferring that it isn't an issue.

John464

I have just over £1m with iweb
Thats all my equities, which is about 90% of my net worth (excluding my home and pensions which cover my outgoings)
I realise thats a lot of equities at my age (70) but its mainly world tracker ETFs (although recently shifted a chunk into the FTSE250), which has worked out very well so far. 

GeoffTF

I do not think you need to worry with the big platforms, particularly if you do not need money quickly. I would like to keep below £1 million per platform, but I am not willing to make life difficult to do so.

badger09

ColdIron said:

It doesn't worry me at all. I split over 2 platforms but that is entirely due to my needs and charging structures, e.g. IWeb aren't cheap for SIPPs

Ditto. 

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