£33k in Barclays Plan & Invest S&S ISA

CrickJon

Hi all

I've been with Barclays most of my life - my grandad worked for them.

I currently have £33k sitting in their Plan & Invest Stocks & Shares ISA. I have no immediate plans to move it in the next financial year, but wondered if others suggest a better S&S ISA provider? I was looking at Wealthify.

There's no immediate plans for the money. I just want it to grow as much as possible over the next 10-15 years. I have little experience in stocks & shares so would prefer that the provider managed the investment.

Should I keep it where it is or consider switching it to someone else after April 6th?

Many thanks.

eskbanker

CrickJon said:

...wondered if others suggest a better S&S ISA provider?

Better in what way?

CrickJon

I guess I don't know if Barclays Plan & Invest is a good stocks and shares ISA to have or not and wondered if more knowledgeable people would suggest investing that money in another way.

eskbanker

CrickJon said:

I guess I don't know if Barclays Plan & Invest is a good stocks and shares ISA to have or not and wondered if more knowledgeable people would suggest investing that money in another way.

That's still just a longer way of saying 'better' though, without clarifying how you'd measure that!  Are you looking for something cheaper, or with a better range of investments, or a decent app, or....?

dunstonh

Barclays Plan & Invest is a robo-service using a DFM.
The service cost is 0.95%. (0.25% for basic advice/semi-guidance, 0.50% for investment and 0.20% safekeeping and administration)
The product cost ranges from 0.25% to 0.45%

So, its quite expensive compared to other robos and actually more expensive than many IFAs.  However, its aimed at small values which IFAs won't deal with and are more expensive to deal with which would explain its higher cost.

and wondered if more knowledgeable people would suggest investing that money in another way.

Knowlegeable people would not use it as its not aimed at knowledgeable people.

Beddie

For much lower charges you could transfer your ISA to iweb, who are part of Lloyds Banking Group. They have no annual platform charge at all.

You could put your money into a fund such as Vanguard Lifestrategy or HSBC Global Strategy Portfolios, which are cheap trackers. They have various risk levels, which you could tailor to match your current strategy with Barclays. Once set up, you don't need to manage them, they work in a similar way to your current setup.

Just some ideas, there are plenty more posts about these funds and platform on here for you to read.