Considering moving SIPP from AJ Bell to Interactive Investor

Albermarle

DavidT67 said:

vacheron said:

I'm also looking for something with low fees and ideally an incentive would be nice.
I moved £125K to HL last year and recieved £1,500 cahsback, but there don't seem to be quite such generous offers this year. 

I suspect HL SIPP & ISA transfer cashback offers will be back in the next few months. They have certainly been the most generous available.  

Recent offers from II and Fidelity didn't seem worth the risk and potential hassle for the reward.

Also found that a lot of the new platforms don't support transferring in SIPPs where you've accessed tax free cash or are in drawdown.

The last two rounds of cashback from HL were certainly more generous than in the past. However this is likely to be because they were dressing themselves up for sale. It was mentioned during the sale negotiations that they had increased market share and assets under management. Now they have new owners they could be reconsidering their strategy. On the other hand some of these new cashback incentivised customers may well be transferring out again once the 12 months is up, to get cashback somewhere else and/or cheaper fees.
In any case getting £1500 for a £125K Sipp ( or for me £1000 for a £125K ISA) is good for the pro active customer but not very good business for the platform , so unlikely to continue for ever. 
The recent cashback offers from II and Fidelity, where more typical of what has been on offer in the past from HL. 

vacheron

DavidT67 said:

vacheron said:

I'm also looking for something with low fees and ideally an incentive would be nice.
I moved £125K to HL last year and recieved £1,500 cahsback, but there don't seem to be quite such generous offers this year. 

I suspect HL SIPP & ISA transfer cashback offers will be back in the next few months. They have certainly been the most generous available.  

Recent offers from II and Fidelity didn't seem worth the risk and potential hassle for the reward.

Also found that a lot of the new platforms don't support transferring in SIPPs where you've accessed tax free cash or are in drawdown.

I'll watch out for future HL offers, and might move back if similarly generous (and permitted in their small print!).

The HL was a good deal, and it more than offset their fees for the 12 months I needed to stay with them as required by their cashback terms, but now I want to move somewhere with lower charges. 

I recently tried to move over to Freetrade as I would have earned about £1,600, but they don't offer OEIC's (Specifically the HSBC Global Strategy Dynamic Portfolio) which my HL pension is currently invested in, however it appears that Interactive Investor do, which should make the transfer far easier.

None of my cash is in drawdown fortunately (or possibly sadly) as I've just turned 50. 

hilsea

My transfer from Hargreaves lansdown completed last week. I transferred over all my stocks and funds to ii. It took under 4 weeks which was impressive. I noted from the messages I received both companies have dedicated teams for transfers, which must help. For me it was a no brainier on the fees. I wasn’t particularly looking at the cash back, it was more about the annual savings on the fees. I must admit I will miss HL website and app. More access to information on individual stocks and funds than the Ii app and website offers. Also the way the two show the portfolios is different when you commence drawdown. On hl they create a separate account and I’m led to believe on ii they show you a percentage of your portfolio that is crystallised. They have yet to have got round to that on my portfolio as at this time. The other thing I might miss is that trading in funds on hl was fee free which made ad hoc dealing more attractive, on ii they charge £3.99. However they do operate a monthly regular investment option. This works better than hl offering, as it is not linked to new Money being added. So you can setup a regular trade of numerous funds/stocks then delete if you wish after the trade, so in effect you use the free trading option once a month, the crucial thing being the payment for the trades comes from your cash balance. On hl if you want to invest £500 that has to be taken from a direct debit a week before the trade, there is no mechanism for a regular investment from your cash balance. Hope that helps 

cloud_dog

Filo25 said:

I have about £216k in a SIPP, all invested in funds (HSBC All-World + Royal London Short Term Money Market).

Currently on AJ Bell but considering moving over to ii, just as the flat fees would seem more reasonable based on fund investment.

I just wanted to check if all the ii users were happy enough with them and if there is anything else I need to take into account (I likely won't be changing investments too frequently, so hopefully trading fees not too onerous.

Equally if there are any other platforms that people would recommend, let me know!

Whilst I wouldn't want to interfere with your chosen investments / strategy, have you considered investigating using ETFs as (close to) like-for-like investments, e.g.:

• The Vanguard or Invesco All World ETF offerings (https://www.justetf.com/uk/how-to/ftse-all-world-etfs.html)?
• The Lyxor (now Amundi) Smart Cash ETF (CSH2) instead of the RL STMMF?

This would leave the platform cost at £10pm / £120 pa with AJB.
  

bolwin1

I moved around £600K from A J Bell to II earlier this year. Whilst the process was fairly straightforward, II weren't clear on which forms they wanted completing & I had to chase them a couple of times. Took about a month in the end, a fair bit of which was time out of the market. I did get a £2K bonus from II for the transfer which will be payable next year, but I probably lost that amount due to time out of the market (obviously it could have gone in the other direction). Their website is easy to use & as you have noticed, the costs are much lower for funds (I just stick to bog-standard tracker finds & don't trade often). 

Albermarle

bolwin1 said:

I moved around £600K from A J Bell to II earlier this year. Whilst the process was fairly straightforward, II weren't clear on which forms they wanted completing & I had to chase them a couple of times. Took about a month in the end, a fair bit of which was time out of the market. I did get a £2K bonus from II for the transfer which will be payable next year, but I probably lost that amount due to time out of the market (obviously it could have gone in the other direction). Their website is easy to use & as you have noticed, the costs are much lower for funds (I just stick to bog-standard tracker finds & don't trade often). 

If you transfer funds 'in specie' rather than in cash, you do not have any time out of the market. It is not always possible but should have been between Aj bell and II.