Transferring out Stocks and Shares ISA

20122013

Due to stagnated performance and high fees, I am looking to transfer out my existing Stocks and Shares ISA from one platform to other platforms.  

Easier for me is to transfer it all to a cash ISA with different providers but the fixed rate cash ISA are paying below 5% and may fall so not guarantee to beat inflation, hence, looking for other options.

I would like to find out how to select a new platform and what I need to be mindful of? I am unsure whether I need to select my funds or platform first? a bank  or investment platforms?  As I am learning to DIY and am not looking for managed funds.

 

Mark_d

Custody fees, trading charges, and functionality are what I looked at when I chose to move my S&S ISA.  The transfer is not difficult.  All your shareholding is moved across as is and you don't lose out.  Potentially you can have problems is the new platform doesn't trade in the shares/markets that you're invested in but I've transferred successfully from AJBell to HargreavesLansdown to InteractiveInvestor

eskbanker

20122013 said:

Due to stagnated performance and high fees, I am looking to transfer out my existing Stocks and Shares ISA from one platform to other platforms.

High fees is a legitimate reason to change platforms, but stagnated performance isn't, unless you also change the investments themselves, which is an entirely separate evaluation.

20122013 said:

Easier for me is to transfer it all to a cash ISA with different providers but the fixed rate cash ISA are paying below 5% and may fall so not guarantee to beat inflation, hence, looking for other options.

There are no guarantees with S&S either, but they're highly likely to beat inflation over the long term, and you shouldn't invest unless it's the long term you have in mind.  When do you anticipate needing the money?

20122013 said:

I would like to find out how to select a new platform and what I need to be mindful of? I am unsure whether I need to select my funds or platform first? a bank  or investment platforms?  As I am learning to DIY and am not looking for managed funds.

What are you currently invested in, and where, and how did you make those decisions?  What has changed?

dunstonh

Due to stagnated performance and high fees, I am looking to transfer out my existing Stocks and Shares ISA from one platform to other platforms.  

Platforms are generally whole of market (although a small number of fund houses may refer to their offering as a platform when they are not in the true sense).  So, performance should not come in it as whole of market platorms have the same investments.

Easier for me is to transfer it all to a cash ISA with different providers but the fixed rate cash ISA are paying below 5% and may fall so not guarantee to beat inflation, hence, looking for other options.

historically, cash generally tends to be at or just below inflation.   Hence why its not considered a good option for the long term.

Its also worth noting that cash savings charges are typically higher than modern S&S ISAs.    You just don't see them with the a cash ISA as they are implicit but you do see them with an S&S ISA as they are explicit.    So, be on guard that you are not letting a fixation with charges lead you to a poor outcome.


I would like to find out how to select a new platform and what I need to be mindful of? I am unsure whether I need to select my funds or platform first? a bank  or investment platforms?  As I am learning to DIY and am not looking for managed funds.If you are needing to ask these questions and want to DIY then you are probably looking at managed funds.  e.g. multi-asset funds are managed funds by default.  Even if their underlying assets are passive index funds.

You should decide where you want to invest first.  Then you select the platform you wish to use.     

Banks tend to offer robo solutions, which are generally poor value, rather than platforms but there are a couple of exceptions.     Perhaps you first need to understand the difference between platforms, providers, robos etc.

Albermarle

Mark_d said:

Custody fees, trading charges, and functionality are what I looked at when I chose to move my S&S ISA.  The transfer is not difficult.  All your shareholding is moved across as is and you don't lose out.  Potentially you can have problems is the new platform doesn't trade in the shares/markets that you're invested in but I've transferred successfully from AJBell to HargreavesLansdown to InteractiveInvestor

However in the OP's case they say have stagnating performance. So if they just transfer over the same investments to a new platform, they will get exactly the same result.

They should look at changing the investments they have on the current platform, as a much bigger priority than changing platforms.

20122013

eskbanker said:

20122013 said:

Due to stagnated performance and high fees, I am looking to transfer out my existing Stocks and Shares ISA from one platform to other platforms.

High fees is a legitimate reason to change platforms, but stagnated performance isn't, unless you also change the investments themselves, which is an entirely separate evaluation.

20122013 said:

Easier for me is to transfer it all to a cash ISA with different providers but the fixed rate cash ISA are paying below 5% and may fall so not guarantee to beat inflation, hence, looking for other options.

There are no guarantees with S&S either, but they're highly likely to beat inflation over the long term, and you shouldn't invest unless it's the long term you have in mind.  When do you anticipate needing the money?

20122013 said:

I would like to find out how to select a new platform and what I need to be mindful of? I am unsure whether I need to select my funds or platform first? a bank  or investment platforms?  As I am learning to DIY and am not looking for managed funds.

What are you currently invested in, and where, and how did you make those decisions?  What has changed?

I hope I will not need this money unitl 10 years time.
I was using an IFA, who has since retired and sold out to a firm which claims to be an IFA but sells their own products and platforms. Hence, my post.