Choosing a platform

20122013

Thanks for all the replies about what to do with my active managed funds/ S&S ISA.  In the past week I thought I had achieved 'financial freedom' and then realised not yet (maybe another discussion). So I need to follow through with my plan on my 29 active managed funds with Aegon chosen by my ex IFA. 

With the transfer out options, I know I want to leave  Aegon (too many funds, the higher fees (0.26% Aegon and On-going fees / fund  (0.55% - 0.99%)  and issues with Aegon's platform and service). 

I must act to (try and) improve my investment performance, even though I do not understand as much as I would like about my funds performance with Aegon, I do know it is heavily base in the UK and UK property and some of the funds have a negative return) needs a rebalance. Despite this,  I am hesitant to action, so an easier option for me would be to sell all S&S ISA and transfer to a CASH ISA paying about 4% interest (better than with Aegon), less volatile than investing.  But I need to take a risk to invest, and at some point turn this CASH ISA back to S&S ISA.  

I am confused but swaying to transferring to a platform rather than 3 - 4 bank / building society (in terms of administration it will not be straight forward to track, but I think it is still better than transfer all the funds though ).  As I had read that it is better to transfer to a platform as the funds are ready for investments and a balance of over £85K will be protected.

I know I want to buy passive index fund (I am considering one fund : Global passive index tracker as it is invested all over the world but my common sense says to spread the risk as I will be investing 25% of my asset, hence not decide on my fund choices) and do minimum / no transactions for 10 years.

With only this information is it possible to decide on a platform?  I will avoid the platforms which require minimum monthly transactions? 

and consider the ones even limited funds selection? (I may post about moving from Scottish Widow to SIPP) would it be better to use one platform for both or thinking about it later (due to my limited understanding maybe better to focus on the S&S ISA first) 

Or opt to choose a platform with the best CASH ISA rate and 'park it there' (as the whole balance will still be protected), if I need to transfer the CASH ISA to another platform then I will need to pay an exit fee or some penalty, (selling and) buying costs?  is there anything else I have missed? 

Appreciate your replies

Eyeful

You seem to be confused & jumping all over the place.
I will go over some basics to make sure you know about them.

1. Clear all expensive debt like credit cards first. No point paying off at 30%, when your return might be 7% a year.
2. Build up an emergency to pay for things like car or boiler breakdowns
3. Use tax shelters where like pensions & ISA's.

4. SAVINGS:
(a) Anything in NS&I will be 100% covered, you are loaning money to the UK government.

(b) The FSCS protection up to £85K only applies to 
Banks, Building Society & Credit Unions on their list. So always check they are covered.
https://www.fscs.org.uk/check/check-your-money-is-protected/

(c) Platforms are not covered by the FSCS, any coverer they will mention comes from the Banks they partner with.
So you will have to trust the platform you are using.
It is up to you to check how you money will be protected if the platform gets into trouble before they have time to place your money into a FSCS protected bank.
They should have accounts with your name on it so it cannot be mixed up with the companies money. 

5. INVESTING:
Investing means putting your money at risk for a better return.
It should be for at least a minimum of 10 years, where the odds of you winning the game are high.
If you are going down the DIY route I suggest you watch this first: https://www.kroijer.com/

(a) I do not know your attitude to risk. Understand  that
100% shares may give you a higher return but the shares ups & downs can be very large. You may not last the course.
Adding cash & bonds will make the up & downs of the share price lower but may not give such high returns.

(b)You may want to consider a Multi Asset Fund. 
This is a ready made portfolio with a share/bond split you are happy with.
Example: https://www.hsbc.co.uk/investments/products/hsbc-global-strategy-portfolios/

(c) Read this: 
https://monevator.com/best-global-tracker-funds/
https://monevator.com/passive-fund-of-funds-the-rivals/

5. PLATFORMS
Large investors some will use just one some use more than one.
https://monevator.com/find-the-best-online-broker/
https://monevator.com/compare-uk-cheapest-online-brokers/

https://monevator.com/nominee-accounts/
:

Albermarle

A platform is normally understood to be somewhere where you choose and hold investments, often in the form of a S&S ISA or SIPP.

A Cash ISA is a savings account and normally offered directly by a bank or similar.

To confuse things a bit, some investment platforms act as intermediaries for savings accounts, but this is separate from their main function as investment platforms.

Eyeful

1. If you use a spread sheet, then tracking 3 or 4 banks/ building societies should not be hard.
You would also be certain of the amount of FSCS protection you have at any one time. 
https://moneyfactscompare.co.uk/savings-accounts/

2. Using a platform introduces a middle man into the process introduces delays and complications.
If something goes wrong, they both tend to blame the other.
Sorting thing out is more complex and takes longer.
Also the middle man is not doing it for love but money. At they end of the day the money must be coming out of your pocket in the form of lower interest.

3. Did they really talk you into 29 active managed funds! The amount of money that was transfer from your pockets into theirs must have been large if you have been with them for any length of time.

20122013

@Eyeful

The platform I had mentioned was https://www.trading212.com/isa?cash-isa=
for some reason I thought, once my transfer out to new platform (eg trading212) has been completed, I can transfer the CASH ISA  into S&S ISA, is this not correct? 

If this is not viable then I will sell down and transfer into CASH ISA accounts with different banks etc.and not platforms


Edited and added  - thanks for the information, our message seemed to have crossed wach other. Yes, the fees are high, hence, my posts.

Eyeful

Yes, you can convert a Trading 212 cash ISA into a Trading 212 Stocks & Shares ISA. 
At least for now, what the budget later this month has in store remains to be seen.,