Stocks and shares ISA transfer

thingswerentthisbadinmyday

I have been asked to help a family member with possible transfer of an existing stocks and shares ISA.
For accounts with a value of say £25k-£50k where there will probably be a maximum of (say) 5 OEIC (unit trust) holdings, all accumulation units, very little switching, a small monthly DDR, which platform would you suggest using?
Incidentally, if it was my investment then I wouldn’t limit myself to just 5 funds.
I’m thinking AJB? 

wmb194

thingswerentthisbadinmyday said:

I have been asked to help a family member with possible transfer of an existing stocks and shares ISA.
For accounts with a value of say £25k-£50k where there will probably be a maximum of (say) 5 OEIC (unit trust) holdings, all accumulation units, very little switching, a small monthly DDR, which platform would you suggest using?
Incidentally, if it was my investment then I wouldn’t limit myself to just 5 funds.
I’m thinking AJB? 

Where are they now? I'd look at iWeb - ultimately owned by Lloyds Bank and soon to be rebranded as Scottish Widows Share Dealing. Zero ongoing account fee and £5 per trade but the monthly "DDR" (direct debit?) could be a problem as that'll be a relatively expensive £5 per trade and it would need to be done manually but if you only invest occasionally it shouldn't be a problem.

It probably won't be a problem as it offers a wide range but you'd also need to double check that it offers the OEICs you want to transfer.

https://www.iweb-sharedealing.co.uk/

thingswerentthisbadinmyday

wmb194 said:

thingswerentthisbadinmyday said:

I have been asked to help a family member with possible transfer of an existing stocks and shares ISA.
For accounts with a value of say £25k-£50k where there will probably be a maximum of (say) 5 OEIC (unit trust) holdings, all accumulation units, very little switching, a small monthly DDR, which platform would you suggest using?
Incidentally, if it was my investment then I wouldn’t limit myself to just 5 funds.
I’m thinking AJB? 

Where are they now? I'd look at iWeb - ultimately owned by Lloyds Bank and soon to be rebranded as Scottish Widows Share Dealing. Zero ongoing account fee and £5 per trade but the monthly "DDR" (direct debit?) could be a problem as that'll be a relatively expensive £5 per trade and it would need to be done manually but if you only invest occasionally it shouldn't be a problem.

It probably won't be a problem as it offers a wide range but you'd also need to double check that it offers the OEICs you want to transfer.

https://www.iweb-sharedealing.co.uk/

Aegeon, I think. that may be because of IFA involvement- I need to check this.
I have a feeling we may have to go to cash rather than transfer “in specie”. Not something I’d normally do.
Thanks for the suggestion of iWeb. A company I’ve heard of but never researched.
I think the monthly DDR cost could be overcome by a more infrequent lump sum investment - say quarterly - assuming going forward new money will still go into the ISA.
Lots for me to check still, but good to have ideas of where the ISA should end up. Thanks.

dunstonh

thingswerentthisbadinmyday said:

I have been asked to help a family member with possible transfer of an existing stocks and shares ISA.
For accounts with a value of say £25k-£50k where there will probably be a maximum of (say) 5 OEIC (unit trust) holdings, all accumulation units, very little switching, a small monthly DDR, which platform would you suggest using?
Incidentally, if it was my investment then I wouldn’t limit myself to just 5 funds.
I’m thinking AJB? 

For an investment of £25k-50k, then a single fund should be fine.     Most multi-asset funds are designed to be one fund solutions that do everything within the fund.    A portfolio would typically hold more funds (to cover the different areas) but you wouldnt normally run a portfolio on a smaller value as the time and effort required isnt worth it on smaller values.

I have a feeling we may have to go to cash rather than transfer “in specie”. Not something I’d normally do.

Aegon support in-specie out on both of their platforms.

ColdIron

IWeb is great for portfolios with little activity, especially for OEICs,  as many platforms use the percentage charging structure for them. Hard to beat £0

When it becomes Scottish Widows it will introduce free regular investing

• Free regular investing - invest monthly through our new plan without paying the usual £5 commission

https://www.iweb-sharedealing.co.uk/changes.html

Albermarle

ColdIron said:

IWeb is great for portfolios with little activity, especially for OEICs,  as many platforms use the percentage charging structure for them. Hard to beat £0

When it becomes Scottish Widows it will introduce free regular investing

• Free regular investing - invest monthly through our new plan without paying the usual £5 commission

https://www.iweb-sharedealing.co.uk/changes.html

With a £0 fee and free regular investing, how can it be a viable business ?

The_Green_Hornet

Albermarle said:

ColdIron said:

IWeb is great for portfolios with little activity, especially for OEICs,  as many platforms use the percentage charging structure for them. Hard to beat £0

When it becomes Scottish Widows it will introduce free regular investing

• Free regular investing - invest monthly through our new plan without paying the usual £5 commission

https://www.iweb-sharedealing.co.uk/changes.html

With a £0 fee and free regular investing, how can it be a viable business ?

Lloyds Bank Group make billions of pounds in profit each year. Maybe they treat it as a loss leader?

thingswerentthisbadinmyday

dunstonh said:

thingswerentthisbadinmyday said:

I have been asked to help a family member with possible transfer of an existing stocks and shares ISA.
For accounts with a value of say £25k-£50k where there will probably be a maximum of (say) 5 OEIC (unit trust) holdings, all accumulation units, very little switching, a small monthly DDR, which platform would you suggest using?
Incidentally, if it was my investment then I wouldn’t limit myself to just 5 funds.
I’m thinking AJB? 

For an investment of £25k-50k, then a single fund should be fine.     Most multi-asset funds are designed to be one fund solutions that do everything within the fund.    A portfolio would typically hold more funds (to cover the different areas) but you wouldnt normally run a portfolio on a smaller value as the time and effort required isnt worth it on smaller values.

I have a feeling we may have to go to cash rather than transfer “in specie”. Not something I’d normally do.

Aegon support in-specie out on both of their platforms.

Thanks.
i’m not familiar with the offering from Aegon.
You mention ‘both platforms’ but I could only find references to customers with an appointed IFA.
Do Aegon allow customers to invest directly (i.e. no IFA)? If they do, then I wonder if it could be as simple as asking Aegon to move the account internally, so that my relative doesn’t have to continue paying fees to the IFA (which, in my opinion, he doesn’t need to do).

dunstonh

i’m not familiar with the offering from Aegon.
You mention ‘both platforms’ but I could only find references to customers with an appointed IFA.

Aegon are a bit of a mess (personal opinion).   They have the Aegon Retirement Choices platform (ARC) which is similar to a fund supermarket of old (UT/OEICs and own brand insured funds).     They also bought the Cofunds platform. Cofunds being one of the first platforms in the UK.    They run it on different software to ARC.  

Both are intermediary platforms.

Do Aegon allow customers to invest directly (i.e. no IFA)? If they do, then I wonder if it could be as simple as asking Aegon to move the account internally, so that my relative doesn’t have to continue paying fees to the IFA (which, in my opinion, he doesn’t need to do).

The IFA can turn off the ongoing charge.   You are meant to tell the IFA that you are ceasing their service.
Alternatively, the account holder can contact Aegon and request that they end the IFA charge.

There is no need to transfer out to another platform simply because you no longer want the IFA service.    Aegon's self service software is not very good but if the investor is just looking to hold onto what they have, then its good enough for that.