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stocks and shares ia
begbeer
Posts: 225 Forumite
I have fallen out with my IFA, and as I am 74 and do not really need growth, .
would now like to transfer my stocks and shares ISA to a cash ISA paying a monthly income
it is under (not sure if that correct terminology) Quilter.
How do I do it without losing my ISA kya fr status.
would now like to transfer my stocks and shares ISA to a cash ISA paying a monthly income
it is under (not sure if that correct terminology) Quilter.
How do I do it without losing my ISA kya fr status.
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Comments
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it is under (not sure if that correct terminology) Quilter.begbeer said:I have fallen out with my IFA, and as I am 74 and do not really need growth, .
would now like to transfer my stocks and shares ISA to a cash ISA paying a monthly income
it is under (not sure if that correct terminology) Quilter.
How do I do it without losing my ISA kya fr status.
Is that the ISA provider?
To transfer, you find and contact a cash ISA provider that will accept transfers from a (Quilter) Stocks ISA, specify that you wish to transfer in cash.
You current provider will be contacted by your new provider, sell your shares and transfer the cash to your new ISA provider.
However staying in decent dividend paying stocks will give a better return although capital remains at risk, both of losses or growth.
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You can also keep your S&S ISA with a different provider and not need your IFA to be involvedRemember the saying: if it looks too good to be true it almost certainly is.4
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there is more than 85k in there, what is the best course of action?0
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Do partial transfers for say £80k (i.e. specify the amount) to different banks, and the final transfer is for 100%.begbeer said:there is more than 85k in there, what is the best course of action?as I am 74 and do not really need growth, .At 74, you still need to be planning for 20-25 years (10% life expectancy is around age 99). It is not unusual to move more defensively as you get older, but you are starting a bit earlier than most would. It leaves you subject to inflation risk and shortfall risk.
would now like to transfer my stocks and shares ISA to a cash ISA paying a monthly income
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.4 -
contact a few providers and ask them if they can handle the switch for you.
https://www.moneysavingexpert.com/savings/best-cash-isa/0 -
I'm in a similar position but I'm a bit younger (coming up 70) and only have 30k in stocks and shares isa with St James's Pl. Yes I know! But it's been there since 2003. I don't have a lot of savings and I'm worried about weathering yet another storm (which is possible). Speaking to their advisor on Thursday and feeling time to move to cash isa. It's a dilemma1
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