letter from unknown wealth manager

1knuckles1

Not sure if I can share names, so haven't …

I have today received a letter from a wealth manager regarding their change in ownership.

I have no idea who these people are. I'm assuming it's related to a stocks and shares ISA opened a long time ago.

I thought I had previously removed a fee earning agent from this ISA. Ironically, this led to an increase in the ISA fund fees!

I've found contact details for the wealth manager online.

Any ideas what I should ask them, aside from what their relationship is with me, what fees they receive and what benefit I get?

As far as I can tell my holding is exactly as it was when opened, except for fewer shares because these seem to be sold to fund the fees.

I'm someone who hates stocks and shares. My ISA hasn't performed well - not surprising since no one has managed it. I have considered transferring it to a cash ISA. Any views on this?

Many thanks!

DRS1

Why has no-one been managing it? Isn't that your job? It is your ISA.

Where-ever your ISA is, perhaps you should consider moving it - somewhere out of the clutches of the wealth manager.

Albermarle

I'm someone who hates stocks and shares. My ISA hasn't performed well - not surprising since no one has managed it. I have considered transferring it to a cash ISA. Any views on this?

It is pretty surprising it has not done well, as markets have been bouyant ever since the brief Covid dip.

A standard medium risk multi asset fund ( which pretty much manages itself) is up 35% in 5 years.

flaneurs_lobster

As far as I can tell my holding is exactly as it was when opened, except for fewer shares because these seem to be sold to fund the fees.

You should be receiving a statement from the manager (at least) annually detailing fees - how much and what for.

Stupid editor, can't unquote.

QrizB

Stupid editor, can't unquote.

On the "paragraph" symbol menu, choose the paragraph symbol

That should undo the quote.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81887437#Comment_81887437

Yep, that's done. Thanks.

dunstonh

I thought I had previously removed a fee earning agent from this ISA. Ironically, this led to an increase in the ISA fund fees!

Turning the fee off doesn't remove the ISA from the agency of the company. And yes, its not uncommon for charges on funds and/or platform to increase if they were on special terms whilst the advice firm was in control.

Any ideas what I should ask them, aside from what their relationship is with me, what fees they receive and what benefit I get?

They won't get fees unless you agree them. An agency transfer doesn't mean new fees.

I'm someone who hates stocks and shares. My ISA hasn't performed well - not surprising since no one has managed it. I have considered transferring it to a cash ISA. Any views on this?

If you sack the professional, you take on responsbility for doing it yourself.

Its worth noting that cash ISAs typically have higher fees than S&S ISAs. The only difference is that the net interest margin is hidden from you, whereas an S&S ISA is explicit.