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Seven Investment Management (7IM)
My IFA wants to transfer my holdings from Transact to Seven Investment Management (7IM). I understand the reasoning, but I have never heard of 7IM.
Anyone got any experience of these guys?
www.7im.co.uk
Thanks!
Comments
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I listen to LBC and they regularly do an 'Investment Hour' where Ben Kumar from Seven Investment Management has been a regular on the show for many years.
I've heard their name a lot more than many other of the investment companies.
Know what you don't4 -
Very well-known DFM MPS provider (managed portfolio services). They also have a platform.
7IM MPS are available on the Transact platform (and many others). So, I suspect you are referring to the 7IM platform.
The default pricing for 7IM is not cheap. Not expensive but middle to bottom. For example, the first £500k is 0.30%. Whereas circa 0.10%-0.20% is more typical at the lower cost end.
Transact pricing is not cheap either until you exceed £600k (0.26% to £600k). So, if your IFA doesn't have improved terms, it looks like the move to 7IM will increase the platform charge compared to 7IM. So, that may be a question to ask.
However, if you are also using a 7IM MPS portfolio, then the 7IM platform charge is a flat 0.25%. So, smaller values could be slightly cheaper than Transact (although still more than other low-cost IFA platforms).
The higher your value, the more attractive alternatives look (including staying on Transact).
I haven't used their software. So, I cannot give an opinion on that.
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 -
Thank you. Yes, my IFA has negotiated terms with 7IM so that it wouldn’t cost me more.Reassuring to hear they’re reputable and well established. Maybe they just don’t invest in SEO as much as HL etc!
0 -
SIM was founded in 2000. One of their founders was Justin Urquhart Stewart
He was all over the business media in the 1990's and 2000's and on many BBC TV and radio programmes.
He wore trademark red braces. I think he retired from SIM about 10 years ago, but it seems that their liking for the broadcast media has continued.
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