Do you use more than one platform?

Aminatidi

Do you use more than one platform and if so why?

I've consolidated most things onto II but I still have a six figure (not that it should matter) GIA sat on IWEB.

I alternate between transferring it because single pane of glass one place to look etc. but then holding off because I remember getting caught up in the Icesave headache which was rather concerning as at the time that was my life savings.

I'm reasonably sure dunston and many others would say there's no issue and loads of clients/investors have everything investment related on a single platform and it's fine because your money is ring-fenced with a custodian so there are multiple layers of redundancy etc.

Still not finding it quite that easy to submit the transfer though 😖

El_Torro

I currently have 3 platforms, not looking to downsize. The main reason being if one platform has an IT glitch I can access money from one of the other platforms.

You’re right in saying that your investments are protected if a platform goes bust. It could take weeks or months for you to get access if that happens though.

Section62

I have more than one…

One has no holding fees, so is where I keep investments long term.

One has no trading fees, so is where I do my buying.

Two have regular cashback offers for transfers in, so either have something in them waiting for cashback to be paid, or a nominal sum to keep the account open.

One is where I did my very first investing (home visit by an agent/postal) so has a little left in it for sentimental reasons (and no ongoing holding/trading charges)

And there is one more.

artyboy

I'm often in double digits for platforms, because of the incentives I'm juggling…

dunstonh

I'm reasonably sure dunston and many others would say there's no issue and loads of clients/investors have everything investment related on a single platform and it's fine because your money is ring-fenced with a custodian so there are multiple layers of redundancy etc.

I would add the caveat to that that I use well-capitalised and profitable platforms, which have virtually no illiquid assets on them. If loss-making platforms are being used or platforms with high volumes of illiquid assets, or you're at the more niche end of the scale, then I would diversify providers. Or perhaps not diversify providers, but not use that provider in the first place.

InvesterJones

https://forums.moneysavingexpert.com/discussion/6670335/do-you-use-more-than-one-platform

Yes - each platform is chosen as it's the best for that particular use, whether that's SIPP, ISA, GIA or core holding/buffer/fun portfolios.

Linton

I use 2 platforms, II for his pension and ISA and AJBell for hers. There is no advantage in using the same platform for both and having the two protects against the very unlikely risks to accessing money at short notice.

Aminatidi

https://forums.moneysavingexpert.com/discussion/comment/82016561#Comment_82016561

Yeah I chose II because they're solidly boring (hopefully) same with IWEB/Scottish Widows.

I've no time for the sort of platforms you're on about - maybe if I dabbled with a bit of "trading" play money - but I don't.

vacheron

I have a few.

Freetrade - Transferred from II because zero fees for SIPPs, PLUS they were offering 1% cashback for transfers, so there is a few grand coming my way towards the end of the year. 👍 they also offered every fund my previous SIPP with II (including the OEIC's) for free. They also support Vanguard Lifestrategy accounts at a lower cost than actually holding them with Vanguard.

Scottish Widows - (though @dunstonh keeps correcting me that it's not actually a platform 😉)….. because I have an old workplace pension held in a SW fund and I am quite happy with it, but it can't be owned outside of SW.

Trading 212 - Because they had a good cash ISA rate and most of my GIA funds are held there. Super quick and cheap, fractional shares so easy to trade small sums, plus they pay out lightning fast. I can have the proceeds in my bank account in literally minutes after executing an equity sale, while the likes of HL take days to clear and then more days to transfer!

HL - Because I hold some of my shares in my wife's name and I can access her HL account through mine, which is a great feature that I wish more providers would offer. I currently hold nothing in my own account with them though, especially after their recent fees hike.

phlebas192

We have sizeable accounts with AJ Bell, Interactive Investor and Hargreaves Lansdown. We have no worries about any of these going under but there is always the risk of a catastrophic hack or similar which could force them offline for weeks, maybe much longer. Since we are reliant on our savings for the bulk of our retirement income it makes sense to have the option of taking it from different sources if necessary.

dunstonh

it is worth noting that the backend of 7 out 10 platforms is from 2 software companies (old stat which may no longer be accurate but FNZ still dominates). So, if you "diversified" across three FNZ based platforms, then you are not really diversifying.