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Discount Brokers
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Posts: 8 Forumite


At last a method of investing without paying heavy commissions etc. Thank you Martin (or Dan) for bringing to my attention, I wish I knew of this last month!
I have invested in ISA's etc for a number of years with a particular FA but have done so begrudgingly as I know he is being paid on-going commission for doing F All. Up until now there has been no alternative.
My question is this:
How do I get back from this FA my investments without paying heavy 'Cashing In' penalties, to then use the funds to put through a Discount Broker?
I also opened another £7k ISA with this FA last month to take advantage of last years ISA limit.
Am I better off leaving the existing investments with him as the 'Cashing In Penalty' would be to high and wait until they have made sufficient profits and then cash in, putting all current/future spare cash through a 'Discount Broker'.
I have invested in ISA's etc for a number of years with a particular FA but have done so begrudgingly as I know he is being paid on-going commission for doing F All. Up until now there has been no alternative.
My question is this:
How do I get back from this FA my investments without paying heavy 'Cashing In' penalties, to then use the funds to put through a Discount Broker?
I also opened another £7k ISA with this FA last month to take advantage of last years ISA limit.
Am I better off leaving the existing investments with him as the 'Cashing In Penalty' would be to high and wait until they have made sufficient profits and then cash in, putting all current/future spare cash through a 'Discount Broker'.
How Do I Reduce 'Cash In Penalty' 1 vote
Do A Deal With Your FA
0%
0 votes
Write Directly to Fund Provider
100%
1 vote
0
Comments
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What are the transfer-out penalties? Worth finding that out first, then you can decide if the move is worthwhile. As for how you do it, if you contact a discount broker and say you want to transfer your stock to them, they should be able to point you in the direction of the correct forms. You fill them in and send them off, and a few weeks later it's all done.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
I have invested in ISA's etc for a number of years with a particular FA but have done so begrudgingly as I know he is being paid on-going commission for doing F All. Up until now there has been no alternative.
There have been execution only or fee based advisers for decades. This is nothing new.I also opened another £7k ISA with this FA last month to take advantage of last years ISA limit.
I thought you said the adviser is doing F all? Clearly they are.How do I get back from this FA my investments without paying heavy 'Cashing In' penalties, to then use the funds to put through a Discount Broker?
What makes you think there will be "cashing in penalties"?
Whilst discount IFAs are a good thing for those that know what they are doing, the size of the discounts is not that great and for those that dont know what they are doing, the money saved can easily be wiped out plus more by making the wrong investment decisions. Something I have seen many times and we have seen often on here where inexperienced investors have gone fashion investing.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.0 -
:T I like Polls
We need more of them :j'In nature, there are neither rewards nor punishments - there are Consequences.'0
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