transfer of s/s isa
Options
hinchie
Posts: 38 Forumite
Hi, am trying to help relative with finances.
She has a s/s isa managed by financial advisor ( he also looks after her pension) which she is considering transfering to a vangard index fund to cut costs and max gains .The isa is only £10k has 5 funds and is with fidelity.
She tells me if she did transfer the ifa said he would still be paid fees by fidelity anyway.
Shes reluctant to go back to him for an explanation .
Anybody help?
She has a s/s isa managed by financial advisor ( he also looks after her pension) which she is considering transfering to a vangard index fund to cut costs and max gains .The isa is only £10k has 5 funds and is with fidelity.
She tells me if she did transfer the ifa said he would still be paid fees by fidelity anyway.
Shes reluctant to go back to him for an explanation .
Anybody help?
0
Comments
-
There is a difference between keeping the S&S ISA and switching to different funds within it (the adviser will probably earn commission from the platform charges), and transferring the S&S ISA itself to another provider such as Vanguard (the adviser would no longer earn anything in respect of the ISA). Either way, he'll be getting something for continued management of the pension, so what she has been told is undoubtedly correct.0
-
the adviser will probably earn commission from the platform charges
They wont. Commission hasnt existed since 2013 on platform business.She tells me if she did transfer the ifa said he would still be paid fees by fidelity anyway.
An adviser charge would not be any different regardless of the platform used or the funds used.The isa is only £10k has 5 funds and is with fidelity.
So, moving it to a single multi-asset fund is complete sense. That sort of value is best served with one of those.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
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards