SIPP Account AJBell or Fidelity
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deepam
Posts: 116 Forumite
Hi,
I plan to open a SIPP account and read all over internet about AJBell.
Looking at Fidelity, their charges are very low. I wonder if there is any reason why Fidelity is not popular?
Eg
1. No transfer out fee
2. Service/ custody fee £45 whereas AJBell is £100
3. Share transaction fee is roughly £10 for both
I plan to open a SIPP account and read all over internet about AJBell.
Looking at Fidelity, their charges are very low. I wonder if there is any reason why Fidelity is not popular?
Eg
1. No transfer out fee
2. Service/ custody fee £45 whereas AJBell is £100
3. Share transaction fee is roughly £10 for both
0
Comments
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Hi,
I plan to open a SIPP account and read all over internet about AJBell.
Looking at Fidelity, their charges are very low. I wonder if there is any reason why Fidelity is not popular?
Eg
1. No transfer out fee
2. Service/ custody fee £45 whereas AJBell is £100
3. Share transaction fee is roughly £10 for both
I've not been very impressed with the Fidelity SIPP, as I invest using ITs (possibly ETFs but not yet), and to be perfectly honest I really haven't been that impressed with how the SIPP currently (that is important) operates.
For some weird reason, currently for the SIPP I run (is actually the OHs), they operate forward pricing. This is more commonly associated with OIECs. And it is this aspect which has really thrown me. Part of the reason for investing using ITs (ETFs) is that I like the transparency, the certainty about the transaction, as opposed to whatever the price is tomorrow.
So the SIPP I have is using this old style of transaction (very old school), and going back a couple of months I was getting to the point where I was considering throwing in the towel.
Having said that, I have been notified that the OH SIPP is in the process of migrating to the new, updated, fan-daby-dozy online trading platform. Because of this I am prepared to wait and see how it functions (I don't have a Fidelity GIA/ISA account to compare with). Assuming all is well, i.e. I can invest in line with what you might expect from an online trading account then I will stay. As you say, the platform fee is great and I won't be trading significantly so the trading charges will be manageable.
One nice feature is that they have plugged in an X-Ray feature for your portfolio (unsure if it is Morning Star's version or not).Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
2. Service/ custody fee £45 whereas AJBell is £100.0
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I wonder if there is any reason why Fidelity is not popular?
Fidelity is clunky and easily improved upon with other providers for both quality and cost.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 -
Hello deepam,
Is it correct that AJBELL SIPP has an annual custody/service fee of £100?
Regards
mrwmartin0 -
Hello deepam,
Is it correct that AJBELL SIPP has an annual custody/service fee of £100?
Regards
mrwmartin
It has a maximum platform charge of £100 for holding shares, ETFs or Investment trusts. Up to that point its 0.25%. So for amounts over £40000 the platform charge is capped
Funds are different.0 -
Hello Prism,
Thanks for the clarification. EG...£10000 (vanguard strategy fund) would incur £25 per annum fee?
Regards
mrwmartin0 -
Thanks Prism.
mrwmartin0 -
I just wanted to defend Fidelity a bit in terms of their website. It might be clunky compared to the best out there, but I've used it for years and like the functionality. Plus any time I've called their customer service, they're fast to respond and very helpful.
When I started investing way back, Fidelity were first to respond to my enquiries with really good information, and I've been with them since, with no complaints. And I've no connection to them other than being a satisfied customer.0 -
I have AJ for my wife's Sipp
I use HL for my Sipp it is much the better platform, charges are a bit more than AJ but no charges to drawdown when that time comes
I had funds with Fid but website was clunky and you can only have the fidelity funds.0
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