Platforms - Which should I use and How?

I am 66.4 years old, still (self-employed) working and just getting to the stage that I want to stop working 7 days a week but I could retire financially (not taken state pension yet) . My wife has a good final salary pension which pays £14K per year and she is 64. When a relative died (eight years ago) my wife and I were among the very lucky beneficiaries and I was joint executor. We received about £100K. The deceased estate was largely in Shares and Building Society Term Bonds producing 5% pa and had provided more than enough (with pensions) to pay Nursing Home fees. Her late husband loved playing the stock market and had done well with his choices. He would deal through his High Street Bank – in person at his branch …. Those were the days !

As executor, I visited the office of her Stock Broker who “signed me and my wife up”!

We hold other investments and a rental property abroad (pay some tax in France) together with a flat above my small shop that produces an income - this is a mixed use property we own without encumbrance. We own our family home without encumbrance. The business has little value (though the premises are valuable and in a good condition in a (residential) desirable area - it is probable that conversion of the commercial space will be into a further two small flats which I would project manage. We also have shares held as (proper) Share Certificates from many years ago (from parents). We are indeed very fortunate with a complex financial mix but I knew/know nothing about “platforms” and ongoing charges.


The value of the estate was sold. On our proportion, we agreed we would invest through them (the Stockbrokers) in a managed way with purpose of transfer annually into an ISA wrap (year by year) Now more or less achieved. Part of the holding is held by them without advice provided and part with advice (managed) Two sets of charges.

At the start there was a fair bit of buying and selling on the managed portfolio but that has not happened for 3 years. (Not saying that is good or bad!). A couple of companies have gone up and a few more have gone down. (Think Tesco, William Hill etc but also Berkeley Group and GSK )

So, I come from a background of holding share certificates and getting some dividends. (almost forgetting about them) but not paying out for holding the shares/certificates. Now I see a lot of charges from the Stockbroker each year for what I perceive as not a lot and (no doubt) there will be exit charges.

I have Cash ISA’s that I would also like to feed into shares over time. I want to keep the existing Shares within the ISA wrap. Rightly or wrongly, I want to move everything from the Stock Broker and “park” without the high costs.

With the cash ISA’s there will be about £230K in total. And we have savings accounts and PSB for urgent money if required. I am not likely to deal very often and the spread would be between about 20 companies. Because we have always worked hard, saved hard and spent little and were not wealthy growing up, my mind set is not likely to change substantially and I am “frugal”. I am trying to change but in my world … Why have a new car when the old one gets you to the shops and the Council Tip!


So (at last) here is the Money Saving Advice I need (thanks for reading)…..Where should I go with the Stock Broker Account and …. The Mechanics of How?