Moving to new platform

trickydicky14
trickydicky14 Posts: 947 Forumite
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in Savings & investments
Quick question
I’m about to move my SS ISA from Charles Stanley to Halifax to save some money,
How long does it take for it to be up and running.
Thank you for any help.
I choose the rooms that I live in with care,
The windows are small and the walls almost bare,
There's only one bed and there's only one prayer;
I listen all night for your step on the stair.
«13

Comments

  • dunstonh
    dunstonh Posts: 116,307 Forumite
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    Are you going to be using cash transfer method or a re-registration of assets?
    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.
  • Wildsound
    Wildsound Posts: 365 Forumite
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    Cash transfers are usually a lot quicker than asset transfers. Either way, it's up to the providers
  • trickydicky14
    trickydicky14 Posts: 947 Forumite
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    Having never moved platform before I did not think about cash transfer, do you mean just sell my investment obviously keeping it within the ISA and transfer over the cash and then re purchase?
    All I have done is filled out the required form from Halifax and sent it off on the understanding my Vanguard life strategy 60 would just move over as it stands.
    As I have done this now could you give me a ball park time period for it to happen please.
    I assume that even if it takes time I will be fully invested throughout the transfer process.
    I choose the rooms that I live in with care,
    The windows are small and the walls almost bare,
    There's only one bed and there's only one prayer;
    I listen all night for your step on the stair.
  • dunstonh
    dunstonh Posts: 116,307 Forumite
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    cash transfers are usually the simplest but take you out of the market for about a week. But the whole thing is done and dusted in a week or two.

    Re-registrations (also known as in-specie transfers) can take weeks or months to resolve. Vanguard dont have a reputation for being slow, unlike some.
    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.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    trickydicky14 wrote: »
    All I have done is filled out the required form from Halifax and sent it off on the understanding my Vanguard life strategy 60 would just move over as it stands.

    That should happen if that's what you asked for on the form. As a result it will take a bit longer than a cash transfer however at least you are not out the market just unable to trade until it completes. On average if there are no complications it should take about a month. I wouldn't imagine you would ever need to sell VLS60 in a hurry anyway.

    Alex
  • aroominyork
    aroominyork Posts: 2,821 Forumite
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    But it can drag on and on. I'm in month 4 of transferring from HL to Interactive Investor. I'm pretty sure all the delay is at ii's end (complaint currently ongoing) and is not helped by Sanlam, whose strategic bond fund I hold, telling HL they are unable to accept stock transfer instructions electronically so it has to be processed manually on paper and the instructions faxed to Sanlam. But re ii, "it's the price you pay for the price you pay."
  • noh
    noh Posts: 5,797 Forumite
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    I recently instructed Halifax Sharedealing to transfer my ISA from Alliance Trust Savings.
    It has gone well so far. It took around 2 weeks for the investment trusts to be transferred to Halifax and around 4 weeks for the unit trusts/OEICS to appear in my Halifax account. The cash in the account was transferred at around 5 weeks.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    In that situation the cash probably would be last as they wouldn't be able to calculate their final platform fees until after the holdings had transfered.
  • trickydicky14
    trickydicky14 Posts: 947 Forumite
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    Thanks to dunstonh and others for your feedback
    Will just sit back and wait for it to happen.
    I choose the rooms that I live in with care,
    The windows are small and the walls almost bare,
    There's only one bed and there's only one prayer;
    I listen all night for your step on the stair.
  • MallyGirl
    MallyGirl Posts: 6,611 Senior Ambassador
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    aroominyork wrote: »
    But it can drag on and on. I'm in month 4 of transferring from HL to Interactive Investor. I'm pretty sure all the delay is at ii's end (complaint currently ongoing) and is not helped by Sanlam, whose strategic bond fund I hold, telling HL they are unable to accept stock transfer instructions electronically so it has to be processed manually on paper and the instructions faxed to Sanlam. But re ii, "it's the price you pay for the price you pay."

    An in specie transfer from Halifax Share Dealing ISA to II ISA took months. Halifax were at fault for some and then - according to II - the intermediary that they needed to use for the registration had a massive backlog. I got there in the end - with £50 good will gesture after my complaints - and I wasn't out of the market so nothing lost. Just a frustrating process.
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