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  • FIRST POST
    • cloud_dog
    • By cloud_dog 10th Jan 18, 12:31 AM
    • 3,954Posts
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    cloud_dog
    Finally moving the SIPP
    • #1
    • 10th Jan 18, 12:31 AM
    Finally moving the SIPP 10th Jan 18 at 12:31 AM
    Ok, so after a lot of research and way too much procrastinating, I have finally decided on the course of action for the OH SIPP, currently with HL and invested in OIECs.

    I had tried long and hard to convince myself to transfer it to X-O (Jarvis) SIPP but, even though I have my ISA with them I couldn't quite convince myself to move it there (even though I would have saved having to pay any SIPP annual charges).

    I have probably mentioned on other threads that I was looking to go down the route of non-OIEC investments.

    I have opened a SIPP with AJ Bell/YouInvest. They will also reimburse any transfer costs (up to 500), which is nice and takes that as a consideration out of the equation.

    As touched on above currently the money is invested in OIECs but it will be re-invested in ITs. My dilemma is trying to work out whether to sell all the OIECs and transfer as cash or transfer as OIECs and sell/re-buy in ITs as appropriate.

    If I transfer as cash then I would imagine the transfer time will be significantly quicker than as OIECs; Youinvest indicate approximately 2 weeks to transfer cash. But, I would be out of the market. If I transfer as OIECs then I remain 'in the market' but this (apparently) can take up to 2 months (6 to 8 weeks).

    Am hedging towards selling and transferring as cash.

    Anyone else done a HL to YouInvest SIPP transfer recently, any comments on time scales etc?
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
Page 3
    • cloud_dog
    • By cloud_dog 9th Apr 18, 5:53 PM
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    cloud_dog
    If you are having second thoughts, then as ArchBair has said I think Charles Stanley & AJ Bell are the next best options for pricing.
    Originally posted by StellaN
    The OH (who's SIPP it is) has a SIPP with YouInvest/AJ Bell (was going to move the SIPP there). As I've mentioned I found their website more than adequate but decided not to go with them due to how they have previously implemented their structural pricing changes (not just price increases).

    Having a basic website or web pages doesn't bother me, my ISA is with X-O, they don't come more basic), but the Fidelity pages (certainly the monthly deposits) are just so user unfriendly.
    Last edited by cloud_dog; 09-04-2018 at 5:55 PM.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • cloud_dog
    • By cloud_dog 9th Apr 18, 5:57 PM
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    cloud_dog
    I think I just need to get through this pain and then I won't need to 'fiddle' for a while thereafter so, I can do my ostrich impression.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • StellaN
    • By StellaN 9th Apr 18, 8:08 PM
    • 254 Posts
    • 111 Thanks
    StellaN
    I think I just need to get through this pain and then I won't need to 'fiddle' for a while thereafter so, I can do my ostrich impression.
    Originally posted by cloud_dog
    in fairness though, Fidelity really should get their act together regarding their website because it shouldn't give customers such headaches/problems with simple monthly DD transactions. Thank God I don't make monthly DD contributions.
    • Lokolo
    • By Lokolo 9th Apr 18, 8:32 PM
    • 20,018 Posts
    • 15,150 Thanks
    Lokolo
    I haven't used Fidelity, but I find Charles Stanley Directs on par with HL. My only issue is if I want to change my DD I have to message them, no option to fill in a form and press submit.

    On a side note - what was your reasoning from going from OEICs to ITs?
    • cloud_dog
    • By cloud_dog 9th Apr 18, 9:51 PM
    • 3,954 Posts
    • 2,391 Thanks
    cloud_dog
    On a side note - what was your reasoning from going from OEICs to ITs?
    Originally posted by Lokolo
    I've always been a fan of ITs.

    In days gone by it was the more transparent charging structure (not as opaque as UTs/OIECs). I like the immediacy of action when I make a decision, it provides clarity for me. Going back many years, I used to work in a financial organisation and I had access to 'MarkeyEye' (I think; if you think real-time cefax - do you remember cefax????), anyway I used to also trade ITs based on their discount/premium (well one specifically).

    I've had to do a little compromising in this switch insofar as I (OH SIPP) would have had a simple tracker / index fund for the US for example, and I can't quite get my head in to ETFs so I've compromised in this area, or rather re-adjusted how I have assessed the ITs I have chosen. I understand most ETFs but for some reason they seem to lack a degree of clarity for me (personal feeling).

    A lot of those traits still appeal to me.
    Last edited by cloud_dog; 09-04-2018 at 9:58 PM.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • Thrugelmir
    • By Thrugelmir 9th Apr 18, 10:10 PM
    • 61,363 Posts
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    Thrugelmir
    X-O (Jarvis) comes in good from a price perspective but I know their main X-O dealing site is very basic (functional but basic) and I've not used their SIPP provider.
    Originally posted by cloud_dog
    Jarvis now use Gaudi who so far have been quietly efficient (accumulation phase). There's no annual management charge either. Website is clean and functional. Which is my personal choice as well. As I have a dislike of cluttered web pages that serve no purpose.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Thrugelmir
    • By Thrugelmir 9th Apr 18, 10:16 PM
    • 61,363 Posts
    • 54,612 Thanks
    Thrugelmir

    On a side note - what was your reasoning from going from OEICs to ITs?
    Originally posted by Lokolo
    Closed fund rather than open. I like to know what I'm buying (in terms of underlying investments).
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • cloud_dog
    • By cloud_dog 9th Apr 18, 10:17 PM
    • 3,954 Posts
    • 2,391 Thanks
    cloud_dog
    Jarvis now use Gaudi who so far have been quietly efficient (accumulation phase). There's no annual management charge either. Website is clean and functional. Which is my personal choice as well. As I have a dislike of cluttered web pages that serve no purpose.
    Originally posted by Thrugelmir
    I considered moving the OHs SIPP to X-O (would need to move ISA also) so as to benefit from the SIPP charge refund.

    The thing that put me off, at the time, related to how X-O had implemented MiFID II. I don't know if it has changed / improved but at the time in order to purchase an IT I (OH) would have to phone X-O to confirm risk understanding (KID?), which was not going to be workable when I manage the account(s).
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • Thrugelmir
    • By Thrugelmir 9th Apr 18, 10:39 PM
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    • 54,612 Thanks
    Thrugelmir
    The thing that put me off, at the time, related to how X-O had implemented MiFID II. I don't know if it has changed / improved but at the time in order to purchase an IT I (OH) would have to phone X-O to confirm risk understanding (KID?), which was not going to be workable when I manage the account(s).
    Originally posted by cloud_dog
    Was painfull at the outset. After the first call to activate a purchase trade on an existing holding. I subsequently rang back and confirmed the KIID's on all my other holdings (both in the SIPP and the ISA). Though some didn't actually require this. Getting through the telephone has never been an issue. As the call goes directly to the trading desk who can activate the stock on the account.

    One imagines that the new regulations haven't been easy to implement. Not simply a question of ticking a box to trade a stock. When some fund managers failed to provide KIID's. Seems to have impacted ETF's in particular.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • cloud_dog
    • By cloud_dog 12th Oct 18, 8:04 PM
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    cloud_dog
    Fidelity - Argh!!!
    I need some support.... I am getting even more frustrated with Fidelity.

    So yesterday I made three investments in to ITs and it appears they execute the trades in a similar fashion to OIECs, insofar as they collate the trades and execute them the following day. The following day for heavens sake.

    I commented on another thread (Savings & Investment) that one of my purchases had made a nice 5% well.... no it didn't because they were purchased today.

    TBH, I feel a bit of a mug. I don't understand how I couldn't have identified or understood that is how they (currently) operate with regard to IT investments. I know in the grand scheme of things it is not the end of the world but I feel, well.... sad.

    Wonder if I can move it all back to YouInvest
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • timodell
    • By timodell 12th Oct 18, 9:29 PM
    • 25 Posts
    • 12 Thanks
    timodell
    To be honest, I think you are better off staying with the class-leading HL web-site/app using ITs and ETFs for a 0.45% fee capped at 200 pa. Fidelity are having a joke if you can't trade on live prices.
    • Thrugelmir
    • By Thrugelmir 13th Oct 18, 12:05 AM
    • 61,363 Posts
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    Thrugelmir
    So yesterday I made three investments in to ITs
    Originally posted by cloud_dog
    On what basis did you place the trades?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • cloud_dog
    • By cloud_dog 13th Oct 18, 12:41 AM
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    cloud_dog
    On what basis did you place the trades?
    Originally posted by Thrugelmir
    Do you mean T3 or something else?

    Had cash to invest and the carnage(ish) on Wednesday presented an opportunity to buy trusts I wanted to invest in at an improved price. What wasn't to like.

    I just didn't have any sort of indication that that was how Fidelity processed stock type investments. I just like transparency / clarity. I've never encountered that situation for stock type investments in all my years and all the various platforms and wrappers I (we) have used.

    It is possible that the Fidelity site does indeed confirm that is how they process these transactions but I have not found it. I know that is how it is managed for OIECs / UTs.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • MK62
    • By MK62 13th Oct 18, 10:46 AM
    • 341 Posts
    • 248 Thanks
    MK62
    That doesn't sound good......one of the advantages of ITs over UT/OEICs is live price trading (ie knowing exactly what price you buy and sell at), rather than having to deal under the forward pricing model used by UT/OEICs.


    Did they charge you for this trade as well?
    • cloud_dog
    • By cloud_dog 13th Oct 18, 1:03 PM
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    cloud_dog
    That doesn't sound good......one of the advantages of ITs over UT/OEICs is live price trading (ie knowing exactly what price you buy and sell at), rather than having to deal under the forward pricing model used by UT/OEICs.


    Did they charge you for this trade as well?
    Originally posted by MK62
    Oh yes.

    Fidelity have (currently) a transaction charge of 0.1% for stock type transactions. They are moving towards a flat 10 per trade (1.50 for regular transactions) soon but I do not know / cannot see a defined date for that. The problem I have is that without asking them, when they introduce the 10 transaction fee will that also move the transaction process in to the 'live' price contract model or retain the existing 'batching' model.

    I have raised my lack of awareness of the situation with Fidelity and I'll see what they say. I will also need to confirm what is the process once they change their pricing / transaction model (for ITs, stocks, ETFs).
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • MK62
    • By MK62 13th Oct 18, 5:55 PM
    • 341 Posts
    • 248 Thanks
    MK62
    Well, if ITs form part of your core strategy it might be time to find a more suitable platform.....AFAIK, Fidelity do not charge exit fees.
    • cloud_dog
    • By cloud_dog 6th Dec 18, 12:11 PM
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    cloud_dog
    Hi

    (here we go again)

    I need some feedback on Fidelity charging structure, for those of you who invest using ITs/ETFs/stocks in a Fidelity SIPP (not GIA or ISA).

    After my recent (October) experience when purchasing ITs and the subsequent service / management charge applied, I logged my 'frustration' of the situation. Fidelity have now come back to me with some answers to my queries, and I really need some feedback on their responses.

    I believed that if you invested in ITs/ETFs/stocks in a Fidelity SIPP then the management/service charge would be 45pa. I also understand that they charge the standard 0.35% on cash held in the account (as well as OIECs), plus they paid a small amount of interest on the cash which basically negated the charges (give or take a few pennies). I am also aware that they are changing their charging structure in the near future (mentioned previously).

    But, as of today I am informed that in the Fidelity SIPP all investments are charged at the 0.35% rate. And, I need some confirmation. StellaN, are you there... as I believe you are invested similarly.

    They have again confirmed that when the SIPP account is upgraded then live pricing will apply....when...Obviously I have asked that question.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • ArchBair
    • By ArchBair 6th Dec 18, 4:04 PM
    • 117 Posts
    • 51 Thanks
    ArchBair

    But, as of today I am informed that in the Fidelity SIPP all investments are charged at the 0.35% rate. And, I need some confirmation. StellaN, are you there... as I believe you are invested similarly..
    Originally posted by cloud_dog
    I hold a Fidelity SIPP so I believe you have been misinformed and given the wrong information. If you hold IT's or ETF's it is capped at 45 per annum. This is stated very clearly in their terms and conditions under the charges section. If you need to clarify this then telephone them to confirm this because they have a freephone service. I know my charges are capped at 45 but we really need the live pricing upgrade which has been promised soon (I hope)!
    • cloud_dog
    • By cloud_dog 6th Dec 18, 4:15 PM
    • 3,954 Posts
    • 2,391 Thanks
    cloud_dog
    I hold a Fidelity SIPP so I believe you have been misinformed and given the wrong information. If you hold IT's or ETF's it is capped at 45 per annum. This is stated very clearly in their terms and conditions under the charges section. If you need to clarify this then telephone them to confirm this because they have a freephone service. I know my charges are capped at 45 but we really need the live pricing upgrade which has been promised soon (I hope)!
    Originally posted by ArchBair
    Interesting. I wonder if holding cash is overriding the charging fee to make it 0.35%, although that would be strange as I would envisage always having some degree of cash, even if only or a relatively short period whilst I allow divi's to accumulate.

    Thanks for confirming, looks like I/OH will have to speak with them.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • ArchBair
    • By ArchBair 6th Dec 18, 6:20 PM
    • 117 Posts
    • 51 Thanks
    ArchBair
    Interesting. I wonder if holding cash is overriding the charging fee to make it 0.35%, although that would be strange as I would envisage always having some degree of cash, even if only or a relatively short period whilst I allow divi's to accumulate.

    Thanks for confirming, looks like I/OH will have to speak with them.
    Originally posted by cloud_dog
    I hope this is of interest to you. I also received a letter/mailshot from Fidelity informing me that they would be moving my SIPP over to their new platform in a month or so. When this happens they will not charge anything for holding cash in a SIPP, however they also will not be paying any interest. The new platform will also offer live pricing so let's hope its not too long!
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