Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • dogfonos
    • By dogfonos 7th Mar 18, 5:04 PM
    • 33Posts
    • 2Thanks
    dogfonos
    How accessible is the Cofunds platform?
    • #1
    • 7th Mar 18, 5:04 PM
    How accessible is the Cofunds platform? 7th Mar 18 at 5:04 PM
    Would appreciate advice from those in the know...

    Is there any way for an individual investor to directly place (qualifying) investment funds onto the Cofunds platform? Or must placement onto the Cofunds platform always be done by/through a financial advisor or intermediary?

    Some folk may have purchased funds directly from a fund investment group so wouldn't have an advisor or intermediary associated with those funds. Would the individual investor still have to go through an intermediary or advisor to place funds into Cofunds?
Page 1
    • Reaper
    • By Reaper 7th Mar 18, 5:10 PM
    • 6,247 Posts
    • 4,501 Thanks
    Reaper
    • #2
    • 7th Mar 18, 5:10 PM
    • #2
    • 7th Mar 18, 5:10 PM
    I believe they won't deal with individual investors directly, but intermediary firms will happily take on existing investments if you want to use CoFunds.
    Last edited by Reaper; 07-03-2018 at 5:13 PM. Reason: Removed reference to Cavendish as not sure they use CoFunds any more
    • dogfonos
    • By dogfonos 7th Mar 18, 5:51 PM
    • 33 Posts
    • 2 Thanks
    dogfonos
    • #3
    • 7th Mar 18, 5:51 PM
    • #3
    • 7th Mar 18, 5:51 PM
    I believe they won't deal with individual investors directly, but intermediary firms will happily take on existing investments if you want to use CoFunds.
    Originally posted by Reaper
    Yes, I'm sure an intermediary would be only too happy to take an on-going regular cut. Assuming that's the case, I can't help but wonder what justification intermediaries would have for charging an on-going fee for an investment that they previously had nothing to do with. Presumably, the on-going charges would last the lifetime of the investment? What's that phrase - money for old rope?

    In this particular instance, I think a one-off charge by the intermediary, for placing the investment into Cofunds, would be far more appropriate. I'm just thankful my builder doesn't charge an on-going fee for a job he finished last year!

    Online fund platforms seem strange beasts. I think we'll see structural changes to their business model in the years ahead.
    • dunstonh
    • By dunstonh 7th Mar 18, 8:28 PM
    • 92,591 Posts
    • 59,906 Thanks
    dunstonh
    • #4
    • 7th Mar 18, 8:28 PM
    • #4
    • 7th Mar 18, 8:28 PM
    Is there any way for an individual investor to directly place (qualifying) investment funds onto the Cofunds platform? Or must placement onto the Cofunds platform always be done by/through a financial advisor or intermediary?
    Cofunds is an intermediary platform and they are about to move all Cofunds customers on to the new Aegon platform.

    For legacy business, Cofunds will take written instructions from the consumer directly.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Reaper
    • By Reaper 8th Mar 18, 8:55 AM
    • 6,247 Posts
    • 4,501 Thanks
    Reaper
    • #5
    • 8th Mar 18, 8:55 AM
    • #5
    • 8th Mar 18, 8:55 AM
    Yes, I'm sure an intermediary would be only too happy to take an on-going regular cut. Assuming that's the case, I can't help but wonder what justification intermediaries would have for charging an on-going fee for an investment that they previously had nothing to do with. Presumably, the on-going charges would last the lifetime of the investment? What's that phrase - money for old rope?

    In this particular instance, I think a one-off charge by the intermediary, for placing the investment into Cofunds, would be far more appropriate. I'm just thankful my builder doesn't charge an on-going fee for a job he finished last year!
    Originally posted by dogfonos
    My wife has some old CoFunds investments via intermediary Cavendish Online. I don't think Cavendish offer CoFunds any more for new clients but if I remember right they charged her a 25 one-off fee and nothing else.
    • dogfonos
    • By dogfonos 8th Mar 18, 11:42 AM
    • 33 Posts
    • 2 Thanks
    dogfonos
    • #6
    • 8th Mar 18, 11:42 AM
    • #6
    • 8th Mar 18, 11:42 AM
    ...if I remember right they charged her a 25 one-off fee and nothing else.
    Originally posted by Reaper
    Now that seems very reasonable. I'll look into this.

    (Hmm, don't know how to place multiple quotes into the same post, so...)

    "Cofunds is an intermediary platform and they are about to move all Cofunds customers on to the new Aegon platform.

    For legacy business, Cofunds will take written instructions from the consumer directly."


    I vaguely remember being notified about the Aegon changes as my partner has some funds held in Cofunds. Will be interested to see if/how Aegon shakes things up.
    • dogfonos
    • By dogfonos 8th Mar 18, 6:02 PM
    • 33 Posts
    • 2 Thanks
    dogfonos
    • #7
    • 8th Mar 18, 6:02 PM
    • #7
    • 8th Mar 18, 6:02 PM
    Yes, I'm sure an intermediary would be only too happy to take an on-going regular cut. Assuming that's the case, I can't help but wonder what justification intermediaries would have for charging an on-going fee for an investment that they previously had nothing to do with. Presumably, the on-going charges would last the lifetime of the investment? What's that phrase - money for old rope?
    .
    Originally posted by dogfonos
    I've just spoken to two different intermediaries and they both gave the same answer. They would happily place an investor's fund (originally purchased directly from the investment company without any financial advisor or intermediary involvement) onto the Cofunds platform without initial charge but would charge an ongoing monthly fee for the life of the investment.

    What I don't know though is if the Cofunds route (for funds not currently associated with an advisor or intermediary) would be any more expensive than continuing to hold the fund directly with the investment company.
    • dunstonh
    • By dunstonh 8th Mar 18, 6:32 PM
    • 92,591 Posts
    • 59,906 Thanks
    dunstonh
    • #8
    • 8th Mar 18, 6:32 PM
    • #8
    • 8th Mar 18, 6:32 PM
    I've just spoken to two different intermediaries and they both gave the same answer. They would happily place an investor's fund (originally purchased directly from the investment company without any financial advisor or intermediary involvement) onto the Cofunds platform without initial charge but would charge an ongoing monthly fee for the life of the investment.
    Ironically, a financial adviser cant charge ongoing for the life of the investment unless it is in the provision of services.

    What I don't know though is if the Cofunds route (for funds not currently associated with an advisor or intermediary) would be any more expensive than continuing to hold the fund directly with the investment company.
    It would be easier to not use Cofunds. It always gets messy when people who want to DIY dont use DIY providers but use intermediary providers.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,999Posts Today

8,002Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin