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  • FIRST POST
    • trickydicky14
    • By trickydicky14 5th Jul 18, 8:02 AM
    • 173Posts
    • 28Thanks
    trickydicky14
    Moving to new platform
    • #1
    • 5th Jul 18, 8:02 AM
    Moving to new platform 5th Jul 18 at 8:02 AM
    Quick question
    Im 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.
Page 1
    • dunstonh
    • By dunstonh 5th Jul 18, 8:21 AM
    • 95,882 Posts
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    dunstonh
    • #2
    • 5th Jul 18, 8:21 AM
    • #2
    • 5th Jul 18, 8:21 AM
    Are you going to be using cash transfer method or a re-registration of assets?
    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.
    • Wildsound
    • By Wildsound 5th Jul 18, 8:41 AM
    • 212 Posts
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    Wildsound
    • #3
    • 5th Jul 18, 8:41 AM
    • #3
    • 5th Jul 18, 8:41 AM
    Cash transfers are usually a lot quicker than asset transfers. Either way, it's up to the providers
    • trickydicky14
    • By trickydicky14 5th Jul 18, 3:59 PM
    • 173 Posts
    • 28 Thanks
    trickydicky14
    • #4
    • 5th Jul 18, 3:59 PM
    • #4
    • 5th Jul 18, 3:59 PM
    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.
    • dunstonh
    • By dunstonh 5th Jul 18, 4:16 PM
    • 95,882 Posts
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    dunstonh
    • #5
    • 5th Jul 18, 4:16 PM
    • #5
    • 5th Jul 18, 4:16 PM
    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). 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.
    • Alexland
    • By Alexland 5th Jul 18, 7:59 PM
    • 3,696 Posts
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    Alexland
    • #6
    • 5th Jul 18, 7:59 PM
    • #6
    • 5th Jul 18, 7:59 PM
    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.
    Originally posted by trickydicky14
    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
    • By aroominyork 5th Jul 18, 10:29 PM
    • 693 Posts
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    aroominyork
    • #7
    • 5th Jul 18, 10:29 PM
    • #7
    • 5th Jul 18, 10:29 PM
    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
    • By noh 5th Jul 18, 10:58 PM
    • 5,280 Posts
    • 3,573 Thanks
    noh
    • #8
    • 5th Jul 18, 10:58 PM
    • #8
    • 5th Jul 18, 10:58 PM
    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
    • By Alexland 6th Jul 18, 6:17 AM
    • 3,696 Posts
    • 3,023 Thanks
    Alexland
    • #9
    • 6th Jul 18, 6:17 AM
    • #9
    • 6th Jul 18, 6:17 AM
    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
    • By trickydicky14 6th Jul 18, 11:21 AM
    • 173 Posts
    • 28 Thanks
    trickydicky14
    Thanks to dunstonh and others for your feedback
    Will just sit back and wait for it to happen.
    • MallyGirl
    • By MallyGirl 6th Jul 18, 11:30 AM
    • 3,058 Posts
    • 8,088 Thanks
    MallyGirl
    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."
    Originally posted by aroominyork
    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.
    • JohnRo
    • By JohnRo 6th Jul 18, 11:44 AM
    • 2,665 Posts
    • 2,486 Thanks
    JohnRo
    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.
    Originally posted by MallyGirl
    I'm having a similar experience with an IG to IWEB transfer, the VWRL transfer registered very quickly, SSGA WOSC is taking weeks and no sign of a resolution yet, they're both claiming that contact with the other received no response, blaming each other for the delay.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • aroominyork
    • By aroominyork 6th Jul 18, 2:30 PM
    • 693 Posts
    • 236 Thanks
    aroominyork
    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.
    Originally posted by noh
    I told ii they should waive a few months' fees as I am paying double: fixed to them (25pq) and 0.45% for funds still at HL. But the longer it goes on and the more it is escalated (an email arrived this morning saying "we have now escalated this transfer to management") the more I wonder what level of compensation they will pay if pushed? Can anyone suggest what they typically will pay (if anything) in such cases if they acknowledge fault?
    • Glen Clark
    • By Glen Clark 6th Jul 18, 2:35 PM
    • 4,286 Posts
    • 3,299 Thanks
    Glen Clark
    I'm very happy with my current platform, but put this years ISA allowance in a new account at IWeb for diversity after reading posts on here about putting all eggs in one basket. I am amazed how quick it was - the whole process, including opening 2 accounts as a new customer, paying the money in by external debit card and buying the shares only took about 10 minutes from start to finish.
    Last edited by Glen Clark; 06-07-2018 at 2:49 PM.
    It is difficult to get a man to understand something, when his salary depends on his not understanding it. --Upton Sinclair
    • MallyGirl
    • By MallyGirl 6th Jul 18, 4:33 PM
    • 3,058 Posts
    • 8,088 Thanks
    MallyGirl
    I told ii they should waive a few months' fees as I am paying double: fixed to them (25pq) and 0.45% for funds still at HL. But the longer it goes on and the more it is escalated (an email arrived this morning saying "we have now escalated this transfer to management") the more I wonder what level of compensation they will pay if pushed? Can anyone suggest what they typically will pay (if anything) in such cases if they acknowledge fault?
    Originally posted by aroominyork
    I was no longer paying fees to Halifax as they closed their end straight away and issued an invoice for the remaining fees apportioned to the time it was active. II did not know this though. I got 50 goodwill.
    • CityOwl
    • By CityOwl 6th Jul 18, 9:09 PM
    • 35 Posts
    • 49 Thanks
    CityOwl
    CSD to Vanguard
    Quick question
    Im 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.
    Originally posted by trickydicky14
    Transferred a S&S ISA in specie from Charles Stanley Direct to Vanguard in May, everything was done and dusted in two weeks.

    Was expecting a bit of angst, but both providers were excellent and communication was good during the transfer process. The only reason for the move is that Vanguard are cheaper, but will definitely consider using CSD again in the future.
    "Annual income twenty pounds, annual expenditure nineteen six, result happiness.
    Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery."

    Charles Dickens
    • trickydicky14
    • By trickydicky14 7th Jul 18, 10:26 AM
    • 173 Posts
    • 28 Thanks
    trickydicky14
    city owl
    Thank you for your comments, like you I am only moving to Halifax to save money. I have passed the point that now I need a fixed fee and not a percentage. For smaller amounts I would recommend Charles Stanley not the cheapest but excellent service and very easy to understand for the new investor.
    • JohnRo
    • By JohnRo 7th Jul 18, 10:53 AM
    • 2,665 Posts
    • 2,486 Thanks
    JohnRo
    city owl
    Thank you for your comments, like you I am only moving to Halifax to save money. I have passed the point that now I need a fixed fee and not a percentage. For smaller amounts I would recommend Charles Stanley not the cheapest but excellent service and very easy to understand for the new investor.
    Originally posted by trickydicky14
    I know it's probably not relevant to your situatuion but nevertheless it's not always the case that CSD is less suitable or more expensive for larger amounts, it depends on the type and style of investment.

    I hold a collection of exchange traded products (ETF/IT) at CSD and make rebalancing contributions using one trade per month with new ISA allowance money.

    At CSD the commission cost for each trade is 11.50 and platform fees are waived when making one trade monthly, so a strict one trade per month contribution scheme results in an aggregate platform cost of 138 p.a. all in.

    The same process at Halifax would cost an additional 24.50 p.a. and I personally think CSD is a far superior platform and service provider.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • aroominyork
    • By aroominyork 7th Jul 18, 11:40 AM
    • 693 Posts
    • 236 Thanks
    aroominyork
    This in an email from ii yesterday: "We're getting in touch to give you an update on behalf of Aegon (formerly Cofunds), our provider of unit trust administration services. This update relates to one or more transfers to ii that you have in progress today. If you've recently contacted us to express concern over delays with your transfer and are awaiting a response, we'll contact you directly in due course. In the meantime, we hope you find the following information useful. Aegon advise that they are experiencing delays processing transfers between other wealth managers and, as a result, are falling short of the standards that both you as an investor and we as your broker have come to expect. Aegon apologise unreservedly for the delays and assure us they are working hard to improve their service and are focussing on recruitment and training within their administration team to resolve the delays."

    (And in the bumph underneath: "Please do not reply directly to this message. It was sent from an inbox we do not monitor for replies so we won't see your email." And also: "This email and its attachments are intended for the above named only and may be confidential. If they have come to you in error you must take no action based on them, nor must you copy or show them to anyone; please reply to this email and highlight the error.")
    Last edited by aroominyork; 07-07-2018 at 11:42 AM.
    • MallyGirl
    • By MallyGirl 7th Jul 18, 1:04 PM
    • 3,058 Posts
    • 8,088 Thanks
    MallyGirl
    That is basically what they told me a good 6 weeks ago
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