Platform For Funds - Fees
Discussion
Mrs BC and I use Hargreaves Lansdown and managed to negotiate the fees from 0.45% to 0.25% as we have large portfolios.
I’m now looking at changing to Interactive Investors which will cost just £9.99 monthly to cover my share and ISA accounts. I’m a bit nervous about changing though, has anyone here used II?
https://www.ii.co.uk/
I’m now looking at changing to Interactive Investors which will cost just £9.99 monthly to cover my share and ISA accounts. I’m a bit nervous about changing though, has anyone here used II?
https://www.ii.co.uk/
I am not with II so I cannot comment from any experience but I have spent the last 10 to 15 years running away from II (III as was).
Before you get too aghast about that let me explain. II have been on a road of expansion taking on board a rather large number of other providers over the years. It is due to this constant growing of their presence and the associated processes of onboarding the systems and people that has caused their services to suffer, i.e. insufficient resources, platform issues, etc.
Over on MSE there have been numerous threads created over the years listing peoples frustration.
Outside of these disruptive activities the general 'feeling' is that II are as good as most and not as bad as many. But, just for awareness they are about to onboard EQi so, watch this space. My own view is that I want II to have a period of stability (two years maybe) where there aren't these constant disruptions before I would re-consider them.
Please take this comment for whatever it is worth as I do not invest with them so my experiences (for want of a word) are only comments/anecdotal.
Before you get too aghast about that let me explain. II have been on a road of expansion taking on board a rather large number of other providers over the years. It is due to this constant growing of their presence and the associated processes of onboarding the systems and people that has caused their services to suffer, i.e. insufficient resources, platform issues, etc.
Over on MSE there have been numerous threads created over the years listing peoples frustration.
Outside of these disruptive activities the general 'feeling' is that II are as good as most and not as bad as many. But, just for awareness they are about to onboard EQi so, watch this space. My own view is that I want II to have a period of stability (two years maybe) where there aren't these constant disruptions before I would re-consider them.
Please take this comment for whatever it is worth as I do not invest with them so my experiences (for want of a word) are only comments/anecdotal.
cloud_dog said:
I am not with II so I cannot comment from any experience but I have spent the last 10 to 15 years running away from II (III as was).
Before you get too aghast about that let me explain. II have been on a road of expansion taking on board a rather large number of other providers over the years. It is due to this constant growing of their presence and the associated processes of onboarding the systems and people that has caused their services to suffer, i.e. insufficient resources, platform issues, etc.
Over on MSE there have been numerous threads created over the years listing peoples frustration.
Outside of these disruptive activities the general 'feeling' is that II are as good as most and not as bad as many. But, just for awareness they are about to onboard EQi so, watch this space. My own view is that I want II to have a period of stability (two years maybe) where there aren't these constant disruptions before I would re-consider them.
Please take this comment for whatever it is worth as I do not invest with them so my experiences (for want of a word) are only comments/anecdotal.
Actually that’s really good to know, thank you. HL are expensive but reliable and they answer the phone should I need to call.Before you get too aghast about that let me explain. II have been on a road of expansion taking on board a rather large number of other providers over the years. It is due to this constant growing of their presence and the associated processes of onboarding the systems and people that has caused their services to suffer, i.e. insufficient resources, platform issues, etc.
Over on MSE there have been numerous threads created over the years listing peoples frustration.
Outside of these disruptive activities the general 'feeling' is that II are as good as most and not as bad as many. But, just for awareness they are about to onboard EQi so, watch this space. My own view is that I want II to have a period of stability (two years maybe) where there aren't these constant disruptions before I would re-consider them.
Please take this comment for whatever it is worth as I do not invest with them so my experiences (for want of a word) are only comments/anecdotal.
I was paying 0.25% at HL on our self-managed portfolio, and just transferred to ii.
Below is a summary of my transfer time.
HL to Fidelity / Junior SIPP (cash) - 9 Weeks
HL to ii / ISA (in-specie) - 6 weeks
HL to ii/ SIPP (in-specie) - 16 weeks
Vanguard to ii / Junior ISA (in-specie)- 16 weeks and waiting VG to get a move on!
I like the slick HL website, phone app and the excellent customer support (although I hear there are long waits recently), but I decided to try out ii given my low/zero dealing activities, plus I am not expecting to drawdown on my pension for a quite a few years. New ii platform fee total £480 for my wife & I ( SIPP X £10 X 2 and ISA X £10 X 2), but it's still saving me >£1,000's per annum. Still too early to give full feedback (limited exposure with customer support and no dealing with pension drawdown team), but it's serving my purpose for now with a reduced annual fee.
Going on cost alone, a fixed fee platform is definitely the way forward if you have a growing investment portfolio e.g. > £50,000, as you only pay the fund fee once you hit the crossover point.
Below is a summary of my transfer time.
HL to Fidelity / Junior SIPP (cash) - 9 Weeks
HL to ii / ISA (in-specie) - 6 weeks
HL to ii/ SIPP (in-specie) - 16 weeks
Vanguard to ii / Junior ISA (in-specie)- 16 weeks and waiting VG to get a move on!
I like the slick HL website, phone app and the excellent customer support (although I hear there are long waits recently), but I decided to try out ii given my low/zero dealing activities, plus I am not expecting to drawdown on my pension for a quite a few years. New ii platform fee total £480 for my wife & I ( SIPP X £10 X 2 and ISA X £10 X 2), but it's still saving me >£1,000's per annum. Still too early to give full feedback (limited exposure with customer support and no dealing with pension drawdown team), but it's serving my purpose for now with a reduced annual fee.
Going on cost alone, a fixed fee platform is definitely the way forward if you have a growing investment portfolio e.g. > £50,000, as you only pay the fund fee once you hit the crossover point.
cloud_dog said:
I am not with II so I cannot comment from any experience but I have spent the last 10 to 15 years running away from II (III as was).
Before you get too aghast about that let me explain. II have been on a road of expansion taking on board a rather large number of other providers over the years. It is due to this constant growing of their presence and the associated processes of onboarding the systems and people that has caused their services to suffer, i.e. insufficient resources, platform issues, etc.
Over on MSE there have been numerous threads created over the years listing peoples frustration.
Outside of these disruptive activities the general 'feeling' is that II are as good as most and not as bad as many. But, just for awareness they are about to onboard EQi so, watch this space. My own view is that I want II to have a period of stability (two years maybe) where there aren't these constant disruptions before I would re-consider them.
Please take this comment for whatever it is worth as I do not invest with them so my experiences (for want of a word) are only comments/anecdotal.
And they have only just taken on board The Share Centre, so the jury is still outBefore you get too aghast about that let me explain. II have been on a road of expansion taking on board a rather large number of other providers over the years. It is due to this constant growing of their presence and the associated processes of onboarding the systems and people that has caused their services to suffer, i.e. insufficient resources, platform issues, etc.
Over on MSE there have been numerous threads created over the years listing peoples frustration.
Outside of these disruptive activities the general 'feeling' is that II are as good as most and not as bad as many. But, just for awareness they are about to onboard EQi so, watch this space. My own view is that I want II to have a period of stability (two years maybe) where there aren't these constant disruptions before I would re-consider them.
Please take this comment for whatever it is worth as I do not invest with them so my experiences (for want of a word) are only comments/anecdotal.
witteringon said:
It might also be worth considering moving at least part of your portfolio to Iweb. After the one-off joining fee there are no ongoing charges at all and no inactivity charge. Dealing is a flat £5.00 per trade.
They are a division of Halifax/Lloyds, so should be secure enough. DYOR
That’s interesting, what about fund manager fees? HL have negotiated some decent discounts.They are a division of Halifax/Lloyds, so should be secure enough. DYOR
chip* said:
I was paying 0.25% at HL on our self-managed portfolio, and just transferred to ii.
Below is a summary of my transfer time.
HL to Fidelity / Junior SIPP (cash) - 9 Weeks
HL to ii / ISA (in-specie) - 6 weeks
HL to ii/ SIPP (in-specie) - 16 weeks
Vanguard to ii / Junior ISA (in-specie)- 16 weeks and waiting VG to get a move on!
I like the slick HL website, phone app and the excellent customer support (although I hear there are long waits recently), but I decided to try out ii given my low/zero dealing activities, plus I am not expecting to drawdown on my pension for a quite a few years. New ii platform fee total £480 for my wife & I ( SIPP X £10 X 2 and ISA X £10 X 2), but it's still saving me >£1,000's per annum. Still too early to give full feedback (limited exposure with customer support and no dealing with pension drawdown team), but it's serving my purpose for now with a reduced annual fee.
Going on cost alone, a fixed fee platform is definitely the way forward if you have a growing investment portfolio e.g. > £50,000, as you only pay the fund fee once you hit the crossover point.
Those time scales may kill it for me. I’m a yield/dividend investor and the payments from funds held in HL form a chunk of my monthly income. I have an ISA and a Fund/Share account with HL.Below is a summary of my transfer time.
HL to Fidelity / Junior SIPP (cash) - 9 Weeks
HL to ii / ISA (in-specie) - 6 weeks
HL to ii/ SIPP (in-specie) - 16 weeks
Vanguard to ii / Junior ISA (in-specie)- 16 weeks and waiting VG to get a move on!
I like the slick HL website, phone app and the excellent customer support (although I hear there are long waits recently), but I decided to try out ii given my low/zero dealing activities, plus I am not expecting to drawdown on my pension for a quite a few years. New ii platform fee total £480 for my wife & I ( SIPP X £10 X 2 and ISA X £10 X 2), but it's still saving me >£1,000's per annum. Still too early to give full feedback (limited exposure with customer support and no dealing with pension drawdown team), but it's serving my purpose for now with a reduced annual fee.
Going on cost alone, a fixed fee platform is definitely the way forward if you have a growing investment portfolio e.g. > £50,000, as you only pay the fund fee once you hit the crossover point.
chip* said:
Going on cost alone, a fixed fee platform is definitely the way forward if you have a growing investment portfolio e.g. > £50,000, as you only pay the fund fee once you hit the crossover point.
The slight snag I found is that if you want to draw a monthly income, the cheap trading platforms don't do this. Fidelity does, but the fees aren't capped (though they are tiered). You also can't set up regular withdrawals from ETFs with them. Vanguard supports monthly withdrawals and is capped at c.350pa, but you can only have Vanguard funds.Do any platforms cater for all (normal) investments, inc ETFs, and allow monthly withdrawals and a capped fee?
Simpo Two said:
chip* said:
Going on cost alone, a fixed fee platform is definitely the way forward if you have a growing investment portfolio e.g. > £50,000, as you only pay the fund fee once you hit the crossover point.
The slight snag I found is that if you want to draw a monthly income, the cheap trading platforms don't do this. Fidelity does, but the fees aren't capped (though they are tiered). You also can't set up regular withdrawals from ETFs with them. Vanguard supports monthly withdrawals and is capped at c.350pa, but you can only have Vanguard funds.Do any platforms cater for all (normal) investments, inc ETFs, and allow monthly withdrawals and a capped fee?
Simpo Two said:
chip* said:
Going on cost alone, a fixed fee platform is definitely the way forward if you have a growing investment portfolio e.g. > £50,000, as you only pay the fund fee once you hit the crossover point.
The slight snag I found is that if you want to draw a monthly income, the cheap trading platforms don't do this. Fidelity does, but the fees aren't capped (though they are tiered). You also can't set up regular withdrawals from ETFs with them. Vanguard supports monthly withdrawals and is capped at c.350pa, but you can only have Vanguard funds.There are many platforms out there servicing different needs at various price levels, so you have to find the platforms that suits your individual needs e.g. iWeb budget platform is ideal for an individual at an accumulation stage (cheap dealing + £100 opening fee), but useless for a 67 retiree who may require drawdown facilities.
chip* said:
iWeb budget platform is ideal for an individual at an accumulation stage (cheap dealing + £100 opening fee), but useless for a 67 retiree who may require drawdown facilities.
Depends also what you want to hold. My iWeb draw down plan is one trade a month for 10 months of the year, so a total bill of £50. I don't consider that too terrible.If you want to hold a dozen different investments and take a little from each one every month, then yes it is a poor choice.
Simpo Two said:
chip* said:
Going on cost alone, a fixed fee platform is definitely the way forward if you have a growing investment portfolio e.g. > £50,000, as you only pay the fund fee once you hit the crossover point.
The slight snag I found is that if you want to draw a monthly income, the cheap trading platforms don't do this. Fidelity does, but the fees aren't capped (though they are tiered). You also can't set up regular withdrawals from ETFs with them. Vanguard supports monthly withdrawals and is capped at c.350pa, but you can only have Vanguard funds.Do any platforms cater for all (normal) investments, inc ETFs, and allow monthly withdrawals and a capped fee?
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