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Close Brothers AM SIPP?
Joe Soap
Posted: 17 May 2017 03:33:38(UTC)

Joined: 24/01/2010(UTC)
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Anyone here have experience of Close Brothers AM for their SIPP please?

I was going to open SIPPs with Cavendish for my son and daughter but the monthly minimum investment there is a little too high at GBP 160 net. They can only afford GBP 120 net at the moment. Cavendish confirmed they cannot do bi-monthly or quarterly contributions which is a shame.

The ongoing platform charges at Cavendish and Close Bros AM are the same at 0.25% and Close Bros have zero other charges for investing in and holding funds, it seems. So, a very attractive proposition. Presently, the son and daughter are with HL and I am determined to move all my business away from their usurious charging structure. This is the next step in that direction.

Unfortunately, I cannot find the answers to some very basic questions on the Close Bros website or in their downloadable documentation. I have mailed them yesterday, but haven't heard from them yet.

Anyone here have experience of them at all please?

Joe Soap
Posted: 18 May 2017 10:49:39(UTC)

Joined: 24/01/2010(UTC)
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Latest feedback from me. Close Bros looks very favourable indeed. In fact, so good, I am unsure why nobody has ever mentioned it before.

In a nutshell, if you do not want to pay HL's usurious charges but you do not want a flat rate SIPP provider then it looks like Close Bros has to be about the best option.

0.25% Platform fee.
Monthly savings from GBP 50.
Choice of c 3000 funds.
No dealing (unit trust or OEIC) fee, no transfer in fee, no set up fee, no transfer out fee.

It looks great to me.
2 users thanked Joe Soap for this post.
Vince. on 20/05/2017(UTC), Mike Johnson on 14/11/2017(UTC)
Posted: 20 May 2017 11:42:41(UTC)

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Joe Soap - just to let you know that I had all my ISA funds with Close Bros. and also with Chartwell before that (Chartwell got taken over by Close Bros.). I wasn't happy with the service I was getting for example they were taking over 20 minutes to answer the phone plus other aspects I wasn't happy with, so I moved everything a couple of years ago to HL where the service of course is great (3 seconds to answer the phone). However over the last couple of years as charges have become more transparent I have now moved all my ISAs over to iWeb as I have mentioned in other forums here in the last few days.

Close Bros. may have improved over the last 2 years - they would have to as they were getting seriously left behind compared to the likes of HL.
1 user thanked citymoke for this post.
Joe Soap on 20/05/2017(UTC)
Joe Soap
Posted: 22 May 2017 01:37:38(UTC)

Joined: 24/01/2010(UTC)
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Thanks for the feed back.

I have no idea what their service is like presently, that's why I asked here. However, I have discovered that I live no more than 15 minutes away from the office that deals with their SIPP/ISA accounts. I'll give them a go and if push comes to shove, I shall go and knock on the door to find out what's going on!
Mike Johnson
Posted: 14 November 2017 13:45:04(UTC)

Joined: 22/02/2012(UTC)
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Hi JS, did you go with Close Brothers for your Junior SIPP? How's it working out? I'm thinking about using them myself.
Joe Meeks
Posted: 30 January 2018 22:55:00(UTC)

Joined: 20/12/2017(UTC)
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Hi Mike,
Did you yourself go with Close Brothers. Just wondering how you found them. Have found Fidelity through Cavendish lacking in P/L functionality for SIPP account. Do you or anyone else know if Close Brothers are any better for this? anyone willing to share their experiences with them? Thanks.
Joe Soap
Posted: 31 January 2018 03:11:43(UTC)

Joined: 24/01/2010(UTC)
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Apologies for only now seeing these two posts. I have three (families) ISA/SIPP accounts with Close Bros. I find them excellent to deal with. As an indication - I couldn't find a certain fund on their platform. I emailed them asking where it was. The reply was that they didn't have the fund on the platform but they would investigate the issue. About three weeks later, I got another reply saying that the fund was now on the platform and open for investment. Can't say fairer than that eh? Highly recommended by me.
2 users thanked Joe Soap for this post.
Joe Meeks on 31/01/2018(UTC), Ryan Hermission on 01/02/2018(UTC)
Ryan Hermission
Posted: 01 February 2018 14:47:18(UTC)

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Though I don't know much about that. But if it is good and safe why not to invest there.
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