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Move it - How?
Samual Saunders
Posted: 02 May 2018 14:38:06(UTC)
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Please forgive my ignorance/ forgetfulness but before searching, can anyone give a quick answer to the following.

Have S&S Isa'a with a few providers and in various funds. Following review, those funds need to be changed, but in considering a move to another provider, which is the best way to do this and for what benefit please?

1. Transfer to new provider with the same funds then change funds with the new provider.

2. Change to cash and transfer into new funds with new provider.

Sam

Sara G
Posted: 02 May 2018 14:47:42(UTC)
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No definitive answer I'm afraid, but factors to consider:

1. Transferring in cash means you will be out of the market for a short period, so if the market shoots up, you will lose out
2. Transferring in specie means it could take longer and you will be unable to trade until the funds are transferred, plus you will probably incur exit charges (£25 per line of stock or fund at HL, for exampl,e)
3. Switching funds before you move them may or may not be a good idea depending on the costs of buying and selling funds on your existing and destination platforms

Good luck whatever you decide
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Law Man on 03/05/2018(UTC)
Keith Cobby
Posted: 02 May 2018 14:54:43(UTC)
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Considering moving a SIPP at the moment. Only 7 holdings so will be transferring in specie. If planning to change holdings or consolidate, I would do this before transferring.
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Samual Saunders on 02/05/2018(UTC)
philip gosling
Posted: 02 May 2018 17:26:21(UTC)
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Cash on a transfer is often free - no charge. Most platforms do charge for inspecie transfers.
Strangely enough my ISA transfers out of interactive investor were 2 months quicker for in specie than my SIPP where I sold and wanted cash transferred. In both cases out of the market for 3 months plus.
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Samual Saunders on 02/05/2018(UTC)
Samual Saunders
Posted: 02 May 2018 17:46:53(UTC)
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ISA's seem to be a simple product with great difficulty to move an at the expense of the customer and profit of the company.

Whatever happened to giving good service to customers who have given them business through their investment with them?

They should all be ashamed of themselves when they could make it very easy if they only tried, which in turn may bring more business. Just not interested unless they can make money at the cost to the customer. Sad!

Sam
(Sad Sam)
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Aminatidi on 02/05/2018(UTC)
Joe 90
Posted: 02 May 2018 18:19:03(UTC)
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I moved investments from Royal London to iWeb cashing in first. Out of the market around 2 weeks. No complaints.
Aminatidi
Posted: 02 May 2018 18:38:19(UTC)
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Could I just ask with in specie transfers are your funds still gaining/losing during the transfer period?

I assume so as you hold a number of "units" but would like to be 100% sure.

Apologies, dumb question but I need to arrange a transfer so want to be positive.
Mr Helpful
Posted: 02 May 2018 21:31:27(UTC)
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Sorry to state the obvious.
Simplest IMHO is to stay with any existing brokers for old accounts; but open new account with the flavour of the month new broker and then direct all future money in that new direction.
Eventually the funds with the flavour of the month broker will by far outweigh the old accounts. That is until a new flavour of the month broker is identified.
No need to be obsessively tidy.
Or as they say, "if it ain't broke, don't fix it" !!!
Apologies again.
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Samual Saunders on 03/05/2018(UTC)
JohnW
Posted: 03 May 2018 17:00:04(UTC)
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Mr Helpful;61644 wrote:
Sorry to state the obvious.
Simplest IMHO is to stay with any existing brokers for old accounts; but open new account with the flavour of the month new broker and then direct all future money in that new direction.
Eventually the funds with the flavour of the month broker will by far outweigh the old accounts. That is until a new flavour of the month broker is identified.
No need to be obsessively tidy.
Or as they say, "if it ain't broke, don't fix it" !!!
Apologies again.


Problem there is that you then are paying two lots of platform fees, and when the "new flavour of the month broker is identified" you are paying three lost of platform fees etc. As to whether that might be a good plan, that would depend on how much money you have invested, and how much the platform fees are. In short, there is no one answer which fits all situations.

John
3 users thanked JohnW for this post.
Mr Helpful on 03/05/2018(UTC), Tim D on 03/05/2018(UTC), Samual Saunders on 03/05/2018(UTC)
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