Hello,
I have a Stocks and Shares ISA managed by Quilter/Old Mutual that was setup by my IFA, it has quite a lot in it after maxing out my allowance for the past decade.
Last April I decided to stop paying into it and open a FT ISA instead.
I now wish to transfer some of my frozen Quilter ISA across to FT as the (platform+advisor) fees are killing any growth I had been getting in the old ISA compared to the growth I have seen in my FT ISA over the past year.
I decided on a partial transfer as I am concerned about putting all my eggs into one basket.
However I have just found out that Quilter do not allow partial transfers out, so I now have to consider whether to do a full transfer or leave it as it is.
Has anyone else done this kind of thing?
(I am sure some of you must have…)
I transferred my SIPP to Freetrade from Vanguard. Mainly because I wanted better controls over my investments as the fees with vanguard aren’t a problem.
Be prepared for it to take ages, mine for 10 weeks as Vanguard kept messing it up. FreeTrade we’re great with their communication though.
Thanks Neil, I also did a SIPP transfer last year but it was only about £20k so not a major problem and I transferred in as cash which was a lot simpler than trying to transfer a big ISA with lots of different stocks.
I think I am going to do it but wanted to get a thumbs up from the community.
If there is no value in the fees you pay don’t hang around.
Are you comfortable making your own decisions with that sum of money?
Yes? Move to a no frills DIY provider. Make sure that provider provides you with the breadth you are looking for. There is no point in a provider providing you with loads of things that you don’t care about.
No? Move to a cheaper place that does the investment for you.
As you have already identified, moving all your things to a single provider has an element of risk. Be happy with taking that risk. Or work out a route to moving from Q to A and from A to B and C.
Thank you for the response.
At the time I opened the account, using an IFA made sense as I wasn’t confident choosing my own funds, and they made some good choices which led to decent growth.
But I realised, after I had stopped paying into the account, that the fees were a lot higher than I thought.
And just over 2 years ago I decided to take control of my investments and started reading Monevator and other blogs to learn more about where and how to invest. And then I learnt about FT !
So, yes I do now feel able to make the right decisions about my money.
I could just move it all into a Vanguard Life fund but I like the control and immediate feedback you get from FT, even if that means I need to be careful with my actions.
There is a great thread if you’re planning to buying out a diverse portfolio it’s worth a read, I was helped massively by some seriously knowledgeable members - obviously nothing constitutes advice but I found it invaluable
